亞洲市場垃圾債券發售量創紀錄

Asian companies have shrugged off concerns about the US retreat from global trade agreements to issue a record sum of high-yield debt.

亞洲企業無視對美國退出全球貿易協定的擔憂，發行了創紀錄數量的高收益債券。

Junk corporate bond issuers in Asia have sold $13bn of bonds so far in 2017 according to data from Thomson Reuters – up from just $1.6bn last year.

湯森路透(Thomson Reuters)的數據顯示，2017年迄今，亞洲垃圾企業債券發行者發行了130億美元的債券，而去年僅發行了16億美元。

China is dominating sales, accounting for more than half of the market share, with financial companies and industrials the largest sectors.

中國是此類發行的主導者，佔到市場份額的一半以上，金融企業和工業企業是最大的發行者。

Asia’s dollar-denominated junk bond market offered few opportunities for investors at the start of last year as fears of slowing global growth left investors unwilling to lend in dollars, while easier conditions in domestic markets enabled companies to find more opportunities for cheap funding in their own currencies.

去年年初，亞洲美元計價的垃圾債券市場幾乎沒有爲投資者提供什麼機會，因爲對全球增長放緩的擔憂使得投資者不願借出美元，同時國內市場更爲寬鬆的環境讓企業能夠找到更多廉價本幣融資的機會。

However higher commodity prices and China’s economic resilience has spurred a resurgence of demand for emerging market debt issued in dollars this year.

然而，大宗商品價格上漲以及中國經濟的恢復力使得今年對新興市場美元債券的需求復甦。