欧洲地产业发债量创纪录

European real estate companies are closing in on a record year of bond issuance having already raised nearly double 2011’s total, highlighting the industry’s growing disenchantment with the bank funding market.

欧洲房地产公司的债券发行量今年有望达到创纪录水平，到目前为止的发行量就已是去年全年的近两倍，突显出该行业对银行融资市场越来越不抱希望。

Property groups have raised €15.4bn so far this year, compared with €8.3bn in 2011, through a combination of corporate bonds, private placements and smaller denomination retail bonds, according to research provided for the Financial Times. If the trend continues, issuance will hit almost €20bn by the end of the year, a record annual total.

根据英国《金融时报》拿到的研究结果，今年迄今，通过发行企业债券、私募以及发行规模较小的零售债券等形式，欧洲房地产集团已融资154亿欧元，而去年全年融资额为83亿欧元。如果这种趋势继续下去，到今年年底，债券发行量将达到近200亿欧元，年度发行量将达到创纪录水平。

The depth of demand and low cost – the average coupon interest on the 134 bonds issued so far in 2012 is 4.74 per cent – suggest capital markets are pricing risks at less expensive levels than the continent’s banks in an era of historically low interest rates.

房地差业今年迄今发行的134种债券的平均票面利率为4.74%，这样的需求规模和低成本表明，在利率处于历史低位之际，资本市场对风险的定价低于欧洲银行。

At the extreme end of the spectrum, Unibail-Rodamco, the French real estate investment trust, issued €750m of five-year bonds at a coupon of 0.75 per cent. However, much of the new issuance came from small, often family-controlled, companies raising between €1m-€5m.

法国房地产投资信托公司尤尼百-洛当科集团(Unibail-Rodamco)发行了7.50亿欧元的5年期债券，票面利率为0.75%，为规模最大。然而，很多新发行债券来自小公司（通常为家族控股公司），筹资规模一般在100万欧元至500万欧元之间。

Hans Vrensen, global head of research at DTZ, the property consultancy, said the surge in bond issuance was happening for two reasons.

房地产咨询公司戴德梁行(DTZ)全球研究主管汉斯·弗伦森(Hans Vrensen)表示，债券发行量飙升有两个原因。

“If you are a property business and you want to raise any sort of large fund quickly, there isn’t a bank in Europe that can do the loan at the moment. On top of this, a lot of companies in the sector are keen to diversify their financing away from the traditional funding of the banks, Mr Vrensen added.

他说：“如果你是一家房地产公司，希望通过某种形式迅速筹集大量资金，而欧洲目前没有一家银行能够贷给你。除此之外，很多房地产公司希望实现融资来源的多样化，从传统的银行融资转向其他渠道。

He said, however, that the bulk of the debt being raised would only be used to replace existing bank facilities, rather than fund acquisitions or expansion.

然而，他表示，通过发行债券筹集的大部分资金只会用来代替银行贷款，而非为并购或扩张融资。

Lending to property companies has fallen sharply during the past five years, as Europe’s banks focus on purging billions of euros of debt amassed before the financial crisis. Some of the continent’s key lenders, including Germany’s Commerzbankand Société Généraleof France, have shelved all real estate lending. The funding shortfall is expected to grow as changes coming in next year under Basel III – the third accord in a sequential move on global bank regulation – increase the amount of capital banks must have to offset the risk of holding real estate backed debt.

过去5年，针对房地产公司的贷款规模一直在大幅收缩，因为欧洲银行把重点放在清理金融危机之前累积的数十亿欧元债务。欧洲的一些重要银行，包括德国商业银行(Commerzbank)和法国兴业银行(Société Générale)，已经暂停了房地产贷款。明年实施的《巴塞尔协议III》(Basel III)将提高银行与持有房地产支持债务相关的风险拨备。到那时，预计房地产企业的融资缺口将扩大。

“Previously, many banks would lend long term money to real estate companies and borrow short term to make a profit on the spread, said Bart Gysens, senior property analyst at Morgan Stanley, adding: “New regulation is forcing them to match funding and lending much more closely, so they lose that profitability.

“以前，很多银行向房地产公司提供长期贷款，然后借入短期资金，从两者的利差中获利，摩根士丹利(Morgan Stanley)资深房地产分析师巴特·吉森斯(Bart Gysens)说。“新规定将迫使它们大大提高融资和贷款的匹配程度，因此它们将失去这一盈利渠道。

Morgan Stanley estimates that the so-called additional funding market for property companies, which includes bonds, borrowing from insurers, and private equity finance, could increase to €200bn over the next few years.

摩根士丹利估计，未来几年，房地产公司的所谓额外融资市场（包括债券、从保险公司借款以及私人股权融资）的总体规模可能扩大到2000亿欧元。