今年全球發債6.6萬億美元創紀錄
Global debt sales reached a record this year, led by companies gorging on cheap borrowing costs that are now threatened by Donald Trump’s pledge to fire up the US economy.
今年全球債務發售達到了創紀錄的水平，主要發債方是那些積極利用廉價借債成本的公司——如今舉債成本受到了唐納德.特朗普(Donald Trump)承諾刺激美國經濟增長的威脅。
The bond rally that dominated the first half of the year helped entice borrowers that issued debt via banks to take on just over $6.6tn, according to data provider Dealogic, breaking the previous annual record set in 2006.
數據提供商Dealogic的數據顯示，主導上半年的債券大漲幫助吸引了那些通過銀行發行債務的借款方背上略高於6.6萬億美元的債務，打破了2006年創下的上一個年度紀錄。
Companies accounted for more than half of the $6.62tn of debt issued, underLining the extent to which negative interest rate policies adopted by the European Central Bank and the Bank of Japan, as well as a cautious Federal Reserve, encouraged the corporate world to increase its leverage.
公司佔到了6.62萬億美元發債總額的一半以上，凸顯了歐洲央行(ECB)和日本央行(BoJ)所採取的負利率政策、以及謹慎的美聯儲(Fed)在多大程度上鼓勵了公司提升槓桿。
Corporate bond sales climbed 8 per cent year on year to $3.6tn, led by blockbuster $10bn-plus deals to finance large mergers and acquisitions.
公司債券銷售額同比增長8%，達3.6萬億美元，領頭的是那些爲大規模併購籌資而進行的100億美元以上的鉅額交易。
The remaining debt included sovereign bonds sold through bank syndication, US and international agencies, mortgage-backed securities and covered bonds. The figures exclude sovereign debt sold at regular auction.
其餘債務包括通過銀團、美國和國際機構發售的主權債券、抵押貸款支持證券和擔保債券。這些數字不包括在定期拍賣中售出的主權債務。
While US government bond yields touched their low in July, the prospect of Mr Trump cutting taxes and injecting fiscal stimulus has accelerated a move higher in interest rates that some investors fear will make debt burdens harder to bear in 2017.
雖然美國政府債券收益率在7月觸及低點，但特朗普削減稅收和實施財政刺激的前景已加速了利率的上升，一些投資者擔心這將使2017年的債務負擔更難承受。
After touching a record low of 1.32 per cent in July, the yield on the 10-year US Treasury — an important benchmark for corporate borrowing costs — has surged more than a percentage point to 2.57 per cent.
在7月份跌至創紀錄的1.32%之後，10年期美國國債的收益率——企業借款成本的一個重要基準——已上升逾一個百分點，至2.57%。
“The low cost of financing with record-low interest rates simply made building up leverage tempting,” said Scott Mather, chief investment officer for core fixed income at Pimco. “This happens every economic cycle, but what makes this one special is the added incentive to issue debt at very low interest rates. It sows the seeds of the next downturn or the next credit event.”
“創紀錄低利率下的低成本融資使提升槓桿變得誘人，”太平洋投資管理公司(PIMCO)負責核心固定收益業務的首席投資官斯格特.馬瑟(Scott Mather)說。“每個經濟週期都會發生這種情況，但這次的特別之處在於以極低利率發債的額外激勵。它播下了下一輪低迷或下一起信用事件的種子。”
Eight of the 10 largest bond sales underwritten by banks this year were from companies, including offerings from brewer Anheuser-Busch InBev, PC manufacturer Dell and Microsoft.
在今年銀行承銷的10大債券發售案中，有8起的發行方是公司，包括啤酒釀造商百威英博(Anheuser-Busch InBev)、PC製造商戴爾(Dell)，以及微軟(Microsoft)。
Corporates “took advantage of low rates,” said Monica Erickson, portfolio manager with DoubleLine Capital. “The cost of capital is low so it makes sense for them to come to market.”
公司“利用了低利率”，DoubleLine Capital的投資組合經理莫妮卡.埃裏克森(Monica Erickson)說。“資本成本低，所以他們發債是有道理的。”
With the universe of negative-yielding bonds touching almost $14tn at one point, money managers were willing to stomach lower returns. The year’s debt sales were buoyed by China and Japan-based issuers, up 23 and 30 per cent respectively, from a year earlier.
隨着負收益債券總量在某一時點上接近14萬億美元，投資經理們願意忍受更低迴報率。今年的債務銷售得到中國和日本發行方的推動，兩者同比增幅分別爲23%和30%。
Investors say 2016 is likely to prove a high-water mark for debt issuance in this cycle, with the Fed forecast to raise rates further and question marks growing over the future of bond-buying programmes from the BoJ and the ECB.
投資者表示，2016年可能是當前週期債務發行的巔峯，因爲美聯儲預測未來會進一步加息，而且日本央行和歐洲央行債券購買計劃的未來引發越來越大的疑問。
