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Asian funds buy record dollar bonds from local issuers

来源:FT中文网    2018-01-05 12:19

        Asian investors bought a record amount of US dollar bonds in 2017 from the region’s companies and governments, a trend bankers expect to be built on this year and a sign the continent is becoming less reliant on US investors.        2017年,亚洲投资者购买的由本地区企业和政府发行的美元债券达到空前规模,银行家们预计这一势头在今年将进一步扩大,这也标志着亚洲对美国投资者的依赖程度正在降低。
        Sovereigns, corporations and financial institutions sold a record amount of dollar-denominated bonds last year, and Asian investors bought more of them than before.        去年一年,亚洲国家的政府、企业与金融机构发行的美元债券空前之多,而亚洲投资者的购买量也比以往多。
        More than $340bn was raised by Asian issuers, excluding those in Japan, last year, up from $211bn the previous year, according to analytics group Dealogic. JPMorgan data show that 76 per cent of this issuance was distributed in Asia in the last quarter of 2017.        根据Dealogic的数据,去年亚洲(不包括日本)的发行人通过发行美元债券筹集到的资金超过了3400亿美元,而前一年的融资规模为2110亿美元。摩根大通(JPMorgan)的数据显示,在2017年最后一个季度,有76%美元债券是在亚洲本地发行的。
        “The Asia market has grown significantly; it has matured and developed in a way that Asian issuers can get large bond deals done just by relying on Asian demand,” said Gaetano Bassolino, head of Asia Pacific debt capital markets at UBS.        “亚洲市场显著增长;它已经发展成熟,到了亚洲的发行人可以只依靠亚洲的需求来完成大规模债券发行交易的程度,”瑞银(UBS)亚太债务资本市场负责人葛塔诺•巴斯利诺(Gaetano Bassolino)说。
        Regional markets and economies were hard hit by the 1997 Asian financial crisis as well as 2008 global financial crisis, when dollar funding vanished, forcing regional companies and governments into default.        1997年的亚洲金融危机与2008年的全球金融危机给亚洲地区的市场和经济造成了重创,危机期间美元资金突然消失,使该地区的企业和政府落入违约境地。
        Regulators have long sought to develop Asia’s local currency debt markets to make issuers less dependent on big investors in the west. However, a deep and liquid local market in dollars backed by regional investors would also fix this problem.        监管机构长期以来一直在寻求发展亚洲本币债券市场,以减少发行人对西方大型投资者的依赖。然而,建设一个由本地区投资者支持的、具有深度和流动性的本土美元债券市场也能解决这一问题。
        Figures from Dealogic show that $217bn of Asia dollar bonds were marketed to non-US investors — mainly Asian — in 2017, a record high, compared with $124bn in 2016 and $83bn the previous year.        Dealogic的数据显示,2017年有2170亿美元的亚洲美元债券面向非美国投资者——主要是亚洲投资者——发售,创下历史新高,而2016年与2015年这个数字分别为1240亿美元和830亿美元。
        Asia’s record dollar debt volumes come as companies take advantage of low interest rates in dollars to expand or refinance higher-cost debt.        企业纷纷利用美元的低利率来扩张业务或为高成本债务重新融资,令亚洲美元债的发行达到空前规模。
        Bankers said local investors want to buy debt in their home market from familiar names. All things equal, Asian bonds pay a higher yield than those issued in the US and Europe, where interest rates have been at or near record low levels.        银行家们称,亚洲投资者愿意购买由名字耳熟能详的机构在本土市场发行的债券。在其他条件相同的情况下,亚洲债券的收益率高于在美国和欧洲发行的债券,美欧的利率处于或接近历史低点。
        The trend away from US-based investors also reflects a structural shift: Asia is accumulating capital, much of it in dollars, as the region’s economies expand and people become wealthier.        亚洲债券越来越多地面向非美国投资者发售的趋势也反映出一种结构性转变:随着亚洲各国经济发展、亚洲人变得更富裕,亚洲正在不断积累资本,其中很大一部分是美元资本。
        Some analysts highlight that a number of Asian investors are locally established asset management businesses of US-based groups, suggesting that some of the investment is still ultimately coming from the US.        一些分析师强调,一些亚洲投资者是总部在美国的公司在当地设立的资产管理公司,这表明一些投资的源头还是美国。
        Although rising interest rates pose a risk to the market, bankers remain sanguine. Jimmy Choi, co-head of capital markets at ANZ, expects Asia ex-Japan dollar bond volumes to hit $350bn in 2018.        尽管利率上升走势对市场构成风险,银行家依然乐观。澳新银行(ANZ)资本市场联席主管Jimmy Choi预计,2018年亚洲除日本以外地区发行的美元债券总量将达到3500亿美元。
        He said a need to refinance maturing debt along with a desire to get in front of rising interest rates are driving issuance, pulling in a lot of new issuers from Asian countries, diversifying deal flow from Asia ex-Japan’s core issuer base of China.        他说,债务到期再融资的需求以及赶在利率上升前融资的愿望助长了债券发行活动,亚洲国家涌现出大批的新发行主体,使主要来自中国的债券发行交易呈现多样化。
        China represented the bulk of the bonds marketed to non-US investors, amounting to $178bn last year, Dealogic said. Chinese issuers raised $209bn from bonds in 2017. Property companies have been among the most active issuers.        Dealogic表示,面向非美投资者发售的美元债券主要被中国投资者买走,去年达到了1780亿美元。在2017年,中国的发行人从美元债券中募集了2090亿美元。最活跃的发行主体包括房地产公司。
        More bond funds are being launched in China as a number of international fund managers seek to expand their assets under management in the region. This week, Fidelity International unveiled a fixed income fund in onshore China aimed at local investors.        一些国际基金管理公司寻求扩大在亚洲地区的资产管理规模,它们在中国创设了更多的债券基金。本周,富达国际(Fidelity International)在中国推出一只在岸固定收益基金,面向本地投资者。
        Wealth managers are also attempting to take advantage of an increasingly affluent population in Asia by investing on their behalf. A recent report by PwC and UBS found that the number of billionaires in Asia exceeded that in the US last year for the first time.        财富管理机构也试图从越来越富裕的亚洲人身上获利,发展代客理财业务。普华永道(PwC)和瑞银最近发布的一份报告称,去年亚洲亿万富翁的人数首次超过了美国。

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