亞洲美元債券在本土熱銷

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，亞洲投資者購(gòu)買的由本地區(qū)企業(yè)和政府發(fā)行的美元債券達(dá)到空前規(guī)模，銀行家們預(yù)計(jì)這一勢(shì)頭在今年將進(jìn)一步擴(kuò)大，這也標(biāo)志著亞洲對(duì)美國(guó)投資者的依賴程度正在降低。

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，亞洲國(guó)家的政府、企業(yè)與金融機(jī)構(gòu)發(fā)行的美元債券空前之多，而亞洲投資者的購(gòu)買量也比以往多。

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.

根據(jù)Dealogic的數(shù)據(jù)，去年亞洲(不包括日本)的發(fā)行人通過發(fā)行美元債券籌集到的資金超過了3400億美元，而前一年的融資規(guī)模為2110億美元。摩根大通(JPMorgan)的數(shù)據(jù)顯示，在2017年最后一個(gè)季度，有76%美元債券是在亞洲本地發(fā)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.

“亞洲市場(chǎng)顯著增長(zhǎng);它已經(jīng)發(fā)展成熟，到了亞洲的發(fā)行人可以只依靠亞洲的需求來完成大規(guī)模債券發(fā)行交易的程度，”瑞銀(UBS)亞太債務(wù)資本市場(chǎng)負(fù)責(zé)人葛塔諾•巴斯利諾(Gaetano Bassolino)說。

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年的亞洲金融危機(jī)與2008年的全球金融危機(jī)給亞洲地區(qū)的市場(chǎng)和經(jīng)濟(jì)造成了重創(chuàng)，危機(jī)期間美元資金突然消失，使該地區(qū)的企業(yè)和政府落入違約境地。

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.

監(jiān)管機(jī)構(gòu)長(zhǎng)期以來一直在尋求發(fā)展亞洲本幣債券市場(chǎng)，以減少發(fā)行人對(duì)西方大型投資者的依賴。然而，建設(shè)一個(gè)由本地區(qū)投資者支持的、具有深度和流動(dòng)性的本土美元債券市場(chǎng)也能解決這一問題。

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的數(shù)據(jù)顯示，2017年有2170億美元的亞洲美元債券面向非美國(guó)投資者——主要是亞洲投資者——發(fā)售，創(chuàng)下歷史新高，而2016年與2015年這個(gè)數(shù)字分別為1240億美元和830億美元。

Asia’s record dollar debt volumes come as companies take advantage of low interest rates in dollars to expand or refinance higher-cost debt.

企業(yè)紛紛利用美元的低利率來擴(kuò)張業(yè)務(wù)或?yàn)楦叱杀緜鶆?wù)重新融資，令亞洲美元債的發(fā)行達(dá)到空前規(guī)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.

銀行家們稱，亞洲投資者愿意購(gòu)買由名字耳熟能詳?shù)臋C(jī)構(gòu)在本土市場(chǎng)發(fā)行的債券。在其他條件相同的情況下，亞洲債券的收益率高于在美國(guó)和歐洲發(fā)行的債券，美歐的利率處于或接近歷史低點(diǎn)。

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.

亞洲債券越來越多地面向非美國(guó)投資者發(fā)售的趨勢(shì)也反映出一種結(jié)構(gòu)性轉(zhuǎn)變：隨著亞洲各國(guó)經(jīng)濟(jì)發(fā)展、亞洲人變得更富裕，亞洲正在不斷積累資本，其中很大一部分是美元資本。

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.

一些分析師強(qiáng)調(diào)，一些亞洲投資者是總部在美國(guó)的公司在當(dāng)?shù)卦O(shè)立的資產(chǎn)管理公司，這表明一些投資的源頭還是美國(guó)。

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.

盡管利率上升走勢(shì)對(duì)市場(chǎng)構(gòu)成風(fēng)險(xiǎn)，銀行家依然樂觀。澳新銀行(ANZ)資本市場(chǎng)聯(lián)席主管Jimmy Choi預(yù)計(jì)，2018年亞洲除日本以外地區(qū)發(fā)行的美元債券總量將達(dá)到3500億美元。

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.

他說，債務(wù)到期再融資的需求以及趕在利率上升前融資的愿望助長(zhǎng)了債券發(fā)行活動(dòng)，亞洲國(guó)家涌現(xiàn)出大批的新發(fā)行主體，使主要來自中國(guó)的債券發(fā)行交易呈現(xiàn)多樣化。

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，面向非美投資者發(fā)售的美元債券主要被中國(guó)投資者買走，去年達(dá)到了1780億美元。在2017年，中國(guó)的發(fā)行人從美元債券中募集了2090億美元。最活躍的發(fā)行主體包括房地產(chǎn)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.

一些國(guó)際基金管理公司尋求擴(kuò)大在亞洲地區(qū)的資產(chǎn)管理規(guī)模，它們?cè)谥袊?guó)創(chuàng)設(shè)了更多的債券基金。本周，富達(dá)國(guó)際(Fidelity International)在中國(guó)推出一只在岸固定收益基金，面向本地投資者。

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.

財(cái)富管理機(jī)構(gòu)也試圖從越來越富裕的亞洲人身上獲利，發(fā)展代客理財(cái)業(yè)務(wù)。普華永道(PwC)和瑞銀最近發(fā)布的一份報(bào)告稱，去年亞洲億萬富翁的人數(shù)首次超過了美國(guó)。