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瑞金市活动力低下症的费用景德镇中医院网上预约江西省中医院普通人流价格 bond markets债券市场A big number from VerizonVerizon的大手笔Companies are still taking advantage of low yields to raise debt各公司仍在利用低收益率提高债务水平Sep 14th 2013 |From the print editionDEBT crisis? What debt crisis? The biggest corporate-bond issue ever was completed this week. Verizon Communications, an American telecoms group, issued a whopping billion of bonds in order to finance the buy-out of Vodafone’s stake in its wireless operations. That shattered the previous record, Apple’s paltry billion issue earlier this year.债务危机?什么样的债务危机?史上最大的企业债券发行本周完成了。一家美国电信集团Verizon通讯为了付沃达丰持有的无线业务股权买断费用,发行了高达490亿美元的债券。这打破了此前的纪录,苹果在今年早些时候发行了现在看来微不足道的170亿美元的债券。The scale of Verizon’s offering may be unprecedented, but its foray into the bond markets is anything but. In the first eight months of this year .4 trillion of corporate bonds were issued worldwide, according to Dealogic, a data provider, compared with .3 trillion in the same period of 2012. Firms have been keen to lock in long-term financing at low yields, particularly since borrowing costs started rising after the Federal Reserve hinted in May at slowing its asset purchases.Verizon的发行规模可谓是前所未有的,但是这不是其首次尝试债券市场了。根据数据提供商Dealogic的数据,今年前8个月世界范围内有1.4万亿公司债券发行,2012年同期金额为1.3万亿。各公司一直热衷于以低收益率参与长期融资,尤其是自从美联储五月暗示放缓其资产购买之后,借贷成本开始上升。Oil and gas companies have been particularly enthusiastic issuers, according to Marcus Hiseman of Morgan Stanley, especially in the “Yankee” market where foreign businesses sell bonds, priced in dollars, mainly to American investors. Previously many foreign firms would issue debt in euros and swap the proceeds into dollars, but regulatory restrictions on banks make that much more expensive these days. This year 72% of investment-grade issuance has been in dollars, compared with 58% in , according to Morgan Stanley.据根士丹利的Marcus Hiseman表示,石油和天然气公司一直是特别积极的发行者,尤其是在美国市场,外国公司主要向美国投资者售卖以美元计价的债券。此前,许多外国公司用欧元发行债券,之后将受益转换成美元,但是对的监管限制规定使得这种做法在现在变得很昂贵。根据根士丹利的数据,今年72%的投资级发行都是以美元计价,相比之下去年只有58%。If companies fear that bond yields are set to rise (meaning that bond prices will fall), why are investors so keen to buy? There was plenty of demand to absorb the Verizon issue, for instance: orders reportedly reached 0 billion. One reason is that corporate bonds offer a sp (excess interest rate) over government bonds that is still attractive in historical terms. The average yield on ten-year investment-grade debt is 3.5%, compared with just 2.95% on Treasury bonds of the same maturity. The sheer size of the Verizon issue required it to be more generous towards investors, as did its BBB+ rating from Standard amp; Poor’s, towards the bottom end of the investment-grade category. The firm offered a yield of over 5% on its ten-year bonds, for example, more than two percentage points above the equivalent Treasury issue.如果企业担心债券收益率上升(这意味着债券价格会下跌),那么投资者为何这么热衷于购买呢?买入Verizon发行的债券需求很大,例如,据报道订单达到了1000亿美元。一个原因是企业债券相比国债提供一个差额(更高的利率),从历史上看,仍然具有吸引力。十年期投资级债券的平均收益率是3.5%,而相同期限的国债收益率只有2.95%。Verizon发行债券的规模如此之大,这要求其对投资者提供更高的收益,标准普尔对其作出的评级是BBB+,是投资级类别的最低等级。该公司十年期债券的收益率超过5%,比国债的收益率高了两个百分点。Many central banks, which hold a large part of their reserves in dollars, remain enthusiastic buyers of corporate debt. In addition, many investors in corporate debt are specialist fund managers who aim to beat the benchmark specific to their asset class, points out Paul Young of Citigroup; they care more about whether they pick the right bonds, as they are able to hedge the underlying interest-rate risk.许多持有大量美元储蓄存款的中央仍然热衷于购买企业债券。此外,花旗集团的样子刚指出,许多企业债券的投资者是专业的基金经理,他们的目标是打破特定资产类别的基准,他们有能力抵消相关利率风险,所以他们更关心是否挑选了正确的债券。The influx of money nonetheless causes some to worry. The corporate-bond market is a lot less liquid than it used to be, thanks largely to the effect of regulations on the willingness of banks to hold large inventories of corporate debt. This could cause a problem should bond investors want to sell their holdings in a rush. For the moment, however, that does not seem likely. Corporate balance-sheets look strong and the default rate over the past 12 months, even on speculative debt, was just 2.9%, according to Moody’s, another ratings agency.资金潮仍然引起了一些担忧。企业债券市场比起以前流动性变差了,这在很大程度上是由于对持有大量企业债券所出台的法规限制。这可能会导致债券投资者想要急于出售其所持债券。然而,就目前而言,看起来不是这样。企业资产负债表看起来很漂亮,根据另一评级机构穆迪的数据,在过去的12个月,就算是投机性债务的违约率也只有2.9%。 /201309/257345南昌华山不孕不育医院

瑞昌市血精大概需要多少钱景德镇第二人民医院人流多少钱 Among all the primates, we humans are the only ones that stand on two legs. 在所有的灵长类动物中,人类是唯一能以两条腿直立行走的。You may have seen other animals stand on two legs briefly, such as a cat or a dog.你可能看到过其他动物短暂的两条腿站立,比如一只猫或一只。But they always return to their original posture.但是汪星人和喵星人总会回到原来的姿势。Even apes, who have arms and hands much like humans, still put them down to walk.即使是拥有很像人类胳膊和手的猿类仍是用四肢走路。How did it come about that we do every day what nobody else does?人类的这种不同究竟是如何形成的?Well, one theory says that standing up is the result of reaching up.嗯,有一种理论表示直立是伸手的结果。Think of it this way.想象一下。You may have seen a cat go up on its hind legs in order to pull food down off a table.你可能亲眼见到过一只猫为了把食物从桌子上弄下来用后腿站立。Suppose those same conditions remained in place for a hundred thousand generations.假设那些相同条件仍然存在于成千上万个世代。The only food was always on tables, and only accessible to cats who could reach for it.唯一的食物总是在桌子上,而只允许可以拿到它的猫享用。In time, the cats who couldnt manage that trick would die out.经过一段时间之后,不能深谙这一秘诀的猫们就会灭绝。The ones who could manage it would survive and reproduce.而拿到食物的喵星人生存下来并繁衍生息。A cycle begins.一个周期就这样开始。It is thought that this kind of scenario may have led the predecessors to human beings to go from being four-footed to being upright creatures.据认为这样的一种画面可能使人类的祖先去从最先的四肢行走变成直立行走的生物。In the forests and savannas where our species got its start, being able to reach up and pluck fruit trees was a good thing.在森林和热带大草原,我们的祖先开始能够摘取得树上的果实无疑是一件好事。We see chimpanzees do this even today, standing temporarily on two feet while grabbing food with their hands.甚至今天我们也可以看到黑猩猩临时性的双腿站立用手抓取食物。Given a few million years, these conditions may have given rise to an animal that can stand up all the time, not just briefly.几百万年时间内,这些条件可能已经让一种动物可以站起来,而不是短暂性。That animal is us.那种动物就是我们。 201310/260496上饶市少精症大概要多少钱

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