<p>由于发行人希望加强资产负债表，而这种风险较高的债务的额外成本仍接近历史低位，企业正在以创纪录的速度出售混合债券。根据彭博社汇编的数据，截至目前，主要货币的混合债券销售额已超过 650 亿美元，是今年此时以来的最高速度。这一热潮得到了包括嘉士伯（Carlsberg Breweries A/S）和通用磨坊（General Mills Inc.）等首次发行者的支持，以及像威瑞森通信（Verizon Communications Inc.）这样的重复借款者。对于企业而言，吸引力部分来自财务工程，部分来自时机。评级机构将混合债券部分视为股权，这可以减少其对资产负债表的影响，并在高级债券的利差仍接近历史最紧水平时改善信用指标。爱德蒙·德·罗斯柴尔德资产管理公司的马克·拉克拉兹（Marc Lacraz）表示，次级利差徘徊在多年来的紧缩水平附近，考虑到票息支付的税收扣除，混合债务的成本远低于使用高级债务和股权的组合。</p>
<p>投资者的需求正在帮助保持这一窗口的开放。尽管混合债券伴随着包括次级条款、可跳过的票息和不确定的还款日期等风险，专注于收益的买家仍在不断涌入这一资产类别。根据 ICE BofA 全球指数，混合债券相对于高级债券的额外利差在 3 月份降至创纪录的 58 个基点，并仍接近该水平。意大利联合信贷银行（UniCredit SpA）的汉斯·尼特哈默（Hans Niethammer）表示，从需求的角度来看，现在是企业整理自身状况并在评级指标上获得一些缓解的好时机。HAGIM GmbH 的斯特芬·乌尔曼（Steffen Ullmann）表示，对高收益产品的需求巨大，发行人正在利用这一点。他描述了当前卖家的两类群体：捍卫其信用评级的公司和利用低利差筹集资金而不稀释股东权益的机会主义借款者。</p>
<p>这一繁荣对投资者也传达了更为谨慎的信息。嘉士伯通过混合债券销售和回购高级债务的提议来改善其整体债务结构，此举是在收购 Britvic 之后进行的，而威瑞森最近的混合债务交易标志着其第二次进入欧洲次级债务市场，此前它在 11 月份出售了有史以来最大的欧元混合债券之一。目前的这一波潮流还跟随了 2024 年穆迪评级的变化，该变化有效地提高了非金融混合债券的股权认可度，首先在美国鼓励供应，然后扩展到包括加拿大和澳大利亚在内的市场。今年，欧元发行占 G-10 货币供应的超过一半，欧元企业混合债券市场有望首次达到 1000 亿欧元（约 1170 亿美元）。然而，使发行具有吸引力的紧缩利差可能会使投资者面临风险，特别是随着欧洲债务市场面临因中东战争引发的能源冲击而带来的更大脆弱性。阿伯丁投资（Aberdeen Investments）的卢克·希克莫尔（Luke Hickmore）警告说，嘉士伯的混合债券勉强值得投资，但潜在的消费者主导的经济下滑需要谨慎考虑，而拉克拉兹表示，目前在周期性和非周期性发行人、强势和弱势投资级公司或更具保护性和较少保护性结构之间并没有太多区分。随着需求保持强劲，这可能使选择性变得更加重要，2026 年迄今的欧洲混合债券订单超过发行量的平均倍数为 4.5 倍。</p>

嘉士伯(ADR)

通用磨坊

<p>公司以创纪录的速度出售混合债券，今年迄今已超过 650 亿美元，主要受到低成本和强劲投资者需求的推动。新发行者如嘉士伯和通用磨坊加入了像威瑞森这样的老牌公司。混合债券被视为部分股权，有助于改善信用指标。然而，风险依然存在，包括次级条款和不确定的还款日期。欧元企业混合市场预计将达到 1170 亿美元。尽管需求旺盛，投资者仍需对潜在的经济下行和利差扩大保持谨慎，强调在投资中选择的重要性</p>

<p>Companies are selling hybrid bonds at a record pace as issuers look to strengthen balance sheets while the extra cost of this riskier debt remains close to historic lows. More than $65 billion of hybrid bonds in major currencies has been sold year-to-date, the strongest pace ever at this point in the year, according to Bloomberg-compiled data. The rush has been supported by debut issuers including Carlsberg Breweries A/S and General Mills Inc. , along with repeat borrowers such as Verizon Communications Inc. . For companies, the appeal is partly financial engineering and partly timing. Hybrid bonds are treated partly as equity by rating firms, which can reduce their balance-sheet impact and improve credit metrics at a moment when spreads over senior bonds are still near the tightest levels ever. Marc Lacraz of Edmond de Rothschild Asset Management said sub-senior spreads are hovering near multi-year tights, and after including the tax deduction of coupon payments, hybrid debt is far cheaper than using a mix of senior debt and equity.</p>
<div class="lb-trans"><p>由于发行人希望加强资产负债表，而这种风险较高的债务的额外成本仍接近历史低位，企业正在以创纪录的速度出售混合债券。根据彭博社汇编的数据，截至目前，主要货币的混合债券销售额已超过 650 亿美元，是今年此时以来的最高速度。这一热潮得到了包括嘉士伯（Carlsberg Breweries A/S）和通用磨坊（General Mills Inc.）等首次发行者的支持，以及像威瑞森通信（Verizon Communications Inc.）这样的重复借款者。对于企业而言，吸引力部分来自财务工程，部分来自时机。评级机构将混合债券部分视为股权，这可以减少其对资产负债表的影响，并在高级债券的利差仍接近历史最紧水平时改善信用指标。爱德蒙·德·罗斯柴尔德资产管理公司的马克·拉克拉兹（Marc Lacraz）表示，次级利差徘徊在多年来的紧缩水平附近，考虑到票息支付的税收扣除，混合债务的成本远低于使用高级债务和股权的组合。</p>
</div><p>Investor demand is helping keep that window open. Yield-focused buyers are still piling into the asset class even though hybrids come with risks including subordination clauses, skippable coupons, and uncertain repayment dates. The extra spread on a hybrid bond over a senior bond fell to a record low of 58 basis points in March and remains close to that level, according to ICE BofA global indexes. Hans Niethammer of UniCredit SpA said this is a good time, from a demand perspective, for companies to put their house in order and gain some relief on rating metrics. Steffen Ullmann of HAGIM GmbH said there is massive demand for higher-carry products, and issuers are taking advantage of it. He described two groups of current sellers: companies defending their credit ratings and more opportunistic borrowers using low spreads to raise capital without diluting equity holders.</p>
<div class="lb-trans"><p>投资者的需求正在帮助保持这一窗口的开放。尽管混合债券伴随着包括次级条款、可跳过的票息和不确定的还款日期等风险，专注于收益的买家仍在不断涌入这一资产类别。根据 ICE BofA 全球指数，混合债券相对于高级债券的额外利差在 3 月份降至创纪录的 58 个基点，并仍接近该水平。意大利联合信贷银行（UniCredit SpA）的汉斯·尼特哈默（Hans Niethammer）表示，从需求的角度来看，现在是企业整理自身状况并在评级指标上获得一些缓解的好时机。HAGIM GmbH 的斯特芬·乌尔曼（Steffen Ullmann）表示，对高收益产品的需求巨大，发行人正在利用这一点。他描述了当前卖家的两类群体：捍卫其信用评级的公司和利用低利差筹集资金而不稀释股东权益的机会主义借款者。</p>
</div><p>The boom also carries a more cautious message for investors. Carlsberg used a hybrid bond sale and an offer to buy back senior debt to improve its overall debt stack after acquiring Britvic, while Verizon's recent hybrid deal marked a second move into Europe's subordinated debt market after it sold one of the largest-ever euro hybrids in November. The current wave also follows a 2024 Moody's Ratings change that effectively increased equity recognition for non-financial hybrid bonds, first encouraging supply in the US before spreading to markets including Canada and Australia. Euro issuance has made up more than half of this year's G-10 currency supply, and the euro corporate hybrid market is on track to reach 100 billion, or $117 billion, for the first time. Still, the same tight spreads that make issuance attractive could leave investors exposed if spreads widen, particularly as European debt markets face greater vulnerability to the energy shock caused by the war in the Middle East. Luke Hickmore of Aberdeen Investments warned that the Carlsberg hybrid is just about worth doing, but a potential consumer-led downturn requires careful thought, while Lacraz said there is not much discrimination right now between cyclical and non-cyclical issuers, stronger and weaker investment-grade companies, or more and less protective structures. That could make selectivity more important as demand remains strong, with European hybrid orders so far in 2026 exceeding issuance by an average of 4.5 times.</p>
<div class="lb-trans"><p>这一繁荣对投资者也传达了更为谨慎的信息。嘉士伯通过混合债券销售和回购高级债务的提议来改善其整体债务结构，此举是在收购 Britvic 之后进行的，而威瑞森最近的混合债务交易标志着其第二次进入欧洲次级债务市场，此前它在 11 月份出售了有史以来最大的欧元混合债券之一。目前的这一波潮流还跟随了 2024 年穆迪评级的变化，该变化有效地提高了非金融混合债券的股权认可度，首先在美国鼓励供应，然后扩展到包括加拿大和澳大利亚在内的市场。今年，欧元发行占 G-10 货币供应的超过一半，欧元企业混合债券市场有望首次达到 1000 亿欧元（约 1170 亿美元）。然而，使发行具有吸引力的紧缩利差可能会使投资者面临风险，特别是随着欧洲债务市场面临因中东战争引发的能源冲击而带来的更大脆弱性。阿伯丁投资（Aberdeen Investments）的卢克·希克莫尔（Luke Hickmore）警告说，嘉士伯的混合债券勉强值得投资，但潜在的消费者主导的经济下滑需要谨慎考虑，而拉克拉兹表示，目前在周期性和非周期性发行人、强势和弱势投资级公司或更具保护性和较少保护性结构之间并没有太多区分。随着需求保持强劲，这可能使选择性变得更加重要，2026 年迄今的欧洲混合债券订单超过发行量的平均倍数为 4.5 倍。</p>
</div>

Hybrid Bond Sales Smash Record As Issuance Tops $65 Billion

混合债券销售打破纪录，发行量超过 650 亿美元