【英语财经】沙特贷款100亿美元以填补财政缺口 Saudi Arabia borrows $10bn from banks as reserves drain

Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.

The landmark five-year loan, a sign of Riyadh’s newfound dependence on foreign capital, opens the way for the country to launch its first international bond issue. It comes as the low price of crude encourages other Gulf governments, such as Abu Dhabi, Qatar and Oman, to tap bond markets.

The oil-rich kingdom, which last weekend blocked a deal among oil producers to freeze output and bolster prices, has burnt through around $120bn in reserves since late 2014. Its fiscal deficit is set to widen to 19 per cent of gross domestic product this year.

Strong interest in the loan, especially from Asia, came despite rating agencies’ downgrades on Saudi creditworthiness since the oil price collapsed. The government raised the amount it wanted to borrow from $6bn-$8bn to $10bn after the deal was oversubscribed.

“The deal is very successful, with very competitive pricing,” said Elyas Algaseer, deputy regional general manager at Bank of Tokyo-Mitsubishi. “There was immense market appetite.”

Ewen Cameron Watt, chief investment strategist at BlackRock, the world’s largest asset manager, said: “The loan is a way for Saudi Arabia to test the waters and set up an international borrowing profile.

“This is paving the way for the kingdom to transform from a creditor nation into a debtor nation. It’s a significant moment of change in debt markets.”

Saudi Arabia may now raise its first global bond in the wake of the loan deal, bankers said. Institutions that loaned the most would be set to benefit from a mandate to help Riyadh raise the bond.

The lead lenders, each pledging around $1.3bn, include Bank of Tokyo-Mitsubishi, HSBC and JPMorgan, bankers say. Lenders were required to lend at least $500m to participate.

Mr Algaseer declined to comment on the pricing, but other bankers close to the deal said it had priced at around 120 basis points over US dollar Libor.

The loan is Saudi Arabia’s first international debt issuance since 1991, when it raised around $1bn in the aftermath of the Iraqi invasion of Kuwait.

沙特阿拉伯正从一个由多家全球银行组成的财团筹集100亿美元。为了对抗石油收入和外汇储备减少，该国启动25年来首次国际贷款。

这一里程碑式的五年期贷款标志着沙特政府对外国资本产生了新的依赖，它为沙特发行首只国际债券铺平了道路。目前，原油价格走低正促使阿布扎比、卡塔尔和阿曼等其他海湾国家政府利用债券市场融资。

上周末，石油资源丰富的沙特封杀了产油国之间冻结产量以提振油价的一个协议。自2014年底以来，该国已耗费了约1200亿美元外汇储备。今年其财政赤字将扩大至国内生产总值(GDP)的19%。

尽管自油价崩盘以来各评级机构已经下调了沙特的信用评级，但这笔贷款还是吸引了投资者的强烈兴趣——尤其是来自亚洲的投资者。在出现超额认购后，沙特政府将借款金额从60亿至80亿美元提升至100亿美元。

三菱东京日联银行(Bank of Tokyo-Mitsubishi)区域副总经理伊莱亚斯?阿尔加瑟(Elyas Algaseer)表示：“这笔交易非常成功，价格极有竞争力。市场需求极大。”

世界最大资产管理公司贝莱德(BlackRock)首席投资策略师尤恩?卡梅伦?瓦特(Ewen Cameron Watt)表示：“对沙特阿拉伯来说，这笔贷款是试水并建立国际借款记录的方式。”

“这为沙特王国从债权国转为债务国铺平了道路。是债务市场发生改变的重大时刻。”

银行家们表示，在这笔贷款交易完成后，沙特阿拉伯现在可能要发行其首只全球债券。为沙特阿拉伯提供最多贷款的几家金融机构，将受益于帮助利雅得发行债券的委托。

银行家们表示，领头的贷款人包括三菱东京日联银行、汇丰(HSBC)和摩根大通(JPMorgan)，每一家都承诺为沙特提供约13亿美元的贷款。要参与此次认购，沙特要求贷款人至少要借出5亿美元。

阿尔加瑟拒绝就定价置评，但其他知晓这笔贷款内情的银行家表示，定价比美元伦敦银行间同业拆借利率(Libor)高出120个基点左右。

这笔贷款是沙特阿拉伯自1991年以来的首次国际发债，那年沙特在伊拉克入侵科威特后募集了约10亿美元。

译者/何黎