With Asia Pacific's loan market booming, HSBC Holdings PLC is moving into the business of trading loans. Hong Kong's biggest bank has created a new secondary loan trading desk in the region, with the relocation of Ronnie Mahal from London. [td]随着亚太贷款市场的繁荣，香港最大的银行汇丰控股有限公司(HSBC Holdings PLC ,0005.HK, 简称:汇丰控股)开始开展贷款交易业务。汇丰控股在该地区创建了一个新的二级贷款交易柜台，并将马哈尔(Ronnie Mahal)从伦敦调到香港。

Mr. Mahal, who arrived in Hong Kong in December, has taken on the role of head trader for a new secondary loan trading unit in the region. Mr. Mahal will be responsible for trading loans. At the moment, most banks in Asia just hold the loans on their books and don't trade them, especially as the region's banks tend to be cash-rich. [td]马哈尔去年12月份被调到香港，担任汇丰控股在亚洲新设立的二级贷款交易部门的首席交易员，负责贷款交易。当时多数亚洲银行只是将贷款持有到期，并不交易，特别是在亚洲银行手头现金都很富裕的情况下。

Mr. Mahal will report locally to Greg White, head of G3 Asian credit trading, and globally to Catherine Yelverton, London-based global head of loan trading. The so-called G3 refers to the world's major currencies: the dollar, euro and yen. [td]在香港马哈尔向怀特(Greg White)汇报工作，他是G3亚洲信贷交易业务的主管；在全球马哈尔向耶尔弗顿(Catherine Yelverton)汇报工作，他是驻伦敦的全球贷款交易主管。所谓的G3指的是全球三大主要货币美元、欧元和日圆。

HSBC set up a secondary loan trading desk in London in 2011, then expanded the team in New York in September 2012. The desk is focused on the trading of investment grade, project finance, emerging markets and leveraged loans for third-party clients and the bank. [td]汇丰控股2011年在伦敦设立了一个二级贷款交易柜台，并于2012年9月在纽约扩大了该团队。该团队主要为第三方客户和汇丰自身交易投资级贷款、项目融资贷款、新兴市场贷款及杠杆贷款。

'In the past, we worked with Asian clients in London time. It will help having someone to be in Asia, ' Ms. Yelverton said. [td]耶尔弗顿说，汇丰过去在伦敦工作时间与亚洲客户联系，派人常住亚洲会对业务很有帮助。

Ms. Yelverton said most of the current business is driven by third-party clients such as commercial banks, institutional investors, and hedge funds. 'Banks are looking at ways to diversify their balance sheets and manage risk-weighted assets. Participating in the newly issued syndicated loan market or buying and selling paper in the secondary market would offer them a way to achieve that.' [td]耶尔弗顿称，目前多数业务来自商业银行、机构投资者和对冲基金等第三方客户。她说：“银行在考虑将资产负债多样化和管理风险加权资产的方式，参与新发行的财团贷款或者在二级市场买卖票据为他们提供了一种选择。”

Loan trading isn't done in an open market but on a bilateral basis. Loan buyers in Asia tend to be either smaller banks, which are keen to get their hands on high-grade and rated loans, or hedge funds eyeing returns on distressed loans, bankers say. For instance, the smaller Taiwanese banks in Hong Kong have been keen on taking up high-grade secondary loans to strengthen their loan books. [td]贷款交易不在公开市场进行，而是一种双边交易。银行工作人员称，亚洲的贷款购买方或者是喜欢购买高评级贷款的小型银行，或者是青睐不良贷款高收益率的对冲基金。例如，香港规模较小的台资银行喜欢购买高评级的二级贷款，以便巩固它们的贷款帐户。

However, Asia Pacific's loan market is characterized by a buy-to-hold mentality, and most of the banks that are cash-rich have a low incentive to sell out their loan portfolio, which may hamper secondary loan trading, bankers say. [td]银行工作人员称，但是亚太地区的贷款市场习惯持有到期，多数现金充裕的银行没有什么动力出售贷款组合，这可能会阻碍二级贷款交易的发展。

Having said that, loan volume in Asia Pacific hit a record high last year, reaching $771 billion, which would help secondary loan trading, bankers say. [td]银行工作人员称，话虽如此，但亚太地区的贷款规模去年达到7,710亿美元，创下历史新高，这可能有助于二级贷款交易。