中海油发行中资企业最大一笔美元债券

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中海油发行中资企业最大一笔美元债券

天之聪教育 2013-05-06 天之聪教育 265次

中海油发行中资企业最大一笔美元债券

$4bn Cnooc debt issue breaks Chinese records

Cnooc, the Chinese state-run oil company, has joined the global rush to raise cheap corporate credit, with a $4bn bond, the biggest international issue in Asia in a decade.

中国国营石油企业中海油(Cnooc)加入筹集廉价信贷资金的全球潮流，发行40亿美元债券，成为10年来亚洲规模最大的国际发行交易。

The group has placed the largest international bond to date by a Chinese state enterprise and done so in a bumper week for global US dollar corporate bonds with US groups Apple and IBM also selling mega-issues.

这也是中国国有企业迄今发行的最大一笔国际债券，而且适逢苹果(Apple)和IBM等美国企业也在同一周发行巨额美元公司债券。

Cnooc said in a statement: “The offering consists of $750m of 1.125 per cent guaranteed notes due 2016; $750m of 1.75 per cent guaranteed notes due 2018; $2,000m of 3.0 per cent guaranteed notes due 2023; and $500m of 4.250 per cent guaranteed notes due 2043.”

中海油在一份声明中表示，此次发行包括：本金为7.5亿美元利率为1.125%于2016年到期、本金为7.5亿美元利率为1.750%于2018年到期、本金为20亿美元利率为3.000%于2023年到期，以及本金为5亿美元利率为4.250%于2043年到期的美元债券。

The net proceeds of $3.94tn will be used mainly to repay part of a $6bn short-term credit taken out to finance its $18bn acquisition of Nexen, the Canadian energy group, said Cnooc.

中海油表示，39.4亿美元的净发行所得将主要用于部分偿还一笔60亿美元的短期贷款，那笔贷款旨在为中海油以180亿美元收购加拿大能源集团尼克森公司(Nexen)提供资金。

A string of banks backed the deal, led by Bank of China, BOCI Asia, Bank of America Merrill Lynch, China International Capital Corporation, Citigroup, Credit Suisse, Goldman Sachs, JPMorgan, and UBS.

此次发行得到一系列银行的支持，包括中国银行(Bank of China)、中银国际亚洲有限公司(BOCI Asia)、美银美林(Bank of America Merrill Lynch)、中国国际金融有限公司(CICC)、花旗集团(Citigroup)、瑞信(Credit Suisse)、高盛(Goldman Sachs)、摩根大通(JPMorgan)以及瑞银(UBS)。

The deal was five times subscribed, with investors offering about $24bn.

此次发行得到五倍的超额认购，投资者认购额达到大约240亿美元。

Chinese issuers led other Asian corporates by a long way in a year that is on course to beat 2012’s totals, according to data from Dealogic. For 2012 as a whole, Chinese corporates raised $476bn, out of an Asian total of $881bn.

数据提供商Dealogic的数据显示，中国企业今年在债券发行规模上遥遥领先于亚洲同行，而且不久就将超过2012年的发行总额。2012年全年，中国企业募资4760亿美元，而亚洲企业募资总额为8810亿美元。

Chinese companies also led the way in US dollar issues. Asia’s annual total for 2012 was $131bn, with $29.2bn coming from Chinese companies.

中国企业在美元债券发行规模上也居于领先地位。2012年，亚洲企业总共发行1310亿美元美元债券，其中292亿美元来自中国企业。

According to Dealogic, the largest Asian international bond issue was Hutchison Whampoa International’s $5bn offering in 2003. Cnooc’s is just bigger than Sinopec’s $3.5bn offering last month.

根据Dealogic的数据，亚洲企业史上最大的一笔债券发行当属2003年和记黄埔国际(Hutchison Whampoa International)的50亿美元债券发行。中海油此次发行在规模上稍稍超过中石化(Sinopec)上月的35亿美元债券发行。

Charles Robertson of Renaissance Capital sees signs of a bubble in both dollar bonds and local currency issues. “I’m told Ukraine has seen the issuance of 10 corporate dollar bonds so far this year,” he writes in a report this week.

莫斯科投行晋新资本(Renaissance Capital)的查尔斯•罗伯逊(Charles Robertson)指出，目前美元债券和本币债券都浮现泡沫迹象。“有人告诉我，乌克兰企业今年迄今已发行10笔美元公司债券，”他在最近的一份报告中写道。

But the end may yet not be nigh, he adds: “As with the US housing market in 2005, just because you can see a bubble does not mean it will pop anytime soon – and as with US housing, the pop may not be because of an inflation rise and a hike in interest rates.”

但他补充称，这一切并不意味着灾难近在眼前：“就像2005年的美国住宅市场一样，就因为你看得到一个泡沫，并不意味着它很快就会破裂——而且就像美国的住宅市场一样，泡沫破裂也许并不是因为通胀抬头和利率上调。”

Mr Robertson suggests it is time to buy EM stocks, as “dividend yields are getting increasingly attractive relative to government bond yields”.

罗伯逊提出，现在正是购买新兴市场股票的时候，因为“相对于政府债券的收益率，股息收益率正变得越来越有吸引力”。

But the bearish case is that with economic growth slowing, including in China, companies could struggle to generate revenue and profits increases.

但是看跌的理由是，随着经济增长放缓（中国也不例外），企业可能难以实现营收和利润的增长。

John-Paul Smith at Deutsche Bank writes: “The bulls assume that ongoing inflows into [renminbi] assets will inject liquidity into the domestic economy, giving Beijing breathing space to enact key structural reforms.

德意志银行(Deutsche Bank)的约翰-保罗•史密斯(John-Paul Smith)写道：“乐观人士的假设是，持续流入（人民币）资产的资金，将给中国国内经济注入流动性，使北京方面得到喘息空间，来推行关键的结构性改革。

“We would maintain that the weakness of final demand apparent in recent macro-data . . . is indicative of a deeper structural malaise.” On this view, says Mr Smith, further emerging market underperformance against developed markets appears inevitable.

“我们坚持的看法是，近期宏观经济数据中明显可见的最终需求疲软……说明存在更深层次的结构弊病。”史密斯认为，按照这种观点，新兴市场表现继续逊色于发达市场似乎是不可避免的。