2015考研英语阅读Verizon的大手笔_大学英语阅读

2015考研英语阅读Verizon的大手笔

　　Oil and gas companies have been particularly enthusiastic issuers, according to MarcusHiseman of Morgan Stanley, especially in the Yankee market where foreign businesses sellbonds, priced in dollars, mainly to American investors. Previously many foreign firms wouldissue debt in euros and swap the proceeds into dollars, but regulatory restrictions on banksmake that much more expensive these days. This year 72% of investment-grade issuancehas been in dollars, compared with 58% in 2009, according to Morgan Stanley.

　　据摩根士丹利的Marcus Hiseman表示，石油和天然气公司一直是特别积极的发行者，尤其是在美国市场，外国公司主要向美国投资者售卖以美元计价的债券。此前，许多外国公司用欧元发行债券，之后将受益转换成美元，但是对银行的监管限制规定使得这种做法在现在变得很昂贵。根据摩根士丹利的数据，今年72%的投资级发行都是以美元计价，相比之下去年只有58%。

　　If companies fear that bond yields are set to rise , whyare investors so keen to buy? There was plenty of demand to absorb the Verizon issue, forinstance: orders reportedly reached $100 billion. One reason is that corporate bonds offer aspread over government bonds that is still attractive in historicalterms. The average yield on ten-year investment-grade debt is 3.5%, compared with just2.95% on Treasury bonds of the same maturity. The sheer size of the Verizon issuerequired it to be more generous towards investors, as did its BBB+ rating from Standard Poors, towards the bottom end of the investment-grade category. The firm offered ayield of over 5% on its ten-year bonds, for example, more than two percentage points abovethe equivalent Treasury issue.