能源債券投資者損失逾1500億美元

Investors have suffered losses of at least $150bn in the value of oil and gas company bonds, as the slump in crude prices since mid-2014 has fuelled fears of a wave of defaults in the US and emerging markets.

石油和天然氣公司所發行債券的投資者已蒙受了至少1500億美元的損失。原油價格自2014年中期起開始大幅下滑，引發了美國和新興市場可能出現一波違約潮的擔憂。

The 300 largest global oil and gas companies have also seen $2.3tn sliced from their stock market value over the same period, a 39 per cent slide since oil began its decline, a Financial Times analysis has found.

英國《金融時報》的分析結果顯示，最大的300家跨國油氣公司的市值在此期間也合計縮水了2.3萬億美元，縮水幅度達39%。

The losses show how the financial strain on oil producers remains intense, in spite of the partial recovery in crude prices since January. Oil is still down 65 per cent from its June 2014 peak.

這些數字表明，儘管今年1月以來原油價格出現一定反彈，油氣公司的財務壓力仍然十分巨大。目前，石油價格較2014年6月的高點仍低65%。

Banks have also been increasing their provisions for energy-related losses on their lending. They have tightened loan agreements with oil producers, and capital markets remain closed to the lowest rated groups.

銀行也在不斷擴大能源相關貸款的虧損撥備。它們已收緊了對石油公司的放貸協議，資本市場則仍對評級最低的石油公司關緊大門。

More than $150bn has been shaved off the value of 1,278 actively traded bonds since Brent crude hit almost $116 a barrel in June 2014. Total debt among oil and gas companies, including loans, almost tripled from $1.1tn in 2006 to $3tn in 2014, according to the Bank for International Settlements.

自2014年6月布倫特(Brent)原油價格達到每桶近116美元以來，1278只交易活躍的債券的價值減少了逾1500億美元。國際清算銀行(BIS)的數據顯示，油氣公司的總債務（包括貸款在內）幾乎增加了兩倍，從2006年的1.1萬億美元增至2014年的3萬億美元。

Twenty of Europe’s biggest banks have energy loans totalling almost $200bn between them, enough to wipe out a quarter of their common equity. Twenty of the leading US banks have loans totalling $115bn, or 11 per cent of their equity. French banks have some of the highest exposures relative to their equity.

歐洲20家大銀行的能源貸款總額接近2000美元，足以抹去它們四分之一的普通股本。美國20家大銀行的能源貸款總額爲1150億美元，相當於其股本的11%。法國銀行的能源貸款與股本比率排在世界最高行列。