中國企業紛紛發行歐元債券

Chinese companies are ditching the renminbi and flocking to the euro to raise new offshore debt, as the imminent launch of quantitative easing in the single currency bloc sends ripples through global markets.

隨着歐元區即將啓動的量化寬鬆計劃在全球市場激起漣漪，中國企業紛紛棄用人民幣發債，轉而發行新的歐元離岸債券。

So far this year, mainland-based companies have sold $2.9bn worth of euro-denominated debt, according to Dealogic, compared with nothing in the first quarter of last year and close to the $3.3bn raised in the whole of 2014.

Dealogic數據顯示，今年迄今中國內地企業已發行價值29億美元的歐元計價債券，相形之下，去年第一季度這個數字是零，2014年全年這個數字爲33億美元。

Meanwhile, Chinese borrowers have shunned offshore renminbi debt, known better as “dim sum” bonds. The total raised in the market this year is only $250m, a dramatic drop from the $6.6bn issued during the first three months of last year. US dollar borrowing has been steadily high, with $16.3bn of bonds sold this year.

與此同時，中國借款人近來回避離岸人民幣債券，也就是所謂“點心”債券。今年發行的點心債券總額僅2.5億美元，大大少於去年頭3個月的66億美元。美元借款規模穩定在高位，今年迄今已發行163億美元的美元債券。

Funding costs for euro debt have been tumbling since the European Central Bank announced plans for a programme of quantitative easing, which is due to begin today. More than 1.5tn of sovereign eurozone bonds now offer investors negative yields, according to JPMorgan estimates.

自歐洲央行(ECB)宣佈量化寬鬆計劃以來，歐債籌資成本不斷下跌。歐元區的量寬計劃定於今日啓動。摩根大通(JPMorgan)估計，如今市場上有逾1.5萬億歐元的歐元區主權債券向投資者提供負數的收益率。

The new focus on euro debt also marks a change in Chinese corporate funding habits, in part a reflection of increasing eurozone assets held by some of Asia’s most acquisitive companies. Euro bonds can be used for deal financing or for currency management. In the past six months, the euro has dropped 13 per cent against the renminbi, which has a managed peg to the US dollar.

對歐元債券的新關注，也標誌着中國企業籌資習慣的改變，部分反映了亞洲一些最具收購意識的企業持有的歐元區資產日益增加。歐元債券可用於爲交易籌資、或用於外匯管理。過去6個月，歐元對人民幣下跌了13%，後者在中國央行管理之下盯住美元。

Beijing-based State Grid, which owns stakes in grid operators in Portugal and Italy, borrowed 1bn in January. Another euro bond issuer, Fosun International, already owns financial and healthcare assets in Portugal, duty free shops in Greece, and German fashion brand Tom Tailor. It successfully completed a 939m deal for French holiday resort group Club Méditerranée last month.

總部位於北京的國家電網(State Grid)今年1月籌資10億歐元，該公司持有葡萄牙和意大利電網運營商的股份。另一家歐元債券發行者復星國際(Fosun International)，已在葡萄牙擁有金融和醫療資產、在希臘擁有免稅店、在德國擁有時尚品牌Tom Tailor。上月它斥資9.39億歐元，成功收購法國度假勝地集團地中海俱樂部(Club Méditerranée)。

Companies from India, South Korea and Hong Kong have also turned to euro debt as they look to lower funding costs and diversify their investor base. Josh Noble, Hong Kong

爲降低籌資成本、促使投資者來源多樣化，印度、韓國和香港的企業也開始選擇歐元債券。