今年全球債券發(fā)行量創(chuàng)新高

A borrowing binge by companies and governments pushed debt to a fresh high this year, providing bumper fees for Wall Street but raising questions ahead of a year of expected monetary tightening by the most important ­central banks . 企業(yè)和政府的舉債熱潮推動今年債券發(fā)行量升至新高，為華爾街帶來豐厚收費，但在全球最重要的幾家央行預(yù)計明年將收緊貨幣政策之前，這種局面引發(fā)了一些疑問。

Blue-chip corporates such as AT&T AT&T和微軟(Microsoft)等藍(lán)籌股公司一馬當(dāng)先，根據(jù)Dealogic的數(shù)據(jù)，在2017年通過銀行組織的債券發(fā)行所籌集的6.8萬億美元資金中，企業(yè)占到了55%以上。

and Microsoft led the way, as companies accounted for more than 55 per cent of the $6.8tn raised in 2017 through bond sales organised by banks, according to data provider Dealogic. 從阿根廷到沙特阿拉伯，很多國家也利用了發(fā)達(dá)經(jīng)濟(jì)體利率處于歷史低位的機(jī)會，這迫使投資者追逐新興市場政府及企業(yè)的債券的回報率。

Countries from Argentina to Saudi Arabia also took advantage of historically low interest rates in developed economies, which forced investors to chase returns in bonds of emerging market governments and their companies. Columbia Threadneedle投資組合經(jīng)理熱內(nèi)•坦納佐(Gene Tannuzzo)表示：“如果你是一個主權(quán)國家或一家公司，在利率處于當(dāng)前水平之際，你應(yīng)該現(xiàn)在舉債。”

Gene Tannuzzo, a portfolio manager with Columbia Threadneedle, said: “If you are a sovereign or corporate, with ­interest rates where they are, you are supposed to borrow now.” 今年的債券發(fā)行總額在本周一超過了2016年創(chuàng)下的全年紀(jì)錄，發(fā)行人包括房利美(Fannie Mae)和房地美(Freddie Mac)等由政府支持的房貸機(jī)構(gòu)，以及歐洲投資銀行(European Investment Bank)等機(jī)構(gòu)。6.8萬億美元這個數(shù)字包括抵押貸款和資產(chǎn)支持證券以及擔(dān)保債券的發(fā)售，但不包括通過拍賣出售的主權(quán)債券(如美國國債和英國金邊債券)或市政債券。

The tally for this year, which includes sales by government-backed housing lenders such as Fannie Mae and Freddie Mac, and institutions such as the European Investment Bank, surpassed 2016’s record late on Monday. The $6.8tn figure includes sales of mortgage- and asset-backed securities and covered bonds, but does not cover sovereign debt sold at auction, such as US Treasuries and UK gilts, or municipal securities. 投資者面臨的問題是這個新的基準(zhǔn)是否代表著舉債達(dá)到危險水平，目前，歐洲央行(ECB)正要加入美聯(lián)儲(Fed)的行列，撤銷危機(jī)時期的緊急刺激措施。

The question facing investors is whether the new benchmark represents a dangerous level of borrowing as the European Central Bank joins the US Federal Reserve in unwinding crisis-era emergency stimulus measures. 預(yù)計美聯(lián)儲明年將加息3次，但或許更讓投資者擔(dān)心的是，就在歐洲央行即將結(jié)束債券購買之際，美聯(lián)儲將要減持其持有的債券。這兩項債券購買計劃是對金融危機(jī)以及2010年歐元區(qū)危機(jī)做出的回應(yīng)的基石，在政策制定者試圖刺激舉債之際將利率保持在低位近10年。

The Fed is expected to raise interest rates three times next year but, perhaps more worryingly for investors, it is cutting the amount of bonds it holds just as the ECB is set to end its bond-buying. The twin programmes were a cornerstone of the response to the financial crisis and 2010 eurozone crisis, holding rates low for nearly a decade as policymakers tried to stimulate borrowing. 對于作為債券發(fā)行顧問的銀行而言，固定收益證券承銷業(yè)務(wù)對其盈利變得愈發(fā)重要。湯森路透(Thomson Reuters)的數(shù)據(jù)顯示，創(chuàng)紀(jì)錄的銀團(tuán)發(fā)行(由一組銀行發(fā)行的債券)已將投行的收費收入提高至金融危機(jī)以來的最高水平，抵消了并購和債券交易收入的下降。

For the banks advising on the sales, fixed-income underwriting has become increasingly significant to their bottom lines. The record for syndicated sales — bonds issued by a group of banks — lifted the fees generated by investment banks to their highest since the financial crisis, offsetting a drop in income from mergers and acquisitions and revenues from bond trading, separate Thomson Reuters data showed.