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Chinese Developers Flock to Issue Dollar Debt

Chinese Developers Flock to Issue Dollar Debt

中國開發商湧向發行美元債務
道琼斯 ·  2020/01/10 18:50

DJ Chinese Developers Flock to Issue Dollar Debt

DJ 中國開發商湧向發行美元債務


By Frances Yoon


由弗朗西絲·尹

Chinese property companies have kicked off 2020 by selling billions of dollars of longer-dated bonds, capitalizing on a hot market to reduce their heavy reliance on short-term funding.

中國房地產公司通過出售數十億美元的長期債券,從而拉開了 2020 年,利用了熱門市場以減少對短期資金的嚴重依賴。

The country's real-estate groups sold about $8 billion of dollar bonds in the first two weeks of January, according to credit strategists at ANZ.

澳新銀行的信貸策略師表示,該國的房地產集團在 1 月的前兩週售出了約 80 億美元的債券。

Corporate borrowers in China have typically relied on shorter-term funds, meaning they have to more frequently refinance their debts. In 2018, some developers sold bonds due in as little as a year, as investors worried about their ability to repay sums borrowed for longer periods.

中國的企業借款人通常依賴短期基金,這意味著他們必須更頻繁地再融資債務。在 2018 年,一些開發商出售債券由於在短短一年內,因為投資者擔心自己償還長期借款的能力。

The average bond in an ICE BofA index of Chinese high-yield securities in dollars has 2.7 years to maturity, compared with 5.9 years for a similar U.S. index.

中國高收益證券的 ICE BoFA 指數中的平均債券到期時間為 2.7 年,而相似的美國指數則為 5.9 年。

Among the longest-dated new deals, investment-grade rated Longfor Group Holdings sold its first 12-year bond, with a coupon of 3.85%, while Country Garden borrowed for 10 years.

在歷史最長的新交易中,龍湖集團控股的投資級別出售了首批 12 年期債券,票面為 3.85%,而碧桂園則借了 10 年。

Ernst Grabowski, head of Asia-Pacific debt syndication at Morgan Stanley, said issuers had benefited from a strong market backdrop, funds flowing into the region, low interest rates and more visibility on future Federal Reserve policy. Recent minutes showed Fed officials appear comfortable holding rates steady in the months ahead.

摩根士丹利亞太區債務聯合主管 Ernst Grabowski 表示,發行人受惠於強勁的市場背景、資金流入該地區、低利率和對未來聯儲政策的知名度更高。最近幾分鐘顯示,美聯儲官員在未來幾個月看起來舒適持有利率穩定。

Mr. Grabowski said the Fed's three interest rate cuts last year had helped pave the way for longer-dated bond sales, and he expected property bond issuance to be robust this year.

Grabowski 先生表示,美聯儲去年下調三次利率幫助為長期債券銷售鋪平了道路,他預計今年房地產債券的發行將會強勁。

Deals from Kaisa Group and Sino-Ocean Group Holding each attracted nearly $3 billion in orders from investors, or multiples of the $500 million and $400 million they raised respectively, according to bankers, in a sign of strong demand.

根據銀行家表示,佳兆業集團和遠洋集團控股的交易分別吸引了投資者接近 30 億美元的訂單,或者他們分別籌集的 5 億美元和 4 億美元的倍數,以表示需求強勁。

Mark Kiesel, chief investment officer for global credit at Pacific Investment Management Co., said constantly refinancing short-term debt wasn't sustainable, and so it was healthy for the real-estate firms to extend their debt maturities.

太平洋投資管理有限公司全球信貸首席投資官 Mark Kiesel 表示,不斷地再融資短期債務並不可持續,因此房地產公司延長債務到期日是健康的。

Write to Frances Yoon at frances.yoon@wsj.com

寫信給弗朗西絲·尹在 frances.yoon@wsj.com



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January 10, 2020 05:50 ET (10:50 GMT)

2020 年一月 10 日 05:50 東部時間 (格林威治標準時間 10:50)

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