This now appears to be changing. Samsung turned the process round and ultimately priced its five-year $1bn deal at a lower yield than that of the South Korean government at the time, according to bankers on the trade.
这种思维定式似乎正在转变。据经手此次发行的银行家介绍,三星扭转了西方投资者对新兴市场企业的考察顺序,最终使得其五年期10亿美元债券的发行利率低于同期的韩国主权债。
Now Baidu, China’s equivalent of Google, is conducting a roadshow to sell its first US bond deal, which will also be the first deal from China to be fully registered with the Securities and Exchange Commission, meaning in theory that even retail investors could buy the bonds. “Samsung was the catalyst for a Baidu or anyone else with the right rating and financial reporting to start to not price as an EM company but as a high grade company, says a banker familiar with both deals.
百度(Baidu)目前正在为首次在美发售公司债进行路演,这也将是第一种在美国证交会(SEC)完整注册的中国企业债券。这意味着从理论上说,即使散户投资者都可以认购百度所发债券。百度在中国国内的地位等同于谷歌。一名熟悉三星及百度发债交易的银行家表示:“三星的成功经验是一种催化剂,在其影响下,百度或者其他任何具备足够信用等级以及亮眼财务数据的公司,开始寻求不再按照新兴市场企业、而是按照高信用等级公司为自身所发债券定价。
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