印度央行补贴对冲工具下，印度多家银行推迟美元债发行计划。至少四家印度国有和私营银行正推迟进入美元债务市场的计划，近期美国国债收益率飙升以及对冲成本大幅上升，使这一方案变得过于昂贵，银行家和投行人士表示。
Canara Bank, Punjab National Bank, and other Indian lenders defer plans for US dollar debt sales due to surging Treasury yields and high hedging costs. At least four Indian state-run and private lenders are deferring their plans to tap the US dollar debt market as a recent spike in Treasury yields and hedging costs has made this proposition expensive, bank officials and merchant bankers said.
Canara Bank、Punjab National Bank（PNB）和Bank of India原本计划通过央行补贴的对冲工具发行最多25亿美元的美元债务，并已启动相关谈判，但最终决定放弃发行，银行家和投行人士表示。他们以匿名方式接受采访，因为他们未被授权向媒体发表评论。
Canara Bank, Punjab National Bank (PNB) and Bank of India had plans to raise as much as $2.5 billion through the sale of dollar debt under the central bank's subsidised hedging facility, and had also initiated talks, but ultimately decided to not go ahead with the issuances, the bankers said. They spoke on the condition of anonymity as they are not authorised to speak to the media.
过去两个月内，10年期美国国债收益率上升了25个基点，至约5%；同期卢比下跌0.8%。加上对冲成本的大幅上涨，使美元融资的成本高于卢比计价的资金，银行家和投行人士表示。
The 10-year US yield has climbed 25 bps to around 5% in the last two months, while the rupee has declined 0.8% in the same period. This, along with a jump in hedging costs, has made dollar fundraising expensive compared to rupee-denominated funds, bankers said.
目前，国有银行的美元债务综合成本约为一年卢比融资的70至100个基点，他们表示。
Currently, the all-in dollar debt cost for a state-run lender would be around 70 to 100 basis points over a one-year rupee funding, they said.
Canara Bank总裁兼首席执行官Brajesh Kumar Singh告诉路透社，该行决定放弃计划中的美元债券发行，因为利率急剧上升。
Canara Bank MD & CEO Brajesh Kumar Singh told Reuters the bank decided to not proceed with the planned dollar bond sale as the rates have shot up quite sharply.
Punjab National Bank和Bank of India未回复路透社就此事发出的置评邮件。
Punjab National Bank and Bank of India did not reply to Reuters' emails seeking comment.
CreditSights亚太金融部主管Lim Ze Hao表示，印度银行供应的增多已导致次级利差扩大、新发债券溢价上升，而近期亚洲信贷市场避险情绪升温进一步施压，使得当前新发美元发行的成本相对较高。
Heavier supply from Indian lenders has contributed to wider secondary spreads and higher new-issue premiums, while the recent risk-off move across Asian credit markets has added further pressure, making the cost of new dollar issuance relatively high at this juncture, Lim Ze Hao, associate director, APAC financials at CreditSights, said.
“我们仍然预计，随着美元融资条件改善，当前在筹备中的一些贷款机构会进入市场，尤其是考虑到在印度储备银行（RBI）设施到期前使用该设施的激励，”Lim 说。
"We would still expect some of the lenders currently in the pipeline to come to market once dollar funding conditions improve, particularly given the incentive to make use of the RBI facility before it expires," Lim said.
印度储备银行已允许银行和国有企业在六月至十二月期间在海外筹集资金，并使用补贴的套期保值设施，以降低管理汇率风险的成本。
The Reserve Bank of India has allowed banks and state-run companies to raise funds overseas and access a subsidised hedging facility between June and December, lowering the cost of managing currency risk.
印度贷款机构已通过该计划发行美元债券筹集了130亿美元，其中五家国有银行通过私募和公开发行共筹集了35亿美元。
Indian lenders have already raised $13 billion through dollar bonds under this scheme, with five state-run banks raising an aggregate of $3.5 billion through private placements and public issues.
较小的私人贷款机构卡鲁尔·维斯亚银行（Karur Vysya Bank）也在考虑美元债务出售，但正在等待有利的定价。
Smaller private lender Karur Vysya Bank also considered a dollar debt sale, but is waiting for favourable pricing.
“也许在接下来一个月左右，如果定价和资金有利，我们将尝试完成一些交易，”该行董事总经理兼首席执行官拉梅什·巴布（Ramesh Babu）本月早些时候在盈利后电话会议上表示。
"Maybe in the next one month or so, we will try to conclude some deal if the pricing and money is favourable," MD and CEO Ramesh Babu said at a post-earnings conference call earlier this month.