The question is whether Asian borrowers are simply benefiting from a reluctance among investors to put their money in Europe. This has been a peak year in Asian issuance, especially in the so-called G3 currencies of US dollars, euros and yen. Until the start of this week, financial groups and companies alone had issued almost $100bn of bonds, almost twice the $55bn issued over all of last year. Local currency financial and corporate bond issuance is about 40 per cent ahead of last year.
问题的关键在于,当前亚洲企业债市场的大好形势是否仅仅是投资者不愿将资金投往欧洲市场的结果。亚洲的企业债发行量今年达到峰值,特别是以美元、欧元以及日元(所谓G3货币)计价的外币债券。今年以来截至上周末,仅亚洲的金融类企业就发行了约1000亿美元债券,较去年全年的550亿美元增长了近一倍。亚洲以本地货币计价的金融债和企业债的发行规模也较去年全年增长了约40%。
But bankers and investors believe that most of the money, particularly the institutional money, that has switched to Asian credit is there for the long term.
但银行家和投资者认为,进入亚洲债市的绝大多数资金——尤其是机构资金——都是以长期投资为目的的。
Pyramis, the institutional arm of Fidelity, has switched to using GDP-weighted benchmarks to help set its allocations between different countries. “We are using this because it aligns the investment weight given to countries more closely with their abilities to pay, says Curt Hollingsworth, fixed income portfolio manager at Pyramis.
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