These and other signs suggest the Asian bond markets are growing up. Issuance has hit record levels. There have been more 30-year deals and more debut borrowers, some even without credit ratings, than ever before.

以上交易以及其他迹象都表明，亚洲的企业债市场正在发展壮大。发行量创下历史最高记录。三十年期债券的发行量比以往任何时候都多，首次发行债券的公司数量多于以往，其中一些公司甚至没有信用评级。

Yields, which move inversely to prices, have hit record lows. The iTraxx Asia ex-Japan investment grade index, which measures the cost of protecting corporate bonds against default, fell to about 112.5 basis points in September, though it has widened out slightly to about 124bp now.

与价格反向变动的债券收益率水平则跌至历史低点。iTraxx日本以外亚洲投资级指数9月份跌至约112.5个基点，不过目前已略微扩大至124个基点。该指数衡量的是企业债券的违约担保成本。

“As sovereign yields in Asia have declined, investors have started to take on more credit risk, says Stephen Williams, head of debt capital markets in Asia Pacific at HSBC. “We are also seeing people moving down the yield curve to 10-, 15- and 30-year deals.

汇丰银行(HSBC)亚太债券市场部主管史蒂芬·威廉姆斯(Stephen Williams)表示：“随着亚洲国家主权债收益率趋于下降，投资者开始选择信用风险更高的投资标的。我们也看到有投资者开始延长投资期限，涉足十年、十五年以及三十年期债券。

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