Debt issued to fund mergers and acquisitions hasreached a record high, as companies look to takeadvantage of cheap financing ahead of a rise in USinterest rates.
为并购融资发行的债券规模达到创纪录高位,原因在于各企业希望在美国加息前利用廉价融资。
The debt financing surge comes as maturecompanies face a growth challenge, given meagrerevenue expansion. Earnings for S&P 500companies are on track for their worstperformance since the second quarter of 2009, under pressure from a strong dollar and aslowdown in China’s economy that has also weighed on commodity prices.
在债券融资飙升之际,由于收入扩张乏力,成熟公司正面临增长挑战。由于面临强劲美元以及中国经济放缓的压力,标准普尔500指数(S&P 500)成分股的收益即将创下自2009年第二季度以来最糟表现,中国经济放缓还令大宗商品价格承压。
Low borrowing costs, driven down by central banks’ quantitative easing programmes, providean opportunity to create a return for shareholders via debt-financed mergers and acquisitions,as well as share buybacks.
央行的量化宽松计划推低了借款成本,这给通过由债券融资的并购以及股票回购为股东创造回报提供了机会。
Ahead of policy tightening by the US Federal Reserve expected in the coming months,companies have raised $290bn of debt to buy competitors this year — almost triple the level inthe same period in 2014. The number of issues, however, has risen only 46 per cent, so theaverage size has been much larger, according to figures released on Tuesday by Dealogic, thedata company.
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