日本混合债券发行回升 融资需求推动市场复苏

格隆汇
Aug 28
受追求收益的投资者和希望在避免股权稀释的同时为收购和偿还需求筹集资金的借款人的推动,日本混合债券发行正在回升。较高的收益率和相对较宽的利差正吸引投资者配置这类次级债务工具,而评级机构也会给予这类债券一定比例的权益资本认定。尽管利率上升,本财年至9月的混合债券发行规模预计将达到约1.18万亿日元,为2021财年以来最高水平。 野村证券高级信用分析师Kazuma Ogino表示:“企业盈利总体稳健,市场对信用风险的担忧有限,加之这类债券提供的利差相对较宽,因此投资者对这类债券的需求依然强劲。”他表示,许多债券的首次赎回日设在发行约五年后,如果债券按预期被赎回,这也有助于限制投资者面临的长期利率风险,从而为需求提供支撑。

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