每日更新 - 伊斯兰债券市场的复兴

Newswires报道称,沙特阿拉伯政府可能于下周发行伊斯兰债券(又叫回教债券,符合伊斯兰教法的债券)。伊斯兰债券市场主要发行证券,虽然可能跟西方债券有相同的现金流,但在法律上并不支付利息,而是根据利润分成来偿付。伊斯兰债券市场在2012年达到峰值,去年开始渐渐加速;据有关消息显示,2016年伊斯兰债券全球发行量增长了13%,达到约750亿美元,其中超过60%由企业发行。

很显然,沙特政府新发行的债券将把类似混合结构复制到昨天由沙特阿美发行的当地货币里亚尔占主导地位的伊斯兰债券。沙特阿美是一家国有石油巨头,据报道其首次发行债券即筹资达112.5亿里亚尔(30亿美元),远高于预期,因为该公司要为一个旨在将单一油气业务进行多元化的项目筹集大约价值100亿美元的资金。这不是我们关注的领域,因为我们目前只投资硬通货债券,但是即将发行的沙特政府伊斯兰债券可能会引起我们的兴趣。评级机构穆迪将其评为A1级,跟沙特政府在同一水平,该交易预计将筹集100亿美元。沙特政府去年以美元首次发行的主权债券获得了极大追捧,创下了新兴市场债务发行最高纪录,达到170亿美元,这让我们很兴奋。

我们目前接触的伊斯兰债券市场是通过沙特国有企业沙特电力公司(SECO),这些伊斯兰债券在我们的投资组合中带来了很有吸引力的风险调整收益,是今年以来表现最好的几支债券之一。SECO获得的评级是A2/A,收益率为5.06% 2043,收紧近25个基点,但收益率仍超过5%,很有吸引力。如果趋向公平价值,此类债券的预期回报率超过15%,高出美国国债收益率约215个基点,拥有超过3.5个信用等级的缓冲。

2014年英国政府成为首个发行伊斯兰债券的非伊斯兰国家,共发行了价值2亿英镑的符合伊斯兰教法的债券,于2019年7月到期,据报道超额认购达11.5倍。次年英国出口融资部为9.13亿美元的伊斯兰债券首次承诺包销,该债券由阿联酋航空发行,用于购买大量客机。尽管最近伊斯兰债券的发行增多,但持有此类债券的投资者并不多,因为此类债券发行量仍然很少,经常很难理解,有时价格比传统债券高很多。然而,随着全球资本流重组越来越普遍、越来越受到接纳,对此类金融工具的需求已非常明显。

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