AFM知識點(diǎn)匯總—Euro Bonds 歐債

Euro bonds are long-term loans raised by international companies or other institutions and sold to investors in several countries at the same time. Euro bonds are normally repaid after 5-15years, and are for major amounts of capital i.e $10m or more.歐元債券是由于國際公司或其他機(jī)構(gòu)發(fā)起的長期貸款，可以同時在多個國 家出售給投資者。歐債通常在 5-15 年內(nèi)償還，資本金額巨大（比如 1000 萬美金 或更多）。

優(yōu)點(diǎn)：

1. Interest is paid gross and this has meant that Euro bonds have been used by investors to avoid tax. 利息是按照總收入給付（未扣除稅金），這意味著歐債可以 被用來避稅。

2. Euro bonds create a liability in a foreign currency to match against a foreign currency asset.歐債可以創(chuàng)造一個外幣負(fù)責(zé)，與外幣的資產(chǎn)相匹配。 3. They are often cheaper than a foreign currency bank loan because they can be sold on by the investor, who will therefore accept a lower yield in return for this greater liquidity. 他們往往比一個外幣銀行貸款便宜，因?yàn)樗麄兛梢杂赏顿Y者出 售，投資者接受一個較低的收益率，以換取更大的流動性。

3. They are also extremely flexible. Most euro bonds are fixed rate but they can be floating rate or linked to the financial success of the company.他們非常靈活。大多數(shù) 歐債有固定利率，但也可浮動，與公司的財務(wù)成功掛鉤。 5. They are typically issued by companies with excellent credit ratings and are normally unsecured,which makes it easier for companies to raise debt finance in the future. 他們通常是由優(yōu)秀的信用評級公司發(fā)行，通常是無擔(dān)保的。這使得企業(yè) 更容易在未來獲得債務(wù)融資。

1. Euro bond issues are not normally advertised because they are placed with institutional investors and this reduces issue costs. 歐債的發(fā)行通常不做廣告，因?yàn)?他們發(fā)行給機(jī)構(gòu)投資者，這也降低了發(fā)行成本。

缺點(diǎn)：

1. Like any form of debt finance there will be issue costs to consider ( approximately 2% of funds raised in the case of Euro bonds) and there may also be problems if gearing levels are too high. 像大多數(shù)債務(wù)融資一樣，必須考慮發(fā)行成本（大約是 債務(wù)規(guī)模的 2%），如果公司本身的杠桿率抬高，也會有其他問題。

2. A borrower contemplating a euro bond issue must consider the foreign exchange risk of a long-term foreign currency loan. If the money is to be used to purchase assets which will earn revenue in a currency of the loan strengthens against the currency of the revenues out of which the bond(and interest) must be repaid.借款人 考慮歐債發(fā)行問題時，必須考慮一個長期外匯風(fēng)險。如果這筆錢用于購買資產(chǎn)， 它將以不同于債券發(fā)行的貨幣形式來獲得收入。借款人將承擔(dān)外匯損失的風(fēng)險， 如果貸款的貨幣強(qiáng)于收入的貨幣，而歐債利息是按照貸款貨幣來償付的。

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