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金融產業區域發展之探討

張華平Hwa-Ping Chang

March 21, 2011

2.

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Market Development Highlights - IMarket Development Highlights - I

• High market liquidity and strong competition among banks limit the profitability of financial institutions.

• Corporate bond market (outstanding amount: NT$1.38 trillion rated by TRC on Dec. 31, 2010) is still immature compared with the equity market (equity trading value NT$28.2 trillion on Dec. 31, 2010)

– FI total issues outstanding rated by TRC (up to Dec.31, 2010): NT$560,549 million

– Corp total issues outstanding rated by TRC (up to Dec. 31, 2010): NT$822,930 million

• Lack of local investors to invest in bond issuances rated below ‘tw BBB+’ but willing to invest on offshore non-investment grade bonds.

• Risk from high concentration of Financial Institutions as major investors in Bonds, CPs, and ECB.

• Credit spreads on different tranches of ratings are still not significant although these have improved during and after the recent financial crisis.

• Securitization market crashed after the financial crisis and the market is still waiting to recovery.

3.

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Taiwan’s Straight Bond Market (Corp. Bond & Debentures)Taiwan’s Straight Bond Market (Corp. Bond & Debentures)

Chart 1Taiwan's Straight Bond Market (Corporate Bonds & Debentures)

0

100

200

300

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60019

9819

9920

0020

01

2002

2003

2004

2005

2006

2007

2008

2009

2010

1H20

092H

2009

1H20

102H

2010

(Bil. NT$)

0

500

1,000

1,500

2,000

2,500

(Bil. NT$)New issues (left scale) Outstanding bonds (right scale)

Source: Taiwan's central bank; GreTai Securit ies Market; Taiwan Ratings Corp.'s estimates

4.

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• Issue amount: NT$331,830 million

FI: NT$157,130 million

Corp: NT$174,700 million

• Tranches:

FI:56

Corp:37

• Companies:

FI:24

Corp:11

Issues with ‘tw’ ratings from Jan.1 to Dec.31, 2010Issues with ‘tw’ ratings from Jan.1 to Dec.31, 2010

5.

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Market Status for Taiwan Ratings Corp. (TRC) (Up to Dec. 31, 2010)Market Status for Taiwan Ratings Corp. (TRC) (Up to Dec. 31, 2010)

評等核心業務 市場 委託評等家數 TRC 客戶 佔市場比重 (%)委託評等家數之市場佔有率 (%)

類貨幣基金 49 39 37 75.5% 94.8%

企業（上市 702、上櫃 550、興櫃 264) 1516 49 43 2.8% 87.8%

REIT 8 8 7 87.5% 87.5%

銀行 41 39 30 73.2% 76.9%

票券 9 9 1 11.1% 11.1%

保險 38 22 19 50.0% 86.4%

證券 / 證金 / 期貨 54 34 17 31.5% 50.0%

金控 15 14 11 73.3% 78.6%

資產證券化 43 32 15 34.9% 46.9%

總計 1773 246 180 10.2% 73.1%

6.

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Market Development Highlights - IIMarket Development Highlights - II

• High market liquidity and strong competition among banks limit the profitability of financial institutions.

• Corporate bond market (outstanding amount: NT$1.38 trillion rated by TRC on Dec. 31, 2010) is still immature compared with the equity market (equity trading value NT$28.2 trillion on Dec. 31, 2010)

– FI total issues outstanding rated by TRC (up to Dec.31, 2010): NT$560,549 million

– Corp total issues outstanding rated by TRC (up to Dec. 31, 2010): NT$822,930 million

• Lack of local investors to invest in bond issuances rated below ‘tw BBB+’ but willing to invest on offshore non-investment grade bonds.

• Risk from high concentration of Financial Institutions as major investors in Bonds, CPs, and ECB.

• Credit spreads on different tranches of ratings are still not significant although these have improved during and after the recent financial crisis.

• Securitization market crashed after the financial crisis and the market is still waiting to recovery.

7.

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本簡報資訊內容之轉載或散佈，必須取得中華信用評等公司書面同意。

Distribution of Publicly Offered Corp. Bond and Bank DebenturesDistribution of Publicly Offered Corp. Bond and Bank Debentures

Chart 5Distribution Of Publicly Offered Corporate Bonds By Issuer Rating Category

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20

40

60

80

100

1H08 2H08 1H09 2H09 1H10 2H10

(%)

'twAAA' 'twAA' 'twA' 'twBBB'

Note: Data include only publicly offered corporate bonds with issuers or guarantors on which Taiwan Ratings has assigned a rating. Source: Taiwan Ratings Corp.

Chart 6Publicly Offered Bank Debenture Issuances By Issuer Rating Category

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20

40

60

80

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1H08 2H08 1H09 2H09 1H10 2H10

(%)

'twAAA' 'twAA' 'twA' 'twBBB'

Note: In the first half of 2009, the issuance amount by issuers rated 'twAA' declined significantly from the first half of 2008, due to the hike in issuance pricing as credit spreads widened. Issuance volume from issuers rated 'twA' remained stable. Data include only publicly offered bank debentures with issuers or guarantors on which Taiwan Ratings has assigned ratings. Source: Taiwan Ratings Corp.

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Recent Corporate Bond Issuance Rated By TRCRecent Corporate Bond Issuance Rated By TRC

公司名稱 發行日期 發行額度(NT$)( 億 )

殖利率 (%)

( 發行年期 )

債務評等

鴻海精密 3/8/11 60 1.47%(5) twAA+

台聚 1/19/11 10 1.52%(5) twA-

統一 10/27/10 18 1.23%(5) twA+

光洋科技 11/10/10 101.6%(3)

1.75%(5)twA-

南亞塑膠 11/12/10 60 1.27%(5) twAA-

台塑化 10/14/10 60 1.33%(5) twAA-

遠東新世紀 9/16/10 60 1.59%(5) twA+

9.

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Market Development Highlights - IIIMarket Development Highlights - III

• High market liquidity and strong competition among banks limit the profitability of financial institutions.

• Corporate bond market (outstanding amount: NT$1.38 trillion rated by TRC on Dec. 31, 2010) is still immature compared with the equity market (equity trading value NT$28.2 trillion on Dec. 31, 2010)

– FI total issues outstanding rated by TRC (up to Dec.31, 2010): NT$560,549 million

– Corp total issues outstanding rated by TRC (up to Dec. 31, 2010): NT$822,930 million

• Lack of local investors to invest in bond issuances rated below ‘tw BBB+’ but willing to invest on offshore non-investment grade bonds.

• Risk from high concentration of Financial Institutions as major investors in Bonds, CPs, and ECB.

• Credit spreads on different tranches of ratings are still not significant although these have improved during and after the recent financial crisis.

• Securitization market crashed after the financial crisis and the market is still waiting to recovery.

10.

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本簡報資訊內容之轉載或散佈，必須取得中華信用評等公司書面同意。

Credit Spread of Corporate Bonds Over Government BondsCredit Spread of Corporate Bonds Over Government Bonds

Chart 8Credit Spread Of Corporate Bonds Over Government Bonds

(50)

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250

Dec.2005

Jun.2006

Dec.2006

Jun.2007

Dec.2007

Jun.2008

Dec.2008

Jun.2009

Dec.2009

Jun.2010

Dec.2010

(%)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

twAAA (left scale) twAA (left scale)twA (left scale) twBBB (left scale)Yield on government bonds (right scale)

Source: GreTai Securit ies Market

(bps)

11.

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本簡報資訊內容之轉載或散佈，必須取得中華信用評等公司書面同意。

Market Development Highlights - IVMarket Development Highlights - IV

• High market liquidity and strong competition among banks limit the profitability of financial institutions.

• Corporate bond market (outstanding amount: NT$1.38 trillion rated by TRC on Dec. 31, 2010) is still immature compared with the equity market (equity trading value NT$28.2 trillion on Dec. 31, 2010)

– FI total issues outstanding rated by TRC (up to Dec.31, 2010): NT$560,549 million

– Corp total issues outstanding rated by TRC (up to Dec. 31, 2010): NT$822,930 million

• Lack of local investors to invest in bond issuances rated below ‘tw BBB+’ but willing to invest on offshore non-investment grade bonds.

• Risk from high concentration of Financial Institutions as major investors in Bonds, CPs, and ECB.

• Credit spreads on different tranches of ratings are still not significant although these have improved during and after the recent financial crisis.

• Securitization market crashed after the financial crisis and the market is still waiting to recovery.

12.

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Discussion and Q&A