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From Coca-Cola to China’s State Grid Corporation, companies worldwide are engaged in a euro borrowing binge as the cost of financing in Europe slides to a record low.
随着欧洲融资成本下滑至创纪录的低点，从可口可乐(Coca-Cola)到中国国家电网(State Grid Corporation of China)，全球各地的企业都投身到一波欧元借贷狂潮中。
So far this year US companies have offered $28bn of bonds in euros, data from Dealogic show, putting sales at a new high.
Dealogic的数据显示，今年迄今美国企业发行了价值280亿美元的欧元债券，发行额创下新高。
US debt markets remain the most popular place for companies to raise money via bond sales. But more are being lured by cheaper financing overseas as eurozone yields drop and the euro depreciates. Coca-Cola set a record in February by selling 8.5bn of bonds, the biggest euro sale by a US issuer. It attracted demand of more than 20bn, despite yields of 1.65 per cent on debt that will mature in 20 years. Since the European Central Bank announced plans to buy bonds to accelerate inflation and boost confidence, prices for bonds in the eurozone have jumped, sending yields to record lows and in some cases below zero.
对企业来说，美国债券市场依然是最受欢迎的发债融资场所。不过，随着欧元区收益率下跌以及欧元贬值，越来越多的企业正受到成本更低的境外融资的吸引。今年2月，可口可乐发行了85亿欧元债券，创下了新的纪录，这是美国发债方发行的最大一笔欧元债券。吸引来的购买需求超过200亿欧元，尽管这笔20年期债券的收益率只有1.65%。自欧洲央行(ECB)宣布购债计划以推升通胀和提振人们对欧洲经济的信心以来，欧元区债券的价格已大幅跃升，将收益率压低至创纪录低点，有时甚至出现负收益率。
Borrowing in euros can be used to manage currency exposures or finance deals and operations in the region. But it can also be used to cut costs with the proceeds swapped immediately back into the company’s home currency. Low yields mean cheap financing, while the euro’s weakness makes the cost of converting back into dollars much lower.
欧元借款可被用于管理外汇敞口，或为在欧元区展开的交易和运营提供资金。不过，通过将发债所得立即换回企业本国货币，欧元借款也可用于降低成本。低收益率意味着低廉的融资成本，欧元的疲软则使得换回美元的成本大大降低。
It is not just the US. Companies from India, South Korea and China have also turned to euro debt in the hope of diversifying investors and cutting costs. By this point in 2014 mainland Chinese companies had not raised anything in euro debt. So far this year, they have issued nearly $3bnquery sent to reporter. Elaine Moore
这么做的不止是美国企业。出于投资方多元化以及降低成本的考虑，印度、韩国和中国企业也转向了欧元债券。今年迄今，中国内地企业已发行近30亿美元欧元债券。而在2014年同期，中国内地企业未发行任何欧元债券。
