沙特首次发行国际债券大受追捧

 　　Saudi Arabia’s first international debt sale has generated so much interest from Asian investors¹ that the kingdom is weighing a full pipeline² of bonds to follow a $15bn initial auction³ as early as October, according to bankers briefed on the sale.

　　知情银行家表示，由于沙特阿拉伯首次发行国际债券吸引了亚洲投资者的极大兴趣，沙特阿拉伯正考虑在最早于10月首次发行150亿美元债券之后，继续推出大量债券发行计划。

　　The clamour for Saudi sovereign debt, which could be the largest emerging market issuance in history, comes as record-low interest rates in mature economies has prompted investors to pour money into developing markets at a record pace, overlooking the risks in some of the world’s least stable economies.

　　沙特主权债务——可能创下新兴市场债务发行最高纪录——大获追捧之际，正赶上成熟经济体历史最低利率促使投资者无视全球最不稳定的一些经济体的风险，以创纪录的速度将资金投入发展中市场。

　　We are seeing massive, massive demand, said one banker of the Saudi debt.

　　负责沙特债券发行的一位银行家表示：我们看到了无比巨大的需求。

　　Asian banks are throwing around billion-dollar numbers.

　　亚洲银行报出了数十亿美元的数字。

　　Saudi Arabian leaders are expected to discuss their plans with potential investors at next week’s Group of 20 meeting in China, bankers say.

　　银行家们表示，沙特阿拉伯领导人预计将在下周中国二十国集团(G20)峰会上与潜在投资者讨论计划。

　　Deputy Crown Prince Mohammed bin⁴ Salman, the 31-year-old responsible for the kingdom’s ambitious economic and social reforms, is also planning to visit Japan this week and will chair the kingdom’s G20 delegation⁵ in China.

　　副王储穆罕默德?本?萨勒曼(Mohammed bin Salman，上图)也计划本周访问日本，并将率领沙特代表团赴中国G20峰会。现年31岁的萨勒曼负责沙特雄心勃勃的经济和社会改革。

　　Saudi officials surprised the financial markets earlier this year by hiring bankers to raise international debt, underlining the extent of the economic downturn after an extended oil boom had erased⁷ the memory of previous crashes.

　　今年早些时候沙特官员聘请银行家筹划发行国际债券，令金融市场感到惊讶，此举凸显沙特经济下滑程度，此前长期的石油繁荣已抹去了过去经济崩溃的记忆。

　　Spurred by the collapse⁸ in energy prices, Prince Mohammed has spearheaded a sweeping⁹ reform programme aimed at diversifying¹⁰ the kingdom’s economy away from dependence¹¹ on oil reserves.

　　在能源价格暴跌的刺激下，萨勒曼领导起了全面改革，旨在让沙特告别对石油储备的依赖，使本国经济多样化。

　　The $15bn offering, expected to come as early as October, is also expected to pave the way for the biggest initial public offering of all time by state oil producer Saudi Aramco.

　　此次150亿美元债券预计最早于10月发售，而且估计也是为国有石油公司沙特阿拉伯国家石油公司(Saudi Aramco)进行史上最大首次公开发行(IPO)铺路。

　　Detailed¹² plans for the sovereign debt sale are unlikely to be set until after the Islamic holiday of Eid al-Adha, with many government offices not expected to reopen until September 18.

　　此次主权债券发行的详细计划不大可能在伊斯兰教节日古尔邦节(Eid al-Adha)假期结束前确定，因为许多政府机关直至9月18日才会重新开门。

　　A roadshow to sell the landmark¹³ issuance — which will set the final size and tenor¹⁴ of the deal — could then begin at the start of October with the deal potentially closing around the time of the annual meetings of the International Monetary¹⁵ Fund and World Bank in Washington on October 7-9.

　　那么，此次里程碑式债券发行的路演——将最终确定发行规模和期限——可能在10月初开启，发行可能在国际货币基金组织(IMF)和世界银行(World Bank) 10月7日至9日在华盛顿召开年会前后完成。

　　Bankers say Saudi government entities¹⁶, lenders and private corporations are also lining⁶ up their own debt issuance to follow in the wake of the sovereign launch.

　　银行家表示，此次主权债券发行之后，沙特政府机构、银行及私人企业也将排队发债。

　　Everyone is waiting to see how the appetite will turn out for the government, and at what price, which can then be used as a benchmark, said a second banker.

　　所有人都在等着看市场对政府债券的胃口到底有多大、价位多少，然后把这些作为基准，另一位银行家表示，今年底之前还应该有一些其他的债券发行。

　　There should be some other issuance before the end of the year. Saudi Arabia is seen as a safer investment than other emerging economies because it remains¹⁷ nearly debt free and has the world’s largest oil reserves.

　　相对其他新兴经济体，沙特被视为一个更安全的投资对象，因为该国仍保持几乎零债务，而且拥有世界最大规模的石油储备。

　　But it is also benefiting from the desperate hunger for yield among investors starved by record-low interest rates in Europe, the UK and Japan.

　　但沙特也受益于那些备受欧洲、英国及日本创纪录低利率折磨的投资者对收益的迫切渴求。

　　Bankers say Asian investors not previously¹⁸ seen in emerging market bond transactions are helping¹⁹ to raise order books to new highs as negative interest rates in Japan leave the majority of Japanese government bonds trading in sub-zero territory.

　　银行家表示，此前未曾在新兴市场债券交易中出现过的亚洲投资者正在将订单簿抬至新高，因为日本的负利率使得大多数日本政府债券的收益率都处于负值。

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 pipeline   

n.管道，管线

参考例句：

• The pipeline supplies Jordan with 15 per cent of its crude oil.该管道供给约旦15%的原油。
• A single pipeline serves all the houses with water.一条单管路给所有的房子供水。

3 auction   

n.拍卖；拍卖会；vt.拍卖

参考例句：

• They've put the contents of their house up for auction.他们把房子里的东西全都拿去拍卖了。
• They bought a new minibus with the proceeds from the auction.他们用拍卖得来的钱买了一辆新面包车。

4 bin   

n.箱柜；vt.放入箱内；[计算机] DOS文件名:二进制目标文件

参考例句：

• He emptied several bags of rice into a bin.他把几袋米倒进大箱里。
• He threw the empty bottles in the bin.他把空瓶子扔进垃圾箱。

5 delegation   

n.代表团；派遣

参考例句：

• The statement of our delegation was singularly appropriate to the occasion.我们代表团的声明非常适合时宜。
• We shall inform you of the date of the delegation's arrival.我们将把代表团到达的日期通知你。

6 lining   

n.衬里，衬料

参考例句：

• The lining of my coat is torn.我的外套衬里破了。
• Moss makes an attractive lining to wire baskets.用苔藓垫在铁丝篮里很漂亮。

7 erased   

v.擦掉( erase的过去式和过去分词 )；抹去；清除

参考例句：

• He erased the wrong answer and wrote in the right one. 他擦去了错误答案，写上了正确答案。 来自《简明英汉词典》
• He removed the dogmatism from politics; he erased the party line. 他根除了政治中的教条主义，消除了政党界限。 来自《简明英汉词典》

8 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

9 sweeping   

adj.范围广大的，一扫无遗的

参考例句：

• The citizens voted for sweeping reforms.公民投票支持全面的改革。
• Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗？

10 diversifying   

v.使多样化，多样化( diversify的现在分词 )；进入新的商业领域

参考例句：

• Some publishers are now diversifying into software. 有些出版社目前正兼营软件。 来自辞典例句
• Silverlit is diversifying into new markets, such as Russia and Eastern Europe. Silverlit正在使他们的市场变得多样化，开发新的市场如俄罗斯和东欧国家。 来自互联网

11 dependence   

n.依靠，依赖；信任，信赖；隶属

参考例句：

• Doctors keep trying to break her dependence of the drug.医生们尽力使她戒除毒瘾。
• He was freed from financial dependence on his parents.他在经济上摆脱了对父母的依赖。

12 detailed   

adj.详细的，详尽的，极注意细节的，完全的

参考例句：

• He had made a detailed study of the terrain.他对地形作了缜密的研究。
• A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

13 landmark   

n.陆标，划时代的事，地界标

参考例句：

• The Russian Revolution represents a landmark in world history.俄国革命是世界历史上的一个里程碑。
• The tower was once a landmark for ships.这座塔曾是船只的陆标。

14 tenor   

n.男高音（歌手），次中音（乐器），要旨，大意

参考例句：

• The tenor of his speech was that war would come.他讲话的大意是战争将要发生。
• The four parts in singing are soprano,alto,tenor and bass.唱歌的四个声部是女高音、女低音、男高音和男低音。

15 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

16 entities   

实体对像； 实体，独立存在体，实际存在物( entity的名词复数 )

参考例句：

• Our newspaper and our printing business form separate corporate entities. 我们的报纸和印刷业形成相对独立的企业实体。
• The North American continent is made up of three great structural entities. 北美大陆是由三个构造单元组成的。

17 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

18 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

19 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。