歐元區低廉融資成本吸引全球企業

From Coca-Cola to China’s State Grid Corporation, companies worldwide are engaged in a euro borrowing binge as the cost of financing in Europe slides to a record low.

隨着歐洲融資成本下滑至創紀錄的低點，從可口可樂(Coca-Cola)到中國國家電網(State Grid Corporation of China)，全球各地的企業都投身到一波歐元借貸狂潮中。

So far this year US companies have offered $28bn of bonds in euros, data from Dealogic show, putting sales at a new high.

Dealogic的數據顯示，今年迄今美國企業發行了價值280億美元的歐元債券，發行額創下新高。

US debt markets remain the most popular place for companies to raise money via bond sales. But more are being lured by cheaper financing overseas as eurozone yields drop and the euro depreciates. Coca-Cola set a record in February by selling 8.5bn of bonds, the biggest euro sale by a US issuer. It attracted demand of more than 20bn, despite yields of 1.65 per cent on debt that will mature in 20 years. Since the European Central Bank announced plans to buy bonds to accelerate inflation and boost confidence, prices for bonds in the eurozone have jumped, sending yields to record lows and in some cases below zero.

對企業來說，美國債券市場依然是最受歡迎的發債融資場所。不過，隨着歐元區收益率下跌以及歐元貶值，越來越多的企業正受到成本更低的境外融資的吸引。今年2月，可口可樂發行了85億歐元債券，創下了新的紀錄，這是美國發債方發行的最大一筆歐元債券。吸引來的購買需求超過200億歐元，儘管這筆20年期債券的收益率只有1.65%。自歐洲央行(ECB)宣佈購債計劃以推升通脹和提振人們對歐洲經濟的信心以來，歐元區債券的價格已大幅躍升，將收益率壓低至創紀錄低點，有時甚至出現負收益率。

Borrowing in euros can be used to manage currency exposures or finance deals and operations in the region. But it can also be used to cut costs with the proceeds swapped immediately back into the company’s home currency. Low yields mean cheap financing, while the euro’s weakness makes the cost of converting back into dollars much lower.

歐元借款可被用於管理外匯敞口，或爲在歐元區展開的交易和運營提供資金。不過，通過將發債所得立即換回企業本國貨幣，歐元借款也可用於降低成本。低收益率意味着低廉的融資成本，歐元的疲軟則使得換回美元的成本大大降低。

It is not just the US. Companies from India, South Korea and China have also turned to euro debt in the hope of diversifying investors and cutting costs. By this point in 2014 mainland Chinese companies had not raised anything in euro debt. So far this year, they have issued nearly $3bnquery sent to reporter. Elaine Moore

這麼做的不止是美國企業。出於投資方多元化以及降低成本的考慮，印度、韓國和中國企業也轉向了歐元債券。今年迄今，中國內地企業已發行近30億美元歐元債券。而在2014年同期，中國內地企業未發行任何歐元債券。