经济学人282:高利债券 来点垃圾

　　Finance and economics
财经商业
High-yield bonds
高利债券
An appetite for junk
来点垃圾
Companies have taken advantage of investors¹'growing willingness to buy speculative² bonds
公司很好的利用了投资者日益高涨的购买投机性债券的意愿
WHEN cash deposits pay virtually zero, investors have an incentive³ to take risks in search of higher returns.
当存款利率近乎于零，投资者便会冒险寻求更高收益。
That has been good news for the high-yield, or junk, bond market, where companies with poor credit ratings turn for finance.
而这对于高利债券、或垃圾债券市场来说，无疑是个好消息，那些信用评级差的公司通常通过这种方式融资。
Many companies can now borrow at rates that governments would have been pleased to achieve two decades ago.
现在，许多公司可以以各国政府二十年前喜闻乐见的利率获得投资。
Indeed, so low have borrowing costs fallen that some wags have dubbed⁴ the market the asset class formerly⁵ known as high-yield.
诚然，借贷成本降至如此之低，甚至有人将其戏称为前高利债券。
Until the hiatus related to the budget crisis inAmerica, companies were rushing to take advantage of this financing opportunity.
直到此次美债违约，各家公司纷纷借助这股东风融资。
2_副本.jpgIn the first nine months of the year global high-yield-bond issuance reached 378.2 billion, up by 27% on the same period in 2012, according to Dealogic, a financial-data firm. Sprint⁶,
据金融数据公司迪罗基称，今年前九个月发现的高利债券达到了3782亿美元，同比增长27%。
an American telecoms company, raised 6.5 billion in two simultaneous bond issues, the largest-ever junk financing.
美国电信公司Sprint通过同步发行债券筹集到了65亿美元，这也是迄今为止最大的垃圾融资。
Low rates will not last forever, so companies are keen to take advantage of what might be an historic opportunity.
低利率不会持续太久，公司自然不会错过这次千载难逢的机会。
And investors have been happy to take the extra yields on offer, given the positive returns achieved since 2009.
鉴于2009年后获得正收益，投资者也乐意出资获取额外收益。
In America, the modern high-yield-bond market dates back to the 1980s. Until then, high-yield bonds were usually fallen angels—companies which previously⁷ had an investment-grade credit rating but had seen their finances suffer.
美国现代高利债券起源于上世纪八十年代。在那之前，高利率债券通常都是落难天使—此前已获得投资信用评级的公司都遭遇过财务危机。
But Michael Milken and his team at Drexel Burnham Lambert, an investment bank, discovered there was a market for high-yield debt from new issuers, often in connection with companies making takeover bids.
但是，德瑞债券的迈克尔米尔肯为高利债券发行者发现了新的市场，而这通常和公司收购行动密不可分。
The market is now huge.
现在，这一市场前景广阔，
A study by Russell, a consultancy, estimated its total size at 1.7 trillion.
咨询公司Russell预计其总需求为1.7万亿。
Almost half of all the corporate⁸ bonds rated by Standard & Poor's are classed as speculative, a polite term for junk.
标普公司发布的信用评级中超过半数公司债券均为投机性债券—垃圾债券的委婉说法。
Part of this is down to fashion; companies have been urged to return spare cash to shareholders⁹ and to make their balance-sheets more efficient by taking advantage of the tax deductibility of interest payments.
其中，部分债券已经流于形式，股东撤回公司闲钱，如此便可利用付息债券避税，从而使得资产负债表更加均衡。
Another big boost to the market has been the broadening of its base beyondAmerica.
高利债券膨胀的另一大原因是除美国市场之外，世界其他地区需求增加。
According to Fraser Lundie, a high-yield-bond manager at Hermes,America comprised 89% of the market in 1998; now it forms just 57%.Europehas gone from 3% of the market to 27%.
爱马仕高利债券经理弗雷泽伦迪表示，1998年美国国内发行的高利债券占全世界的89%，现在降至57%，而欧洲则由当初的3%增至27%。
The rise of high-yield bonds has been handy for European companies in the wake of the financial crisis, as many banks have been seeking to shrink their balance-sheets, and have been less willing to offer loans.
随着金融危机的爆发，高利债券发行量的增长对欧洲公司来说也极为便利，因为银行都减少贷款，平衡资产负债表。
Historically, European companies have been much more dependent on bank finance than their American counterparts.
从历史观点上说，相对于美国公司，欧洲公司对银行的依赖更强。
They also used to be warier¹⁰ of seeing their bonds classed as junk.
过去，欧洲公司甚至害怕其债券被评为垃圾级。
Low rates have been good for the market in another way.
从另一个层面来说，低利率对市场有利。
They have enabled companies to refinance their debt cheaply, and so pushed back the nettlesome day when their finances will be squeezed by higher borrowing costs.
因为这样公司可以以低成本获得再融资，当初借贷成本高不说，还很难获得通过，简直苦不堪言。
A few years ago there was a worry that a lot of debt would need to be refinanced in 2012 and 2013; now the refinancing hump will not come until 2017 and 2018.
几年前，人们担心过多债务会导致2012年、2013年时需要再融资；现在，在2017年、2018年之前再融资峰值是不会出现的。
A long period of cheap finance makes it less likely that issuers will be forced to default in the short term, and the reduced likelihood of default makes it more attractive for investors to hold bonds.
长期的低成本融资让债券发行方短期内违约的可能性大大降低，违约可能性的降低又会吸引更多投资者持有债券。
In the wake of Lehman's collapse¹¹, the spread on junk bonds rose so far that it implied default on a scale not seen since the Great Depression.
随着雷曼兄弟的破产，垃圾债券的差额大幅增长，这也就导致了大萧条后前所危机的违约浪潮。
But after a brief spike¹² to 13.7% in 2009, the default rate on global high-yield bonds dropped steadily¹³ and was just 2.8% in September, according to Moody's, another ratings agency.
但是，据评级公司穆迪称，2009年13.7%的违约高峰很快便平息；今年九月，全球高利率债券违约率仅为2.8%。
But not all is sunny in the high-yield world.
但是，高利债券市场并非总是风平浪静。
Although the market has doubled or tripled in size since 2008, liquidity¹⁴ has diminished.
尽管自2008年后高利债券市场规模已经增至原来的两至三倍，债券的流动性却降低了。
Regulatory restrictions¹⁵ mean that banks no longer hold as much inventory¹⁶ in the form of bonds; since 2002, there has been a decline of almost three-quarters.
监管限制让银行无法继续像以前那样持有太多债券形式的存货。自2002年来，银行所持债券已经减少了75%。
PIMCO, a huge bond-fund manager, said in a recent report, We see reduced liquidity as an important secular¹⁷ trend. It is an unintended consequence of the deleveraging and re-regulation of banks globally. It will result in higher volatility¹⁸ in times of stress.
近期，太平洋投资管理公司发布的一篇报道称，我们认为流动性的降低将会是一个重要的长期趋势，这是全球银行重新平衡、管理的副作用。
In other words, if investors ever lose their current enthusiasm for high-yield bonds, they will find it much harder, and probably costlier¹⁹, to offload them.
换句话说，如果投资者对高利债券的热情降低，他们便会发现想要抛售这些债券将会更加困难、或许还会付出更高代价。
Meanwhile, the growing enthusiasm for high-yield bonds is likely to diminish the returns they offer.
与此同时，随着人们对高利债券愈发热衷，其回报率也会相应降低。
In the past investors typically bought junk bonds at a discount to their face value; they hoped that the profits on bonds that were repaid at maturity²⁰ would offset²¹ the losses on the few issuers that defaulted.
过去，投资者都是以折扣价买入垃圾债券，他们希望债券到期的收益能够抵消部分违约发行者带来的损失。
Yet in May this year the average price of a high-yield bond reached 6% above face value, according to Mr Lundie.
然而，据伦迪数据显示今年五月高利债券的平均价格超过了其面值的6%。
Holding a bond until maturity will thus result in a capital loss, although investors may still profit from interest.
尽管投资者仍可从利息中获利，但持有高利债券直至到期将会造成一定资本损失。
Worse, many bonds—perhaps two-thirds or three-quarters of the market—have a call option attached to them that allows the issuer to repay the debt if it reaches a certain price.
更糟糕的是许多债券—可能2/3或3/4的现行债券—都有看涨期权，如果债券达到一定价格，发行方可以偿还债务。
That allows issuers to take advantage of growing optimism about their prospects²² to reissue bonds at lower interest.
这也就使得发行方可以利用投资者不断高涨的乐观情绪，以更低的利率发行债券。
Such call options skew the risk-reward trade-off.
看涨期权让风险报酬交易失去了平衡。
If a bond gets close to the callable price, it is unlikely to rise much further: who would bid 110 cents for a bond that can be redeemed²³ at 104?
如果某个债券接近可赎回价格，其价格也就不大可能会继续涨了：谁会愿意花110美分购买104美分就可以赎回的债券呢？
On the other hand, if the company hits hard times, the bond could fall quite sharply in price. So investors face a limited upside and a big downside.
另一方面，如果市场萧条，债券价格便会一落千丈。因此，对投资者来说此事弊大于利。
That has tended to push investors towards ever riskier²⁴ assets, such as CCC-rated bonds—the lowest category excluding those issuers that have already defaulted.
这回让投资者转向风险更大的债券，比如除违约债券以外的最低评级债券，CCC级债券。
David Newman of Rogge Global Partners, a fund-management firm, reckons that such bonds are now probably overpriced, given the risks involved.
来自资金管理公司Rogge Global Partners的大卫纽曼认为考虑到风险因素，这类债券目前可能定价过高。
It is in the nature of the bond markets that, when conditions are good, investors get more relaxed about credit quality.
债券市场的特性是当市场环境良好，投资者便会对信用质量更加放心。
Some observers think that the risks of high-yield bonds are being systematically²⁵ underestimated.
部分观察人士认为，高利债券的风险被普遍低估。
The spreads paid by high-yield issuers are low relative to the historical average, although they are more than sufficient to compensate²⁶ investors given the low level of defaults.
尽管，考虑到低违约率，债券发行方更加确信可以让投资者收到回报；但是，同历史平均水平相比，现在高利债券发行方所付的利率更低。
If central banks start raising interest rates to deal with a resurgence²⁷ of inflation, or if the global economy slips back into recession, junk-bond investors may suffer a nasty shock. But for the moment they are enjoying the ride.
如果央行为了规避通胀而开始提高利率，或者全球经济再度陷入萧条，垃圾债券投资者或许会损失惨重。但是，现在他们正享。
1.in search of 寻找
In search of more useful forecasts, I went to the met office website.
为了寻找更多有用的预测，我登陆了英国气象局网站。
Mr zhao is also prepared to be flexible in search of returns.
赵先生也做好为寻求收益而制定灵活政策的准备。
2.please to 高兴做
Please to place it here.
请把它放在这儿。
Please to hear the success of the exhibition.
很高兴听到展览会很成功的消息。
3.rush to 急速去；奔；奔赴
Nor did governments rush to proclaim their educational duty.
但是政府并不急于表明他们的教育责任。
Some worry that graduates would rush to declare bankruptcy²⁸, handing losses to taxpayers²⁹.
有人担心，毕业生会匆忙宣告破产，让纳税人来承担损失。
4.keen to 热衷于
I was keen to develop so-called masculine skills.
我热衷于开发所谓的男性的技能。
Western companies are keen to tap this growth.
西方药企热衷于培育这一增长。

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 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

3 incentive   

n.刺激；动力；鼓励；诱因；动机

参考例句：

• Money is still a major incentive in most occupations.在许多职业中，钱仍是主要的鼓励因素。
• He hasn't much incentive to work hard.他没有努力工作的动机。

4 dubbed   

v.给…起绰号( dub的过去式和过去分词 )；把…称为；配音；复制

参考例句：

• Mathematics was once dubbed the handmaiden of the sciences. 数学曾一度被视为各门科学的基础。
• Is the movie dubbed or does it have subtitles? 这部电影是配音的还是打字幕的？ 来自《简明英汉词典》

5 formerly   

adv.从前，以前

参考例句：

• We now enjoy these comforts of which formerly we had only heard.我们现在享受到了过去只是听说过的那些舒适条件。
• This boat was formerly used on the rivers of China.这船从前航行在中国内河里。

6 sprint   

n.短距离赛跑；vi. 奋力而跑，冲刺；vt.全速跑过

参考例句：

• He put on a sprint to catch the bus.他全速奔跑以赶上公共汽车。
• The runner seemed to be rallied for a final sprint.这名赛跑者似乎在振作精神作最后的冲刺。

7 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。

8 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

9 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

10 warier   

谨慎的，小心翼翼的( wary的比较级 )

参考例句：

• Beijing itself also become warier. 中国政府本身也变得更为谨慎。
• That suggests investors are warier than ever of lending to the banking system. 这种情况表明，投资者对借钱给银行系统的担忧比之前加剧了。

11 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。

12 spike   

n.长钉，钉鞋；v.以大钉钉牢，使...失效

参考例句：

• The spike pierced the receipts and held them in order.那个钉子穿过那些收据并使之按顺序排列。
• They'll do anything to spike the guns of the opposition.他们会使出各种手段来挫败对手。

13 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

14 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

15 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

16 inventory   

n.详细目录，存货清单

参考例句：

• Some stores inventory their stock once a week.有些商店每周清点存货一次。
• We will need to call on our supplier to get more inventory.我们必须请供应商送来更多存货。

17 secular   

n.牧师，凡人；adj.世俗的，现世的，不朽的

参考例句：

• We live in an increasingly secular society.我们生活在一个日益非宗教的社会。
• Britain is a plural society in which the secular predominates.英国是个世俗主导的多元社会。

18 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

19 costlier   

adj.昂贵的( costly的比较级 )；代价高的；引起困难的；造成损失的

参考例句：

• Alligator skin is five times more costlier than leather. 鳄鱼皮比通常的皮革要贵5倍。 来自互联网
• Disagreements among creditors can be costlier still. 债权人之间的分歧会加大重组的费用。 来自互联网

20 maturity   

n.成熟；完成；(支票、债券等)到期

参考例句：

• These plants ought to reach maturity after five years.这些植物五年后就该长成了。
• This is the period at which the body attains maturity.这是身体发育成熟的时期。

21 offset   

n.分支，补偿；v.抵消，补偿

参考例句：

• Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
• He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。

22 prospects   

n.希望，前途(恒为复数)

参考例句：

• There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
• They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。

23 redeemed   

adj. 可赎回的，可救赎的 动词redeem的过去式和过去分词形式

参考例句：

• She has redeemed her pawned jewellery. 她赎回了当掉的珠宝。
• He redeemed his watch from the pawnbroker's. 他从当铺赎回手表。

24 riskier   

冒险的，危险的( risky的比较级 )

参考例句：

• Now they are starting to demand higher returns on riskier assets. 而今他们开始在风险更高的资产上要求更高的回报。
• The problem with that: RIM's business is getting riskier every quarter. 不过问题也随之而来：RIM面临的业务风险正逐季增大。

25 systematically   

adv.有系统地

参考例句：

• This government has systematically run down public services since it took office.这一屆政府自上台以来系统地削减了公共服务。
• The rainforest is being systematically destroyed.雨林正被系统地毀灭。

26 compensate   

vt.补偿，赔偿；酬报 vi.弥补；补偿；抵消

参考例句：

• She used her good looks to compensate her lack of intelligence. 她利用她漂亮的外表来弥补智力的不足。
• Nothing can compensate for the loss of one's health. 一个人失去了键康是不可弥补的。

27 resurgence   

n.再起，复活，再现

参考例句：

• A resurgence of his grief swept over Nim.悲痛又涌上了尼姆的心头。
• Police say drugs traffickers are behind the resurgence of violence.警方说毒贩是暴力活动重新抬头的罪魁祸首。

28 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

29 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。