恒大66亿美元债券发行引投资者担忧

An outsized $6.6bn bond deal by Evergrande, the Chinese developer, risks raising borrowing costs in Asia’s booming bond markets, analysts have warned, following a rare first-day price fall that left buyers of the deal nursing losses of $250m.

分析师警告称，中国房地产开发商恒大(Evergrande)庞大的66亿美元债券发行，可能会提高亚洲蓬勃发展的债券市场的借款成本。此前恒大这笔债券的价格遭遇罕见的首日下跌，这让买入这笔债券的投资者遭受2.50亿美元损失。

Asian companies have tapped international markets at a record pace this year, raising $128bn in US dollar-denominated bonds — almost double the amount at this point last year, according to ANZ. But the struggles of companies such as Noble, the Singapore-listed commodity trader, and MIE Holdings, the China-based oil and gas group undergoing a distressed debt exchange, have raised fears about the borrowing outlook for riskier junk-rated groups.

澳新银行(ANZ)数据显示，今年亚洲公司在国际市场的发债规模达到创纪录水平，它们通过发行美元计价债券融资1280亿美元，几乎是去年同期的两倍。但一些公司的困境（例如在新加坡上市的大宗商品交易商来宝(Noble)和进行不良债务交换的中国油气集团MI能源控股公司(MIE Holdings)），让市场对风险更高的垃圾级公司的借款前景感到担忧。

Evergrande exchanged $2.8bn of existing debt but also raised $3.8bn in new funds — far more than investors initially expected. The three new bonds included a single $4.7bn bond, with a coupon of 8.75 per cent, that set a new record in terms of deal size for Asia — 50 per cent bigger than the previous record sold just last year.

恒大把28亿美元的现有债务进行了交换，还筹集了38亿美元的新资金，远远超出投资者最初的预期。新发售的3只债券包括一只23亿美元的债券，票面利率为8.75%。

“There is a growing appreciation that Chinese companies will fund as much as they can offshore and that markets may struggle to digest the supply,” said Owen Gallimore, credit strategist at ANZ. Evergrande’s $4.7bn deal was so large that investors fear the company’s needs are larger than thought, which may spur it to attempt another bond issue soon, he added.

澳新银行信贷策略师欧文?加利莫尔(Owen Gallimore)表示：“人们越来越认识到，中国公司将尽可能多地在海外融资，市场可能难以消化这些债券供应。”他补充称，恒大66亿美元的债券交易规模非常大，投资者担心，该公司的需求超出人们的想象，这可能促使恒大尝试不久后再次发债。

Evergrande, which is rated single B, has already tapped the bond markets twice this year for $2.5bn.

恒大债券的评级为B，之前已在今年两次发债，筹资25亿美元。

Junk-rated bond issuance has accounted for about 45 per cent of all international bonds sold by Asian companies this year, compared with just 20 per cent two years ago, as rising onshore borrowing costs have pushed Chinese groups to tap overseas markets.

在今年亚洲公司发售的所有国际债券中，垃圾级债券的发行占大约45%，而两年前仅为20%，原因是不断上升的国内借款成本促使中国企业转向海外市场。

“Evergrande’s deal was a lot of paper at one time,” said Charles Chang, head of Asia credit strategy at BNP Paribas, who had predicted Evergrande could aim to sell up to $2bn in new bonds — one of the higher estimates. “People didn’t expect it but a healthy dose of scepticism does help when it comes to companies’ new issues.”

“恒大这次交易的规模太大了，”法国巴黎银行(BNP Paribas)亚洲信贷策略主管Charles Chang表示，“人们没预料到这点，但在公司发新债时，保持合理的怀疑确实是有帮助的。”他曾预测，恒大可能计划最多发售20亿美元的新债——这还是属于较高的估计数字。

All three new Evergrande securities ended their first day of trading on Thursday at about 95 per cent of par, or face value, implying a paper loss of more than $250m for bondholders. First-day falls of that magnitude are extremely rare in the absence of specific bad news. Prices recovered slightly by Monday, with the three new bonds trading at between 98 and 99 cents in the dollar.

恒大发行的所有3只新债在上周四首个交易日收盘时的价格大约都是票面价格的95%，意味着债券持有者的账面亏损超过2.50亿美元。在没有特别糟糕消息的情况下，如此大的首日下跌幅度极其罕见。债券价格在本周一略有回升，这3只新债目前的交易价格为票面价格的98%至99%。

Evergrande and Kaisa, a rival developer that also swapped debt last week, sold $11bn of bonds between them — more than the total sold by all Chinese developers over the past two years, Mr Gallimore said.

加利莫尔表示，恒大和中国另一家房地产开发商佳兆业(Kaisa)总共发售了110亿美元债券，超过过去两年中国所有房地产开发商发售的债券总规模。佳兆业上周也进行了债券交换。

Many buyers of Evergrande’s deal were upset.

很多购买恒大债券的投资者感到失望。

“There is upsizing a deal — and then there is this,” said one bondholder. “It’s the ultimate ‘stuff you’ as they took all the real money on the table.”

“他们扩大了发行规模，接着又出现了这种情况，”一位债券持有者表示，“他们拿走了桌面上所有的真金白银，最终却把你一脚踢开。”

People involved in the transaction said investors had time to withdraw bids after the deal size was known.

参与此次债券交易的人表示，在交易规模公布后，投资者有时间撤单。

Total bids for the new paper came to $7.2bn, according to bankers. But would-be investors typically submit bids much bigger than they actually want, in the expectation that orders will exceed supply and their final allocation will be closer to their real target.

据银行人士表示，新债券的认购总额高达72亿美元。但潜在投资者一般提交的认购额会远远超出他们的实际需求，因为他们预计认购量将超出供应量，他们最终的分配额将更接近实际的目标。

If demand is strong enough, a company may increase the size of its deal, but it risks upsetting investors if they feel the company has taken too much.

如果需求足够强劲，一家公司可以扩大发行规模，但如果投资者觉得公司拿走的太多了，可能会感到失望。