亞太企業將迎來償債高峯 S&P warns of Asia's corporate repayment risk

Asia-Pacific companies are on the hook to repay alMost $1tn of debt over the next four years — more than half of it priced in US dollars — according to Standard & Poor’s.

標準普爾(Standard & Poor’s)稱，未來四年期間亞太企業將需要償還近1萬億美元債務，其中逾半是以美元計價的債務。

The rating agency’s report also highlights the rise in repayments due from riskier, junk-rated companies.

這家評級機構的報告還突顯了風險較高的垃圾級公司的應償金額上升。

The figures come as Before the report investors were already worrying that the dollar’s strength and slowing economic growth globally would make it tougher for borrowers to coverroll over debts as they came due, particularly companies in emerging markets.

這份報告出爐之前，投資者已經在擔憂美元強勢和全球經濟增長放緩將使借款人（尤其是新興市場的企業）更難滾轉到期債務。

And higher US interest rates increase the cost of refinancing existing loans.

較高的美國利率提高了對現有貸款進行再融資的成本。

The report covers the $961.4bn of debt coming due that is rated by S&P. More than two-fifths of it must be repaid in the next two years.

該報告涵蓋了即將到期的、由標普評級的9614億美元債務，其中五分之二以上必須在未來兩年內還清。

Increasingly difficult conditions have followed a multiyear credit binge, during which the region’s borrowers took advantage of record-low interest rates and global investors’ search for higher-yielding assets.

在當前日益艱難的條件之前，亞太地區經歷了持續多年的信貸狂潮，其間該地區借款人受益於創紀錄的低利率和全球投資者對高收益率資產的追逐。

Bond issuance by Asia’s emerging market companies halved last year. Slightly more than 80 per cent of outstanding bonds from EM borrowers are denominated in dollars, while a further 6 per cent are in euros.

亞洲新興市場公司的債券發行量去年減半。新興市場借款人的未償還債券中，略高於80%以美元計價，還有6%以歐元計價。

“With the global collapse in commodity prices, slowing growth and falling equities in China, and the appreciation of the US dollar, companies in the Asia-Pacific region could find credit conditions to be less favourable for refunding debt in the coming years,” said S&P analysts in the authors of the report.

“隨着大宗商品價格出現全球性崩潰，中國經濟增長放緩和股市下跌，以及美元升值，亞太地區的企業可能發現未來幾年的信貸條件不那麼有利於債務再融資，”撰寫報告的標普分析師們表示。

By contrast just 58 per cent of borrowing by developed-market groups that are based in Australia, New Zealand and Japan is denominated in US dollars or euros.

相比之下，在總部位於澳大利亞、新西蘭和日本的發達市場企業的借款中，只有58%以美元或歐元計價。

“While there is exchange rate risk, investment-grade issuers, particularly in the developed markets such as Australia, tend to largely or even fully hedge their positions,” S&P said.

“雖然有匯率風險，但投資級發行人（尤其是在澳大利亞等發達市場）往往在很大程度上甚至完全對衝自己的敞口，”標準普爾表示。

The biggest danger surrounds riskier junk-rated groups, for which repayments are scheduled to rise sharply.

最大危險圍繞着高風險的垃圾級企業，對它們而言，還款金額勢必大幅增加。

More than 20 per cent of non-financial institution debt is rated below investment grade, compared with just 4 per cent of the debt of banks and other financial institutions.

非金融機構的債務有20%以上被評爲投資級以下，而銀行和其他金融機構的這一比例只有4%。

Some $8.6bn of repayments of junk bonds fall due in 2016, and that almost doubles next year — before doubling again to $30.9bn by 2019.

約有86億美元的垃圾債券將在2016年到期，需要償還，這一金額明年將幾乎翻倍，而2019年將再次翻倍，達到309億美元。