Bond Market In Winter Thaw

眼下，越来越多的大公司利用正在解冻的信贷市场以低利率筹集大量资金，其中，思科系统(Cisco Systems Inc.)周一发售了40亿美元债券，以充实其用于收购的资金。思科此番大规模发债之前，企业债券市场在过去5周里已成功进行过一系列债券发售。这些债券的发售规模以及相对较低的风险溢价表明，投资者对优质公司的债券非常渴求。生产电脑主干网络所用路由器和其他设备的思科公司称，将把发债所得资金用于收购回购股票和偿付之前的5亿美元贷款。首席执行长钱伯斯(John Chambers)说，他期待着利用公司的财务实力向其尚未参与竞争的领域扩张。钱伯斯上周在接受采访时说，人们都了解，我们在低迷时期会比较激进。思科正在充分利用较去年秋季已有明显改善的信贷市场。因全球金融危机的影响，企业当时几乎无法在信贷市场上筹集到资金。新年以来，融资市场各个领域均有所改善，从提供短期借贷资金的到向高风险企业提供长期资金的市场都是如此。据研究公司Dealogic的数据，今年以来，美国公司共发售了783亿美元不享受政府担保计划的投资级企业债。这个数字大大高于去年四季度月均210亿美元的无政府担保发债额。债券市场缓解之前，政府和央行纷纷大幅降低利率并对数十亿美元债务提供担保，这些措施恢复了市场信心。对大规模银行业救助计划和财政刺激计划的预期推动了市场走高，投资者预计今年晚些时候经济就将开始复苏。过去一周里美国股市上涨了4%，1月份以来垃圾债券表现强劲，一些被视为经济形势指针的原材料如铜的价格出现上扬。思科的债券发售受到潜在放款人的热烈追捧。汤森路透(Thomson Reuters)分析师卡特(Stephen Carter)说，像思科这样资产负债状况出色的公司是信贷市场的宠儿。他说，思科此举有可能激励其他科技公司步其后尘。思科这样的优质企业之所以能以合理利率筹集到资金，在一定程度上是因为目前国债收益率很低，一些企业在有条件的时候就筹集资金，即使他们并不立刻需要这些资金。2006年福特(Ford Motor Co.)就曾成功采用相同的策略筹集了大量资金。这让它在面对这场低迷期时较竞争对手掌握了更多资金。虽然思科手头握有295亿美元现金，但该公司无法立刻将这些储备资金用于收购等用途。思科在美国只有30亿-40亿美元现金，其余部分都在海外，这意味着思科如果想把这些资金转回国内将需缴纳大笔税款。投资者对其他公司的发债不像对思科这么热情，许多公司仍须支付高昂的利率。康涅狄格州Aladdin Capital Holdings研究部主任麦克唐纳(Scott MacDonald)说，市场并不像以往那样对企业都敞开了大门。Cablevision Systems Corp.不得不为周一发售的5亿美元债券支付9.375%的高利率。不过，这个数字较这家位于纽约州的有线电视供应商一个月前发售今年第一批垃圾债券时支付的利率低了两个百分点。其他公司仍被完全排除在这个市场之外。思科周一发售的10年期票据收益率为4.979%，较美国国债高两个百分点，30年期债券的收益率是5.916%。一位了解发债情况的人士说，有意认购这些债券的资金规模达100亿美元。Ben Worthen / Kellie Geressy相关阅读救助计划的苦涩代价 2009-01-27美国信贷市场出现解冻迹象 2009-01-09 本文涉及股票或公司document.write (truthmeter('2009年02月10日18:31', 'UL'));Unilever Plc (ads)总部地点：英国上市地点：纽约证交所股票代码：ULdocument.write (truthmeter('2009年02月10日18:31', 'UN'));荷兰联合利华公司英文名称：Unilever N.V. (ADS)总部地点：荷兰(Netherlands)上市地点：纽约证交所股票代码：UNdocument.write (truthmeter('2009年02月10日18:31', 'CSCO'));思科系统（简称：思科)英文名称：Cisco Systems Inc.总部地点：美国上市地点：纳斯达克股票代码：CSCOdocument.write (truthmeter('2009年02月10日18:31', 'UNA.AE'));Unilever N.v.总部地点：荷兰(Netherlands)上市地点：AMS股票代码：UNcdocument.write (truthmeter('2009年02月10日18:31', 'ULVR.LN'));英国联合利华公司英文名称：Unilever PLC总部地点：英国上市地点：伦敦股票代码：ULVR


A growing number of big companies are taking advantage of the thawing credit markets to raise large sums of money at low interest rates, with Cisco Systems Inc. Monday selling $4 billion in bonds to bolster its war chest for acquisitions.The big Cisco offering follows a string of successful efforts just in the past five weeks to tap the market for corporate debt. The size of the offering -- and the relatively low-risk premiums attached to the bonds -- indicate that investors are hungry for debt from highly rated companies.The San Jose, Calif., company, which makes routers and other gear that form the backbone of computer networks, said it would use the debt for acquisitions, buying back stock and paying off a previous $500 million loan. Chief Executive John Chambers has said he anticipates using the company's financial might to expand into areas where it hasn't historically competed.'People know we are going to be aggressive during a downturn,' Mr. Chambers said in an interview last week.Cisco is taking advantage of credit markets that have healed significantly since last fall, when the global financial crisis made it nearly impossible for companies to borrow money. Since the new year began, markets ranging from those that supply short-term cash to ones that provide long-term financing for risky companies have all improved.Since the beginning of the year, U.S. companies have sold $78.3 billion of investment-grade corporate bonds that aren't guaranteed through a government program, according to research firm Dealogic. This is up significantly from the December quarter when companies sold on average $21 billion of nongovernment-backed debt a month.The easing in the bond market comes after governments and central banks aggressively lowered interest rates and guaranteed billions in debt, restoring confidence to the market. Anticipation of a big U.S. bank bailout and fiscal stimulus has pushed markets higher as investors begin to think the economy could start to recover later this year.The U.S. stock market is up 4% over the past week, junk bonds had a strong month in January and some commodities that are considered economic indicators such as copper have rallied.Cisco's debt offering was well received by potential lenders. Companies with strong balance sheets like Cisco 'are the sweet spot for the credit market,' said Stephen Carter, an analyst at Thomson Reuters. He added that Cisco's move could open the door for other tech companies to follow.High quality companies such as Cisco can borrow money at reasonable rates, in part because Treasury yields are so low, and some are raising cash while they can, even if they don't need it immediately. That is the same strategy Ford Motor Co. used successfully when it borrowed heavily in late 2006, giving it more cash than its rivals to weather the downturn.While Cisco has a cash hoard of $29.5 billion, the company can't readily tap those reserves to pay for outlays such as acquisitions. Only $3 billion to $4 billion of Cisco's cash is in the U.S. with the rest overseas, meaning that the money would be subject to taxes if Cisco tries to bring it home.Investors have not been as welcoming to other companies, many of which must still pay onerous rates to borrow. 'The markets aren't open for business as usual,' said Scott MacDonald, director of research at Aladdin Capital Holdings in Stamford, Conn.Cablevision Systems Corp. had to pay interest of 9.375% to borrow $500 million on Monday. The Bethpage, N.Y., cable-television provider, however, is paying about two percentage points less than it did just a month earlier when it sold the first junk bond issue of the year.Other companies are still shut out of the market completely.Cisco's 10-year notes were sold Monday at two percentage points above Treasurys for a yield of 4.979%, while a 30-year portion of Cisco's offering sold for a yield of 5.916%. A person familiar with the offering said that $10 billion worth of investors were ready to buy the bonds.Ben Worthen / Kellie Geressy