Governments, banks and corporates are issuing more longer-dated bonds, in a sign of increased confidence among investors on the prospects for the global economy.

各国政府、银行和企业正在增加发行较长期债券，表明投资者对全球经济前景的信心正逐渐增强。

The shift towards longer-term bonds is expected to reduce refinancing risks in 2011 and 2012, easing worries that a build-up of debt maturing might make it more difficult for governments and companies to renew loans.

转向较长期债券预计将会降低2011年和2012年的再融资风险，从而减轻市场担忧，即到期债务逐渐增加，可能会使政府与企业更难续贷。

Issuance of longer-dated bonds maturing over 15 years or more has risen to 20 per cent over the past three months compared with 10 per cent in December last year, according to Dealogic.

Dealogic的数据显示，过去三个月内，到期期限为15年或更长时间的较长期债券发行量比重，已增至20%，而去年12月份为10%。

By contrast, issuance of shorter-dated bonds maturing under five years has fallen to 30 per cent since September 1 compared with 58 per cent at its peak in December 2008.

相反，自9月1日以来，5年以下较短期债券的发行量比重已降至30%，远低于去年12月份58%的峰值。

As longer-dated securities are considered more risky than shorter-dated bonds, the shift signals improved investor sentiment.

由于人们认为较长期债券的风险大于较短期债券，因此上述转变表明投资者信心正在提升。

In turn, governments, banks and corporates are keen to lock in longer-term debt for stability to reduce the risk of refinancing in the shorter term, should the economic outlook deteriorate.

另一方面，政府、银行和企业急于锁定稳定的较长期债券，以降低在较短期内因经济前景恶化而产生的再融资风险。

There is record high of $3,240bn of debt maturing in 2011, according to Dealogic, as banks in particular have issued a lot of short-term bonds, which have been guaranteed by governments. This compares with $2,905bn maturing this year.

Dealogic的数据显示，2011年有创纪录的3.24万亿美元债务到期，其中银行尤其发行了大量由政府担保的短期债券。今年的到期债务为2.905万亿美元。

In the aftermath of the collapse of Lehman Brothers in September last year, investors were only willing to buy short-dated debt, which is more liquid. At one point, the only debt many were willing to buy was short-dated US Treasuries.

在雷曼兄弟(Lehman Brothers)去年9月倒闭之后，投资者一度只愿意购买流动性较强的短期债券。许多投资者一度只愿意购买短期美国国债。

Even the Dubai debt scare has failed to put off investors from buying longer-dated bonds, with BAA, the UK airports operator, yesterday issuing the largest sterling inflation-linked bond this year with a maturity of 30 years.

即便连迪拜债务恐慌也未能阻止投资者购买较长期债券：英国机场运营商BAA昨日发行了今年规模最大的英镑通胀挂钩债券，到期期限为30年。

In the past month, China, Qatar and Brazilian groups Petrobras and Vale have also launched long-dated bonds as emerging market issuers have been some of the main beneficiaries of the growing appetite for longer-dated debt.

过去一个月内，中国、卡塔尔以及巴西企业——巴西国家石油公司(Petrobras)和淡水河谷(Vale)也发行了长期债券。新兴市场发行者跻身于市场对较长期债券偏好增强的主要受益者之列。

Last month, China launched its first 50-year bond and Qatar priced 30-year bonds.

上个月，中国发行了首笔50年期国债，卡塔尔也为其30年期债券进行了定价。

Nigel Rendell, senior emerging market strategist at RBC Capital Markets, said: “It is very sensible to lock in longer-term debt now. Companies get stability and investors get higher yields than they would for shorter-duration debt.”

加拿大皇家银行资本市场(RBC Capital Markets)新兴市场高级策略师奈杰尔•兰德尔(Nigel Rendell)表示：“现在锁定较长期债券非常明智。企业会得到稳定性，而投资者会得到高于较短期债券的收益。”

译者/董琴