今年全球发债6.6万亿美元创纪录

 　　Global debt sales reached a record this year, led by companies gorging¹ on cheap borrowing costs that are now threatened by Donald Trump²’s pledge to fire up the US economy.

　　今年全球债务发售达到了创纪录的水平，主要发债方是那些积极利用廉价借债成本的公司——如今举债成本受到了唐纳德.特朗普(Donald Trump)承诺刺激美国经济增长的威胁。

　　The bond rally that dominated the first half of the year helped entice³ borrowers that issued debt via banks to take on just over $6.6tn, according to data provider Dealogic, breaking the previous annual record set in 2006.

　　数据提供商Dealogic的数据显示，主导上半年的债券大涨帮助吸引了那些通过银行发行债务的借款方背上略高于6.6万亿美元的债务，打破了2006年创下的上一个年度纪录。

　　Companies accounted for more than half of the $6.62tn of debt issued, underlining the extent to which negative interest rate policies adopted by the European Central Bank and the Bank of Japan, as well as a cautious Federal Reserve, encouraged the corporate⁴ world to increase its leverage⁵.

　　公司占到了6.62万亿美元发债总额的一半以上，凸显了欧洲央行(ECB)和日本央行(BoJ)所采取的负利率政策、以及谨慎的美联储(Fed)在多大程度上鼓励了公司提升杠杆。

　　Corporate bond sales climbed 8 per cent year on year to $3.6tn, led by blockbuster $10bn-plus deals to finance large mergers⁶ and acquisitions.

　　公司债券销售额同比增长8%，达3.6万亿美元，领头的是那些为大规模并购筹资而进行的100亿美元以上的巨额交易。

　　The remaining debt included sovereign bonds sold through bank syndication, US and international agencies, mortgage-backed securities and covered bonds. The figures exclude sovereign debt sold at regular auction⁷.

　　其余债务包括通过银团、美国和国际机构发售的主权债券、抵押贷款支持证券和担保债券。这些数字不包括在定期拍卖中售出的主权债务。

　　While US government bond yields touched their low in July, the prospect⁸ of Mr Trump cutting taxes and injecting fiscal⁹ stimulus¹⁰ has accelerated a move higher in interest rates that some investors¹¹ fear will make debt burdens harder to bear in 2017.

　　虽然美国政府债券收益率在7月触及低点，但特朗普削减税收和实施财政刺激的前景已加速了利率的上升，一些投资者担心这将使2017年的债务负担更难承受。

　　After touching¹² a record low of 1.32 per cent in July, the yield on the 10-year US Treasury¹³ — an important benchmark for corporate borrowing costs — has surged more than a percentage point to 2.57 per cent.

　　在7月份跌至创纪录的1.32%之后，10年期美国国债的收益率——企业借款成本的一个重要基准——已上升逾一个百分点，至2.57%。

　　“The low cost of financing with record-low interest rates simply made building up leverage tempting,” said Scott Mather, chief investment officer for core fixed¹⁴ income at Pimco. “This happens every economic cycle, but what makes this one special is the added incentive¹⁵ to issue debt at very low interest rates. It sows the seeds of the next downturn or the next credit event.”

　　“创纪录低利率下的低成本融资使提升杠杆变得诱人，”太平洋投资管理公司(PIMCO)负责核心固定收益业务的首席投资官斯格特.马瑟(Scott Mather)说。“每个经济周期都会发生这种情况，但这次的特别之处在于以极低利率发债的额外激励。它播下了下一轮低迷或下一起信用事件的种子。”

　　Eight of the 10 largest bond sales underwritten by banks this year were from companies, including offerings from brewer¹⁶ Anheuser-Busch InBev, PC manufacturer Dell and Microsoft.

　　在今年银行承销的10大债券发售案中，有8起的发行方是公司，包括啤酒酿造商百威英博(Anheuser-Busch InBev)、PC制造商戴尔(Dell)，以及微软(Microsoft)。

　　Corporates “took advantage of low rates,” said Monica Erickson, portfolio¹⁷ manager with DoubleLine Capital. “The cost of capital is low so it makes sense for them to come to market.”

　　公司“利用了低利率”，DoubleLine Capital的投资组合经理莫妮卡.埃里克森(Monica Erickson)说。“资本成本低，所以他们发债是有道理的。”

　　With the universe of negative-yielding bonds touching almost $14tn at one point, money managers were willing to stomach lower returns. The year’s debt sales were buoyed¹⁸ by China and Japan-based issuers, up 23 and 30 per cent respectively, from a year earlier.

　　随着负收益债券总量在某一时点上接近14万亿美元，投资经理们愿意忍受更低回报率。今年的债务销售得到中国和日本发行方的推动，两者同比增幅分别为23%和30%。

　　Investors say 2016 is likely to prove a high-water mark for debt issuance in this cycle, with the Fed forecast to raise rates further and question marks growing over the future of bond-buying programmes from the BoJ and the ECB.

　　投资者表示，2016年可能是当前周期债务发行的巅峰，因为美联储预测未来会进一步加息，而且日本央行和欧洲央行债券购买计划的未来引发越来越大的疑问。

1 gorging   

v.（用食物把自己）塞饱，填饱( gorge的现在分词 )；作呕

参考例句：

• They had been gorging fruit in the forest. 他们方才一直在森林里狼吞虎咽地大嚼野果。 来自辞典例句
• He saw roses winding about the rain spout; or mulberries-birds gorging in the mulberry tree. 他会看到玫瑰花绕在水管上，或者是看到在桑树枝头上使劲啄食的小鸟。 来自辞典例句

2 trump   

n.王牌，法宝；v.打出王牌，吹喇叭

参考例句：

• He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
• The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。

3 entice   

v.诱骗，引诱，怂恿

参考例句：

• Nothing will entice the children from television.没有任何东西能把孩子们从电视机前诱开。
• I don't see why the English should want to entice us away from our native land.我不明白，为什英国人要引诱我们离开自己的国土。

4 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。

5 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

6 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

7 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。

8 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

9 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

10 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

11 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

12 touching   

adj.动人的，使人感伤的

参考例句：

• It was a touching sight.这是一幅动人的景象。
• His letter was touching.他的信很感人。

13 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

14 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

15 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。

16 brewer   

n. 啤酒制造者

参考例句：

• Brewer is a very interesting man. 布鲁尔是一个很有趣的人。
• I decided to quit my job to become a brewer. 我决定辞职，做一名酿酒人。

17 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

18 buoyed   

v.使浮起( buoy的过去式和过去分词 )；支持；为…设浮标；振奋…的精神

参考例句：

• Buoyed by their win yesterday the team feel confident of further success. 在昨天胜利的鼓舞下，该队有信心再次获胜。
• His encouragement buoyed her up during that difficult period. 他的鼓励使她在那段困难时期恢复了乐观的情绪。 来自《简明英汉词典》