He said, however, that the bulk of the debt being raised would only be used to replace existing bank facilities, rather than fund acquisitions or expansion.
然而,他表示,通过发行债券筹集的大部分资金只会用来代替银行贷款,而非为并购或扩张融资。
Lending to property companies has fallen sharply during the past five years, as Europe’s banks focus on purging billions of euros of debt amassed before the financial crisis. Some of the continent’s key lenders, including Germany’s Commerzbankand Société Généraleof France, have shelved all real estate lending. The funding shortfall is expected to grow as changes coming in next year under Basel III – the third accord in a sequential move on global bank regulation – increase the amount of capital banks must have to offset the risk of holding real estate backed debt.
过去5年,针对房地产公司的贷款规模一直在大幅收缩,因为欧洲银行把重点放在清理金融危机之前累积的数十亿欧元债务。欧洲的一些重要银行,包括德国商业银行(Commerzbank)和法国兴业银行(Société Générale),已经暂停了房地产贷款。明年实施的《巴塞尔协议III》(Basel III)将提高银行与持有房地产支持债务相关的风险拨备。到那时,预计房地产企业的融资缺口将扩大。
“Previously, many banks would lend long term money to real estate companies and borrow short term to make a profit on the spread, said Bart Gysens, senior property analyst at Morgan Stanley, adding: “New regulation is forcing them to match funding and lending much more closely, so they lose that profitability.
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