经济学人—中国债券市场定价风险(下)
来源: | 作者:passion | 发布时间: 2017-02-08 | 9228 次浏览 | 分享到:
But the Chinese property business is going through a painful retrenchment after years of overbuilding, which suggests Vanke's bonds are not without their risks.
然而，中国房地产行业在历经多年的过热发展后，正艰难度过寒冬期。从这一点能够看出，万科发行的债券也并非毫无风险。


Yet in late September they were treated as just as safe as official issuers.
可就在9月末，业界认为万科企业债券的风险简直可与政府的相比肩。


Vanke sold five-year bonds at a yield of 3.5%, the same as the bonds of some provincial governments at the time.
与同期省政府债券的收益率相同，万科以收益率为3.5%的五年期债券发售市场。

Despite these ominous portents, many Chinese bond analysts take a sanguine view.
尽管存在这些不祥之兆，中国国内许多债券分析师对此持乐观态度。


The increase in issuance has been exaggerated by a debt swap: local governments are on track this year to replace about 3 trillion yuan of expensive loans with cheaper bonds.
某种程度上，债务互换夸大了债券发行的增量：今年，地方政府正用3万亿元的高额贷款来换取更为廉价的债券。


The average interest rate paid on outstanding debt in China has fallen from nearly 7% last year to just over 6% this year, according to Hua Chuang Securities, making it easier for borrowers to keep up with payments.


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