每日新闻更新 — 沙特阿美发债券了,快走!(第一部分) The Daily Update – Go Go Aramco (Part One)

沙特阿美公司正在进入债务市场,在这六批次的发行中,原来计划的100亿美元发行量,现在已经飙升至十倍。正值布伦特原油价格维持在每桶71美元的5个月高点之时,并且在期待已久的公司运营和盈利能力透明化之后,这头沙特政府拥有的庞然大物首次闪亮登场。这份470页的招股说明书和随附的报告显示,去年的利润为1110亿美元,超过埃克森、雪佛龙、壳牌、道达尔和英国石油公司等公司的总和;鉴于其市值在1-2万亿美元之间,即使该公司的首次发行量增加一倍,那也只不过是加瓦尔油田的一滴油。

2016年10月沙特阿拉伯首次发行的主权债券时也出现了类似的情况,计划中的100亿美元最终因潜在需求增加至175亿美元,并创下有史以来新兴市场最大的债券销售纪录。因为订单已经超过1000亿美元,沙特阿美的首次亮相可能会比这个数字还大,并且定价可能会在主权(债券价格)之内;目前沙特阿拉伯发行的10年期债券的交易价差约为115个基点。市场的期望是,位于整个曲线中的阿美石油债券的交易围绕主权债券上下有几个基点的浮动。政府拥有的公司的交易价格比其母公司主权债券的价格还要紧的情况并不多见,但也不是前所未有的。现实中这种可能性还是有的:比如说,某些渴望持有高质量资产(具有高于市场收益率的A1类资产)的投资者无法持有主权债券,再比如,相对于英国直接发行的债券,有些投资者从沙特阿美的大额资产中看到了一种边际优势。此外,穆迪甚至明确表示,它具有“Aaa评级公司的许多特征”,这是对该公司越发明显的良好的财务状况的一个很好的总结。

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