沙特貸款100億美元以填補財政缺口
Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.
沙特阿拉伯正從一個由多家全球銀行組成的財團籌集100億美元。爲了對抗石油收入和外匯儲備減少，該國啓動25年來首次國際貸款。
The landmark five-year loan, a sign of Riyadh’s newfound dependence on foreign capital, opens the way for the country to launch its first international bond issue. It comes as the low price of crude encourages other Gulf governments, such as Abu Dhabi, Qatar and Oman, to tap bond markets.
這一里程碑式的五年期貸款標誌着沙特政府對外國資本產生了新的依賴，它爲沙特發行首隻國際債券鋪平了道路。目前，原油價格走低正促使阿布扎比、卡塔爾和阿曼等其他海灣國家政府利用債券市場融資。
The oil-rich kingdom, which last weekend blocked a deal among oil producers to freeze output and bolster prices, has burnt through around $120bn in reserves since late 2014. Its fiscal deficit is set to widen to 19 per cent of gross domestic product this year.
上週末，石油資源豐富的沙特封殺了產油國之間凍結產量以提振油價的一個協議。自2014年底以來，該國已耗費了約1200億美元外匯儲備。今年其財政赤字將擴大至國內生產總值(GDP)的19%。
Strong interest in the loan, especially from Asia, came despite rating agencies’ downgrades on Saudi creditworthiness since the oil price collapsed. The government raised the amount it wanted to borrow from $6bn-$8bn to $10bn after the deal was oversubscribed.
儘管自油價崩盤以來各評級機構已經下調了沙特的信用評級，但這筆貸款還是吸引了投資者的強烈興趣——尤其是來自亞洲的投資者。在出現超額認購後，沙特政府將借款金額從60億至80億美元提升至100億美元。
“The deal is very successful, with very competitive pricing,” said Elyas Algaseer, deputy regional general manager at Bank of Tokyo-Mitsubishi. “There was immense market appetite.”
三菱東京日聯銀行(Bank of Tokyo-Mitsubishi)區域副總經理伊萊亞斯•阿爾加瑟(Elyas Algaseer)表示：“這筆交易非常成功，價格極有競爭力。市場需求極大。”
Ewen Cameron Watt, chief investment strategist at BlackRock, the world’s largest asset manager, said: “The loan is a way for Saudi Arabia to test the waters and set up an international borrowing profile.
世界最大資產管理公司貝萊德(BlackRock)首席投資策略師尤恩•卡梅倫•瓦特(Ewen Cameron Watt)表示：“對沙特阿拉伯來說，這筆貸款是試水並建立國際借款記錄的方式。”
“This is paving the way for the kingdom to transform from a creditor nation into a debtor nation. It’s a significant moment of change in debt markets.”
“這爲沙特王國從債權國轉爲債務國鋪平了道路。是債務市場發生改變的重大時刻。”
Saudi Arabia may now raise its first global bond in the wake of the loan deal, bankers said. Institutions that loaned the most would be set to benefit from a mandate to help Riyadh raise the bond.
銀行家們表示，在這筆貸款交易完成後，沙特阿拉伯現在可能要發行其首隻全球債券。爲沙特阿拉伯提供最多貸款的幾家金融機構，將受益於幫助利雅得發行債券的委託。
The lead lenders, each pledging around $1.3bn, include Bank of Tokyo-Mitsubishi, HSBC and JPMorgan, bankers say. Lenders were required to lend at least $500m to participate.
銀行家們表示，領頭的貸款人包括三菱東京日聯銀行、匯豐(HSBC)和摩根大通(JPMorgan)，每一家都承諾爲沙特提供約13億美元的貸款。要參與此次認購，沙特要求貸款人至少要借出5億美元。
Mr Algaseer declined to comment on the pricing, but other bankers close to the deal said it had priced at around 120 basis points over US dollar Libor.
阿爾加瑟拒絕就定價置評，但其他知曉這筆貸款內情的銀行家表示，定價比美元倫敦銀行間同業拆借利率(Libor)高出120個基點左右。
The loan is Saudi Arabia’s first international debt issuance since 1991, when it raised around $1bn in the aftermath of the Iraqi invasion of Kuwait.
這筆貸款是沙特阿拉伯自1991年以來的首次國際發債，那年沙特在伊拉克入侵科威特後募集了約10億美元。
