全球較長期債券發(fā)行大增

Governments, banks and corporates are issuing more longer-dated bonds, in a sign of increased confidence among investors on the prospects for the global economy.

各國政府、銀行和企業(yè)正在增加發(fā)行較長期債券，表明投資者對全球經(jīng)濟前景的信心正逐漸增強。

The shift towards longer-term bonds is expected to reduce refinancing risks in 2011 and 2012, easing worries that a build-up of debt maturing might make it more difficult for governments and companies to renew loans.

轉(zhuǎn)向較長期債券預計將會降低2011年和2012年的再融資風險，從而減輕市場擔憂，即到期債務逐漸增加，可能會使政府與企業(yè)更難續(xù)貸。

Issuance of longer-dated bonds maturing over 15 years or more has risen to 20 per cent over the past three months compared with 10 per cent in December last year, according to Dealogic.

Dealogic的數(shù)據(jù)顯示，過去三個月內(nèi)，到期期限為15年或更長時間的較長期債券發(fā)行量比重，已增至20%，而去年12月份為10%。

By contrast, issuance of shorter-dated bonds maturing under five years has fallen to 30 per cent since September 1 compared with 58 per cent at its peak in December 2008.

相反，自9月1日以來，5年以下較短期債券的發(fā)行量比重已降至30%，遠低于去年12月份58%的峰值。

As longer-dated securities are considered more risky than shorter-dated bonds, the shift signals improved investor sentiment.

由于人們認為較長期債券的風險大于較短期債券，因此上述轉(zhuǎn)變表明投資者信心正在提升。

In turn, governments, banks and corporates are keen to lock in longer-term debt for stability to reduce the risk of refinancing in the shorter term, should the economic outlook deteriorate.

另一方面，政府、銀行和企業(yè)急于鎖定穩(wěn)定的較長期債券，以降低在較短期內(nèi)因經(jīng)濟前景惡化而產(chǎn)生的再融資風險。

There is record high of $3,240bn of debt maturing in 2011, according to Dealogic, as banks in particular have issued a lot of short-term bonds, which have been guaranteed by governments. This compares with $2,905bn maturing this year.

Dealogic的數(shù)據(jù)顯示，2011年有創(chuàng)紀錄的3.24萬億美元債務到期，其中銀行尤其發(fā)行了大量由政府擔保的短期債券。今年的到期債務為2.905萬億美元。

In the aftermath of the collapse of Lehman Brothers in September last year, investors were only willing to buy short-dated debt, which is more liquid. At one point, the only debt many were willing to buy was short-dated US Treasuries.

在雷曼兄弟(Lehman Brothers)去年9月倒閉之后，投資者一度只愿意購買流動性較強的短期債券。許多投資者一度只愿意購買短期美國國債。

Even the Dubai debt scare has failed to put off investors from buying longer-dated bonds, with BAA, the UK airports operator, yesterday issuing the largest sterling inflation-linked bond this year with a maturity of 30 years.

即便連迪拜債務恐慌也未能阻止投資者購買較長期債券：英國機場運營商BAA昨日發(fā)行了今年規(guī)模最大的英鎊通脹掛鉤債券，到期期限為30年。

In the past month, China, Qatar and Brazilian groups Petrobras and Vale have also launched long-dated bonds as emerging market issuers have been some of the main beneficiaries of the growing appetite for longer-dated debt.

過去一個月內(nèi)，中國、卡塔爾以及巴西企業(yè)——巴西國家石油公司(Petrobras)和淡水河谷(Vale)也發(fā)行了長期債券。新興市場發(fā)行者躋身于市場對較長期債券偏好增強的主要受益者之列。

Last month, China launched its first 50-year bond and Qatar priced 30-year bonds.

上個月，中國發(fā)行了首筆50年期國債，卡塔爾也為其30年期債券進行了定價。

Nigel Rendell, senior emerging market strategist at RBC Capital Markets, said: “It is very sensible to lock in longer-term debt now. Companies get stability and investors get higher yields than they would for shorter-duration debt.”

加拿大皇家銀行資本市場(RBC Capital Markets)新興市場高級策略師奈杰爾•蘭德爾(Nigel Rendell)表示：“現(xiàn)在鎖定較長期債券非常明智。企業(yè)會得到穩(wěn)定性，而投資者會得到高于較短期債券的收益。”

譯者/董琴