Little fuss has been made over the first US dollar bond from Baosteel, China’s biggest listed steelmaker, sold this month. One of the best steel company credits in the world, Baosteel still paid close to 4 per cent to borrow $500m with its Hong Kong issue. But the bond will be priced off US Treasuries, not China’s local interest rates – and that may be worth its weight in gold to Baosteel, even in a time of Federal Reserve tapering. Even good Chinese companies face a tougher interest-rate environment and higher capital costs in 2014. This is worth fussing over.
本月，manbetx3.0 最大的上市钢铁企业宝钢(Baosteel)首次在香港发行了5亿美元的美元债券。此事并未引起多少关注。尽管这批债券是manbetx app苹果 信用质量最高的钢铁企业债券之一，宝钢仍将票面利率定在接近于4%的水平。不过，这批债券的定价基准是美国国债收益率，而非manbetx3.0 国内利率——此举对宝钢来说可能价值连城，尽管美联储(Fed)即将逐渐缩减量化宽松。2014年，即便是那些优质的manbetx3.0 企业，也要面临更严峻的利率环境和更高的资金成本。这才是值得关注的事情。