AFM知识点汇总—Euro Bonds 欧债

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.欧元债券是由于国际公司或其他机构发起的长期贷款，可以同时在多个国 家出售给投资者。欧债通常在 5-15 年内偿还，资本金额巨大（比如 1000 万美金 或更多）。

优点：

1. Interest is paid gross and this has meant that Euro bonds have been used by investors to avoid tax. 利息是按照总收入给付（未扣除税金），这意味着欧债可以 被用来避税。

2. Euro bonds create a liability in a foreign currency to match against a foreign currency asset.欧债可以创造一个外币负责，与外币的资产相匹配。 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. 他们往往比一个外币银行贷款便宜，因为他们可以由投资者出 售，投资者接受一个较低的收益率，以换取更大的流动性。

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.他们非常灵活。大多数 欧债有固定利率，但也可浮动，与公司的财务成功挂钩。 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. 他们通常是由优秀的信用评级公司发行，通常是无担保的。这使得企业 更容易在未来获得债务融资。

1. Euro bond issues are not normally advertised because they are placed with institutional investors and this reduces issue costs. 欧债的发行通常不做广告，因为 他们发行给机构投资者，这也降低了发行成本。

缺点：

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. 像大多数债务融资一样，必须考虑发行成本（大约是 债务规模的 2%），如果公司本身的杠杆率抬高，也会有其他问题。

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 考虑欧债发行问题时，必须考虑一个长期外汇风险。如果这笔钱用于购买资产， 它将以不同于债券发行的货币形式来获得收入。借款人将承担外汇损失的风险， 如果贷款的货币强于收入的货币，而欧债利息是按照贷款货币来偿付的。

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