沙特首次發行國際債券大受追捧
Saudi Arabia’s first international debt sale has generated so much interest from Asian investors that the kingdom is weighing a full pipeline of bonds to follow a $15bn initial auction as early as October, according to bankers briefed on the sale.
知情銀行家表示，由於沙特阿拉伯首次發行國際債券吸引了亞洲投資者的極大興趣，沙特阿拉伯正考慮在最早於10月首次發行150億美元債券之後，繼續推出大量債券發行計劃。
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.
沙特主權債務——可能創下新興市場債務發行最高紀錄——大獲追捧之際，正趕上成熟經濟體歷史最低利率促使投資者無視全球最不穩定的一些經濟體的風險，以創紀錄的速度將資金投入發展中市場。
We are seeing massive, massive demand, said one banker of the Saudi debt.
負責沙特債券發行的一位銀行家表示：我們看到了無比巨大的需求。
Asian banks are throwing around billion-dollar numbers.
亞洲銀行報出了數十億美元的數字。
Saudi Arabian leaders are expected to discuss their plans with potential investors at next week’s Group of 20 meeting in China, bankers say.
銀行家們表示，沙特阿拉伯領導人預計將在下週中國二十國集團(G20)峯會上與潛在投資者討論計劃。
Deputy Crown Prince Mohammed bin 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 delegation in China.
副王儲穆罕默德•本•薩勒曼(Mohammed bin Salman，上圖)也計劃本週訪問日本，並將率領沙特代表團赴中國G20峯會。現年31歲的薩勒曼負責沙特雄心勃勃的經濟和社會改革。
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 erased the memory of previous crashes.
今年早些時候沙特官員聘請銀行家籌劃發行國際債券，令金融市場感到驚訝，此舉凸顯沙特經濟下滑程度，此前長期的石油繁榮已抹去了過去經濟崩潰的記憶。
Spurred by the collapse in energy prices, Prince Mohammed has spearheaded a sweeping reform programme aimed at diversifying the kingdom’s economy away from dependence on oil reserves.
在能源價格暴跌的刺激下，薩勒曼領導起了全面改革，旨在讓沙特告別對石油儲備的依賴，使本國經濟多樣化。
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150億美元債券預計最早於10月發售，而且估計也是爲國有石油公司沙特阿拉伯國家石油公司(Saudi Aramco)進行史上最大首次公開發行(IPO)鋪路。
Detailed 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.
此次主權債券發行的詳細計劃不大可能在伊斯蘭教節日古爾邦節(Eid al-Adha)假期結束前確定，因爲許多政府機關直至9月18日纔會重新開門。
A roadshow to sell the landmark issuance — which will set the final size and tenor 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 Monetary Fund and World Bank in Washington on October 7-9.
那麼，此次里程碑式債券發行的路演——將最終確定發行規模和期限——可能在10月初開啓，發行可能在國際貨幣基金組織(IMF)和世界銀行(World Bank) 10月7日至9日在華盛頓召開年會前後完成。
Bankers say Saudi government entities, lenders and private corporations are also lining up their own debt issuance to follow in the wake of the sovereign launch.
銀行家表示，此次主權債券發行之後，沙特政府機構、銀行及私人企業也將排隊發債。
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場對政府債券的胃口到底有多大、價位多少，然後把這些作爲基準，另一位銀行家表示，今年底之前還應該有一些其他的債券發行。
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 remains nearly debt free and has the world’s largest oil reserves.
相對其他新興經濟體，沙特被視爲一個更安全的投資對象，因爲該國仍保持幾乎零債務，而且擁有世界最大規模的石油儲備。
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.
但沙特也受益於那些備受歐洲、英國及日本創紀錄低利率折磨的投資者對收益的迫切渴求。
Bankers say Asian investors not previously seen in emerging market bond transactions are helping 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.
銀行家表示，此前未曾在新興市場債券交易中出現過的亞洲投資者正在將訂單簿擡至新高，因爲日本的負利率使得大多數日本政府債券的收益率都處於負值。
