VOA标准英语2009年-Credit Crunch? Not for Some Asian Companies

As some large U.S. and European companies teeter on the verge¹ of bankruptcy² because they could not find the cash to finance their businesses, some Southeast Asian companies seem to be defying the global credit crunch³. Corporate⁴ bond issuances surged nearly seven-fold since the start of the year.
　
A worker loads cases of San Miguel beer for delivery in Manila, Philippines, 21 Feb 2009

San Miguel Brewery⁵, the Philippines' largest beer maker⁶, raised 40 billion pesos or $800 million this week by issuing bonds. It was the largest ever such capital raising in the Philippines. More so, it was oversubscribed - meaning there were more investors⁷ willing to lend money than the company needed.

San Miguel's successful fund raising is one of several bond issuances by large and established companies in the region since the start of the year - a stark⁸ contrast to the frozen credit environment crippling many U.S. and European companies.

In Thailand, companies have so far raised $2 billion through bonds this year. New corporate bond issuances rose nearly seven-fold from January to mid-March.

These companies have been raising funds at home, taking advantage of Asia's excess savings⁹ and an appetite for higher yield, less risky¹⁰ investments.

Nattapol Chavalitcheevin, president of the Thai Bond Market Association, says bank deposit interest rates have fallen close to zero, forcing many savers and investors to look for alternatives.

"The saving rate dropped from 0.75 percent to 0.5 percent only," said Nattapol. "So that's why investors are looking for new investment which can earn higher return. So that's why corporate bonds can be issued in the domestic market. Mutual¹¹ fund companies also set up new funds to invest in corporate bonds because government bond yield is quite low. For example, the yield of a five-year government bond 2.4 percent."

Central banks across Asia have been slashing¹³ interest rates to encourage banks to lend money to businesses after the global credit crunch that started last year. But instead of traditional bank borrowing, companies are tapping retail¹⁴ and institutional investors by issuing bonds.

In doing so, companies are essentially¹⁵ borrowing money from a large pool of investors, promising¹⁶ to repay the full amount plus interest after a specific period.

'Safe haven¹⁷' assets

Banks themselves are looking for these so-called "safe haven" investments.

"I am with one institution managing seven billion baht of cash, and we have a big headache where to put the money," said Narongchai Akrasanee, chairman of Thailand's Export-Import Bank. "We don't know where to put the money to earn some interest for our savings."

Investors in the Thai state-owned energy company PTT's 15 billion baht or $423 million bond last month could earn five percent interest in the first five years. San Miguel Brewery's bond offered interest 250 basis points higher than comparable government bonds.

Analysts¹⁸ say these blue chip companies find it easier to issue bonds because they have established market shares, reliable revenues and high credit rating.

Lee Jong-wha, regional economic integration¹⁹ head of the Manila-based Asian Development Bank said last month that he expects to see an increase in local currency-denominated
bond issuances this year - both from companies and governments.

"Demand for safe haven assets is substantially larger and the yield is low and the decline in inflation expectation will pull in global investors to the region's local currency bond market," said Lee.

The Thai Bond Market Association says local currency corporate bond issuances could reach $7 billion this year, slightly up from last year.

Although the market has been receptive to local companies' borrowings so far, Nattapol says the global economic downturn could slash¹² some companies' revenues and affect their credit rating, making it harder or costlier²⁰ for them to raise money in the future. Companies in the rapidly slowing export sector²¹, he says, are at risk.

"That makes investors reluctant to invest in corporate bond in the future," said Nattapol. "For this year there are companies [which are] not sure whether in the medium term [they] can maintain their rating or not. Investors who worry about credit risk may take a long time to make decisions to invest in corporate bonds with lower ratings."

While the appetite is there, experts say Asian companies are taking advantage of this window of opportunity to better their financial position for uncertain times ahead.

1 verge   

n.边，边缘；v.接近，濒临

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• She was on the verge of bursting into tears.她快要哭出来了。

2 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

3 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

4 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

5 brewery   

n.啤酒厂

参考例句：

• The brewery had 25 heavy horses delivering beer in London.啤酒厂有25匹高头大马在伦敦城中运送啤酒。
• When business was good,the brewery employed 20 people.在生意好的时候，这家酿造厂曾经雇佣过20人。

6 maker   

n.制造者，制造商

参考例句：

• He is a trouble maker，You must be distant with him.他是个捣蛋鬼，你不要跟他在一起。
• A cabinet maker must be a master craftsman.家具木工必须是技艺高超的手艺人。

7 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

8 stark   

adj.荒凉的；严酷的；完全的；adv.完全地

参考例句：

• The young man is faced with a stark choice.这位年轻人面临严峻的抉择。
• He gave a stark denial to the rumor.他对谣言加以完全的否认。

9 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

10 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

11 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

12 slash   

vi.大幅度削减；vt.猛砍，尖锐抨击，大幅减少；n.猛砍，斜线，长切口，衣衩

参考例句：

• The shop plans to slash fur prices after Spring Festival.该店计划在春节之后把皮货降价。
• Don't slash your horse in that cruel way.不要那样残忍地鞭打你的马。

13 slashing   

adj.尖锐的；苛刻的；鲜明的；乱砍的v.挥砍( slash的现在分词 )；鞭打；割破；削减

参考例句：

• Slashing is the first process in which liquid treatment is involved. 浆纱是液处理的第一过程。 来自辞典例句
• He stopped slashing his horse. 他住了手，不去鞭打他的马了。 来自辞典例句

14 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

15 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

16 promising   

adj.有希望的，有前途的

参考例句：

• The results of the experiments are very promising.实验的结果充满了希望。
• We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。

17 haven   

n.安全的地方，避难所，庇护所

参考例句：

• It's a real haven at the end of a busy working day.忙碌了一整天后，这真是一个安乐窝。
• The school library is a little haven of peace and quiet.学校的图书馆是一个和平且安静的小避风港。

18 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

19 integration   

n.一体化，联合，结合

参考例句：

• We are working to bring about closer political integration in the EU.我们正在努力实现欧盟內部更加紧密的政治一体化。
• This was the greatest event in the annals of European integration.这是欧洲统一史上最重大的事件。

20 costlier   

adj.昂贵的( costly的比较级 )；代价高的；引起困难的；造成损失的

参考例句：

• Alligator skin is five times more costlier than leather. 鳄鱼皮比通常的皮革要贵5倍。 来自互联网
• Disagreements among creditors can be costlier still. 债权人之间的分歧会加大重组的费用。 来自互联网

21 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。