公司债券的新机会
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Investing for income: new opportunities from corporate1 bonds
● 安德鲁希钦斯 By Andrew Hitchings 王彼得(译)

   In recent years, financial markets have become increasingly polarised between growth and security. Investors3 looking for a medium-to low-risk route to income in-vesting are increasingly turning to the corporate bond market as an alternative to equities4 and government bonds.

 Equities and government bonds are well suited to some investors. Younger in-vestors will benefit from equity5 capital growth because they are generally invest-ing for the longer term and not unduly6 concerned at the lack of immediate7 yield. Investors concerned with avoiding risk will be prepared to accept the relatively8 low yields now available on government bonds.

But many investors fall somewhere be-tween these two extremes. Corporate bonds offer an alternative to equities and government bonds, providing some of the benefits of each. With corporate bonds, an investor2 can opt9 for a lower risk exposure than with equities but a higher income yield than with government bonds.

 In Singapore, for example, a govern-ment bond maturing in 2004 with a cou-pon of 3.5% will currently yield about 3.4%.This is to say, for every S$100 of face value, the bond is currently selling for S$100.50, so that the annual coupon10 of S$3.50 is worth about 3.4% of the actual price.

 By comparison, the Ford11 Motor Cor-poration's bond issued in Singapore dol-lars and therefore carrying no currency risk for a Singapore investor also matures in 2004. It carries a coupon of 4.5% but currently sells at slightly below its face value, at around S$99.50 per S$100 of nominalvalue.

This means that the yield for an investor is a little higher than the coupon, at around 4.6% of the actual price. The difference between two yields is commonly called the 'spread'. At the moment, as we see, the spread between Ford and Singapore gov-ernment bonds is around 1.2%. This

rep-resents the reward to the investor for ac-cepting the somewhat higher risk attached to Ford as opposed to the government of Singapore. #p#

 This is a wider spread than Ford would expect to pay in the US or Europe. Ford may be willing to pay this extra at present as a means of building goodwill12 among Singapore investors, which it hopes will be to its benefit in later years.

The main disadvantage of corporate bonds is that an investor only indirectly13 participates in the company's success, through its credit-worthiness, but other- wise willnot benefit from corporate ex-pansion in the way that equity holders14 will has no participation15 in the company's suc-cess.On the other hand, absolute risk is lower than for equities because coupon payments cannot be waived16 and, in the event of a default, bondholders are ranked highly among creditors17.

 However, corporate credit-worthiness is a key factor in assessing the value and risk of corporate bonds. Credit rating a-gencies play an important role in this pro-cess. The two main agencies are Moody's and Standard & Poors. They assign ratings both to entities18 issuing bonds and to spe-cific corporate bond issues. This gives in-vestors a guide as to their credit quality, which indicates the risk that the terms of the bond will not be fully19 honoured.

Moody's has three levels of prime or investment grade ratings, divided into 10 subsidiary levels, from Aaa, the top Prime-1 rating, to Baa3, the bottom Prime-3 rating. Moody's then has three non-Prime or speculative20 grade ratings, divided again into 11 subsidiary levels, from Ba1
to C. Standard & Poors uses a very similar system, starting at AAA and ending at D, which indicates an issue in distress21.

 Liquidity22 is also an important factor. Investors should be generally aware that corporate bonds, even in mature markets such as the US and Britain, have fairly li-mited secondary markets. This is to say, unlike equities or government bonds, they cannot always be sold on easily to other investors. Lack of liquidity tends to be more pronounced in a less developed cor-porate bond market such as Singapore, and this is a further factor in pushing yields higher for corporates, relative both to the government and to other markets.

As the Singapore corporate bond mar-ket is relatively new,these few names comprise most of the bonds currently in issue. As the market develops, investors will be offered a wider choice of risk/return combinations. This has been demonstrated in the US where a non-investment grade segment of the corporate bond market has developed, offering in-vestors riskier23 corporate bond investments at much higheryields.

The corporate bond market in Singa-pore is likely to develop in both the va-riety of stock available and the liquidity of the secondary market. The development is expected to be strongly demand-driven, with diversified24 investors increasingly looking to the corporate bond market for yield. Although corporate bonds carry more risk than government bonds, that risk can be controlled to a large extent by credit analysis and other checks on the is-suer and the terms of the bond. In return investors have the opportunity to achieve a good cash income.

(The writer is Managing Director, Mor-ley Fund Management Singapore Ltd. This column has the support of the InvestmentManagement Association of Singapore and the Stock Exchange of Singapore. ) #p#
  
公司债券的新机会 

 近几年的金融市场,在追求增值与安稳之间越来越有两极化的趋势。为收入而投资,但只接受中低风险者,很多都转向公司债券,以替代股票和政府债券。

  股票和政府债券很合一些投资者胃口。年轻投资人士一般从股票的资本增值中获益,因为他们通常是长线投资,不太在意眼前的收益。要避免风险的投资者,则愿意接受政府债券目前提供的相对低收益。

  但很多投资者介于两者之间。公司债券是股票和政府债券的替代品,两边的好处都有一点。这类投资的风险不比股票大,收益又高出政府债券。

  举例说,在新加坡,一个2004年到期,息票利率为3.5%的政府债券,目前能提供的收益大概是3.4%。也就是说,每100新元票面价值的债券,现售价为100.50元。所以年息如果是3.50元,便是实价的大约3.4%。

  相比之下,福特汽车公司以新元发售——因此对新加坡投资者来说没有汇率风险的债券,也是2004年到期。它的息票是4.5%,不过现售价稍微低过票面价值,票面价值每100新元售99.50新元。

  这意味着投资者能获得较政府债券稍微高一点,约为实价4.6%的收益。两者差距一般称为利差。在我们看来,目前福特和新加坡政府债券的利差是1.2%左右。这个利差,就是投资者接受了福特债券比新加坡政府债券多出一些风险的回报。

  如果是在美国或欧洲,福特汽车须支付的利差预料少一点。福特汽车这时愿意多给,可能是想讨好新加坡投资者,希望日后有所收获。

  公司债券的主要缺点,是投资者只能通过可信贷程度,间接分享公司的成果,而不能像股票持有者那样,从公司的扩充中获益。另一方面,这些债券投资者承担的绝对风险却又低于股东,因为息票的付款是不能勾销的,而在公司无法还债时,债券持有人的债权,有很高的优先权。

不过,要评估一家公司债券的价值和风险,主要因素在于该公司的可信贷程度。信贷评级机构在这个过程中扮演吃重角色。穆迪和标准普尔是主要的两家机构。它们给发售债券的公司和个别公司债券评级。这些级别,给了投资者有关信贷素质的参考,显示了债券条款没有全部被履行的风险有多大。

  穆迪在优质或投资级方面的评级有3个。其中,从最高优质1级的Aaa,到最低优质3级的Baa3共有10个等次。穆迪的非优质或投机性的评级也有3个,其下又分11个等次。标准普尔使用大致相同的系统,从AAA到最后表示债券出问题的D。

  流通性也是一个重要因素。投资者须了解就算是美国或英国这类成熟的市场,公司债券的二手市场也是相当小的。也就是说,和股票或政府债券不同,要转售给其他投资者并不容易。像新加坡这类公司债券市场开发度较低的地方,缺乏流通性更为显著。这也是推动公司债券的收益,使它高于政府债券和其他市场的额外因素。

  新加坡的公司债券市场预料会得到发展,以致证券种类更多,二手市场流通性更大。由于越来越多性质不同的投资者,为取得收益而投入到公司债券市场,发展的推动力相信来自强劲的需求。

  公司债券的风险虽然大于政府债券,但在很大程度上,可借助信贷分析,以及对债券发售者和债券条款的其他制衡手段加以控制。而投资者则有机会取得不错的现金收益。

(作者是莫利基金董事经理。本栏是新加坡投资管理协会与股票交易所联办的公众教育计划。)



点击收听单词发音收听单词发音  

1 corporate 7olzl     
adj.共同的,全体的;公司的,企业的
参考例句:
  • This is our corporate responsibility.这是我们共同的责任。
  • His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。
2 investor aq4zNm     
n.投资者,投资人
参考例句:
  • My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
  • The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。
3 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
4 equities 501c457a1f918a4b41824052f5a3f5eb     
普通股,股票
参考例句:
  • These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
  • They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。
5 equity ji8zp     
n.公正,公平,(无固定利息的)股票
参考例句:
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
6 unduly Mp4ya     
adv.过度地,不适当地
参考例句:
  • He did not sound unduly worried at the prospect.他的口气听上去对前景并不十分担忧。
  • He argued that the law was unduly restrictive.他辩称法律的约束性有些过分了。
7 immediate aapxh     
adj.立即的;直接的,最接近的;紧靠的
参考例句:
  • His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
  • We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。
8 relatively bkqzS3     
adv.比较...地,相对地
参考例句:
  • The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
  • The operation was relatively painless.手术相对来说不痛。
9 opt a4Szv     
vi.选择,决定做某事
参考例句:
  • They opt for more holiday instead of more pay.他们选择了延长假期而不是增加工资。
  • Will individual schools be given the right to opt out of the local school authority?各个学校可能有权选择退出地方教育局吗?
10 coupon nogz3     
n.息票,配给票,附单
参考例句:
  • The coupon can be used once only.此优惠券只限使用一次。
  • I have a coupon for ten pence off a packet of soap.我有一张优惠券买一盒肥皂可以便宜十便士。
11 Ford KiIxx     
n.浅滩,水浅可涉处;v.涉水,涉过
参考例句:
  • They were guarding the bridge,so we forded the river.他们驻守在那座桥上,所以我们只能涉水过河。
  • If you decide to ford a stream,be extremely careful.如果已决定要涉过小溪,必须极度小心。
12 goodwill 4fuxm     
n.善意,亲善,信誉,声誉
参考例句:
  • His heart is full of goodwill to all men.他心里对所有人都充满着爱心。
  • We paid £10,000 for the shop,and £2000 for its goodwill.我们用一万英镑买下了这家商店,两千英镑买下了它的信誉。
13 indirectly a8UxR     
adv.间接地,不直接了当地
参考例句:
  • I heard the news indirectly.这消息我是间接听来的。
  • They were approached indirectly through an intermediary.通过一位中间人,他们进行了间接接触。
14 holders 79c0e3bbb1170e3018817c5f45ebf33f     
支持物( holder的名词复数 ); 持有者; (支票等)持有人; 支托(或握持)…之物
参考例句:
  • Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
  • It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识,才使得死刑的提倡者指控主张废除死刑的人感情用事,同情谋杀犯胜过同情受害者。
15 participation KS9zu     
n.参与,参加,分享
参考例句:
  • Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
  • The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。
16 waived 5fb1561b535ff0e477b379c4a7edcd74     
v.宣布放弃( waive的过去式和过去分词 );搁置;推迟;放弃(权利、要求等)
参考例句:
  • He has waived all claim to the money. 他放弃了索取这笔钱的权利。 来自《简明英汉词典》
  • I waived the discourse, and began to talk of my business. 我撇开了这个话题,开始讲我的事情。 来自辞典例句
17 creditors 6cb54c34971e9a505f7a0572f600684b     
n.债权人,债主( creditor的名词复数 )
参考例句:
  • They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
  • Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》
18 entities 07214c6750d983a32e0a33da225c4efd     
实体对像; 实体,独立存在体,实际存在物( entity的名词复数 )
参考例句:
  • Our newspaper and our printing business form separate corporate entities. 我们的报纸和印刷业形成相对独立的企业实体。
  • The North American continent is made up of three great structural entities. 北美大陆是由三个构造单元组成的。
19 fully Gfuzd     
adv.完全地,全部地,彻底地;充分地
参考例句:
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气,然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
20 speculative uvjwd     
adj.思索性的,暝想性的,推理的
参考例句:
  • Much of our information is speculative.我们的许多信息是带推测性的。
  • The report is highly speculative and should be ignored.那个报道推测的成分很大,不应理会。
21 distress 3llzX     
n.苦恼,痛苦,不舒适;不幸;vt.使悲痛
参考例句:
  • Nothing could alleviate his distress.什么都不能减轻他的痛苦。
  • Please don't distress yourself.请你不要忧愁了。
22 liquidity VRXzb     
n.流动性,偿债能力,流动资产
参考例句:
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
23 riskier 4b337f01212613d2805f0ac853a3fd43     
冒险的,危险的( risky的比较级 )
参考例句:
  • Now they are starting to demand higher returns on riskier assets. 而今他们开始在风险更高的资产上要求更高的回报。
  • The problem with that: RIM's business is getting riskier every quarter. 不过问题也随之而来:RIM面临的业务风险正逐季增大。
24 diversified eumz2W     
adj.多样化的,多种经营的v.使多样化,多样化( diversify的过去式和过去分词 );进入新的商业领域
参考例句:
  • The college biology department has diversified by adding new courses in biotechnology. 该学院生物系通过增加生物技术方面的新课程而变得多样化。 来自《简明英汉词典》
  • Take grain as the key link, develop a diversified economy and ensure an all-round development. 以粮为纲,多种经营,全面发展。 来自《现代汉英综合大词典》
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