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As investors snap up high-yield junk bonds in Asia, some companies are taking advantage of the strong appetite to loosen strings attached to the debt they sell.
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在投资者大举买进亚洲高收益垃圾债券之际，一些公司正利用强劲的需求来放松对其所售债券的限制条件。Their ability to do so shows that issuers are gaining the upper hand. They offer relatively high yields, and in exchange, investors are willing to accept less power to enforce restrictions on borrowers. Not only does newly issued debt tend to contain less-stringent covenants-triggers in the bond agreement that could force a borrower to shore up its financial health-borrowers are loosening strings on bonds they have already sold.
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这些公司有能力这样做表明，发行方逐渐占据上风，他们提供相对较高的收益率，而为了换取这样的收益率，投资者们愿意放弃更多对借款者施加限制的权力。不仅新发行债券的条款――合约中要求借款者改善财务状况的规定――更加宽松，借款者们还对他们已经售出的债券放松了限制。'Given this low-rate environment, the bargaining power lies in the hands of issuers and their syndication banks,' said Ken Hu, chief investment officer for Asian-Pacific fixed income at Invesco, with $802.4 billion in assets under management. 'There's also a rising demand for Asian bonds by private bank investors, who usually pay less attention to covenants.'
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景顺集团(Invesco)亚太地区固定收益部门首席投资长Ken Hu说，考虑到当前的低利率环境，议价能力在发行方及其银团手里。景顺管理着8,024亿美元的资产。他说，私人银行投资者对亚洲债券的需求越来越高，他们通常不那么注意债券条款。Chinese developer Kaisa Group Holdings Ltd., for example, issued a $400 million bond in early June with looser restrictions than on other bonds sold in past two years. The company then offered a fee of $3,750 for every US$1 million of bond to investors who agreed to similarly loosen restrictions on the old bonds--including removing restrictions on dividends and other payments. The company won approval from investors.
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以中国房地产开发商佳兆业集团控股有限公司(Kaisa Group Holdings Ltd., 1638.HK)为例，该公司在6月初发行了4亿美元的债券，相比过去两年间发行的其他债券，这些债券的限制要更加宽松。然后，该公司又向同意按类似条款放松已经售出债券的限制（包括解除对派息和其他支付的限制）的投资者提供回报，每100万美元支付3,750美元。该公司获得了投资者的批准。
Kaisa Group didn't respond to a request for comment. 佳兆业集团没有回复记者的置评请求。
Changes to restrictions can be approved by a majority of investors in the bond. 'Many times, investors aren't happy about the changes but have to go along as no one is holding a portion big enough to reject [the changes] and they don't know if other investors would accept or reject the changes,' said Dilip Parameswaran, of consultant firm Asia Credit Advisors Ltd. 'Many of them are willing to take the additional fee.'
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如果获得上述债券的多数投资者批准，那么限制条件就能被调整。咨询公司Asia Credit Advisors Ltd.的帕拉梅瓦朗(Dilip Parameswaran)说，许多时候，投资者不喜欢此类调整，但不得不随大流，因为没有人持有足够多的仓位能否决调整提议，同时他们也不知道其他投资者会接受还是会拒绝这些调整。他补充说，许多持有者愿意得到额外的回报。Moody's Investors Service says covenants in Asia have gradually weakened in recent years. The region's junk bonds scored an average of 2.67 last quarter, compared to 2.08 in 2011 when the ratings company started a scoring system. A lower number means stronger restrictions.
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穆迪投资者服务公司(Moody's Investors Service Inc.)称，近年来，亚洲债券的契约已逐步弱化。上个季度亚洲垃圾债券的平均得分为2.67，而2011年穆迪开始启动这一评分系统时的得分为2.08。得分越低表明契约限制程度越高。The scores are measured by six criteria, including restrictions on cash leakage, such as through dividend payments, capping debt levels and accessibility to company assets in case of default. The biggest contributor in Asia to weaker covenants is the increase in the volume of Chinese corporate bonds, which due to capital controls leave offshore investors vulnerable to default risks as they have no direct access to onshore companies' assets.
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最终的得分由六项因素决定，其中包括：对现金漏损的限制（如通过派发股息流失），限制债务水平，以及发生违约情况下债权人获得公司资产的能力等。中国公司债发行量激增对亚洲契约限制弱化的贡献最大。由于中国存在资本管制，中国公司债的离岸投资者极易受到违约风险的冲击，因它们无法直接获得中国国内企业的境内资产。Bond buyers 'have sought yield and have been willing to take a lower level of protection for a higher return,' said Laura Acres, associate managing director at Moody's.
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穆迪的联席董事总经理阿克尔(Laura Acres)说，投资者追求的是收益率，他们愿意牺牲一些契约保护而换取更高的回报。'However, should things take a turn for the worse... investors may well find that they have less covenant protection than they originally thought,' she said.
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但她表示，一旦情势变得再糟糕不过，投资者可能发现他们获得的契约保护比原来预计的要少。Last week alone, $2.6 billion in Asian junk bonds were issued--making it the busiest week for issuance of debt below investment-grade this year, and pushing the total issuance this year to US$17.8 billion, according data provider Dealogic. Issuers last week included Indian energy company Greenko Group PLC and Chinese developer Modern Land (China) Co.
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据数据提供商Dealogic，仅上周一周，亚洲垃圾债券的发行规模就达到了26亿美元，这是今年投资级别以下债券发行最繁忙的一周，发行后，今年总发债规模已达178亿美元。上周发行垃圾债券的公司包括：印度能源公司Greenko Group PLC和中国地产开发商当代置业(Modern Land (China) Co.)。That's in stark contrast to a recent selloff in U.S. junk bonds, as investors reconsider following a rally due to rising geopolitical risks and concerns that eventual interest-rate increases by the Federal Reserve could dent the attraction of fixed-income assets.
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这与美国垃圾债近期下跌的行情形成了鲜明的对比，因为受地缘政治风险升温影响，投资者在美国垃圾债一轮上涨后重新作出了考虑，此外投资者还担心美国联邦储备委员会(Federal Reserve, 简称：美联储）最终会加息，这可能削弱固定收益资产的吸引力。To be sure, covenant-lite features are rare in Asia. And while few companies seek to change restrictions part-way through a bond's lifetime, some say looser restrictions benefit borrowers as well as investors.
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不可否认的是，“低门槛”债券在亚洲很少见。尽管很少有公司试图通过调整债券的期限部分改变限制条件，但是一些公司称放松限制条件既可以令借款方受益，也会惠及投资者。'These changes we've seen so far give bond issuers more financial flexibility, and they are not unreasonable,' said Luke Garner, co-head of high-yield capital markets in Asia ex-Japan at JPMorgan Chase & Co. 'As the market continues to stay bullish, you'll continue to see issuers pushing the envelope here, as investors are buying bonds yielding much more than those in the West.'
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摩根大通公司(JPMorgan Chase & Co.)亚洲除日本外高收益率资本市场业务联席主管加纳(Luke Garner)说，截至目前所看到的这些变化为债券发行人提供了更多的财务灵活性，这些做法并无不妥。由于垃圾债市场依旧看涨，发行人将继续扩大发行量，因为亚洲债券的收益率要远高于西方市场。Usually the documents covering covenant changes are complex, and in the case of Chinese developer Evergrande Real Estate Group Ltd. contained more than 100 pages when it paid extra fees and won investors' approval in January to change restrictions on old bonds. Evergrande didn't respond to a request for comment.
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一般来说，包含了契约变化的文件较为复杂，以中国房地产开发商恒大地产集团有限公司 (Evergrande Real Estate Group Ltd. ,3333.HK, 简称：恒大地产)为例，该公司1月份获得投资者批准对已发行债券的限制条款作出调整，为此准备的文件内容超过了100多页，并向投资者支付了额外的费用。恒大地产没有回覆记者的置评请求。MIE Holdings Corp., a Chinese energy producer, changed covenants for a bond in June. Its spokeswoman said the change allows the company to have 'operational flexibility' where needed, and was widely accepted by investors who haven't raised any concerns.
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中国能源公司MI能源控股有限公司(MIE Holdings Co. ,1555.HK, 简称：MI能源) 6月份调整了其一种债券的契约条款。该公司发言人称，调整契约条款后，该公司就有了必要的“操作灵活性”，这一做法获得了投资者的普遍认可，他们没有提出任何的担忧。Even when investors read the entire documents and understand the changes, they can still find it hard to push back if they don't like them.
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即使投资者阅读了全部文件并且了解了条款的变化，他们仍会发现即使自己对此不满，也很难改变这一局面。'One does need to be cognizant that if the majority of bondholders do agree, you run the risk of missing out on the consent fee and at the same time, seeing covenant changes ultimately going through,' said Swee Ching Lim, credit research analyst at Western Asset Management Co., with $468.7 billion assets under management.
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管理着4,687亿美元资产的Western Asset Management Co.的信用研究分析师Swee Ching Lim说，投资者确实需要知道的是，如果大多数债券持有人同意调整相关条款而你却不同意，则对契约的调整不仅最终将获得通过，你还可能无法获得相关的补偿费用。答题送币时间
有奖讨论：债券发行方提供相对较高的收益率，而为了换取这样的收益率，投资者们愿意放弃更多对借款者施加限制的权力。你认为这样会带来哪些风险呢？大多数债券持有人即使不满意条款也很难改变这一局面，对此你认为有何对策呢？欢迎回帖分享你的观点~
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