【英语财经】能源债券投资者损失逾1500亿美元 Oil fallout $150bn losses on energy company bonds spur default fears

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2016-3-23 22:51

小艾摘要: Investors have suffered losses of at least $150bn in the value of oil and gas company bonds, as the slump in crude prices since mid-2014 has fuelled fears of a wave of defaults in the US and emerging ...
Oil fallout $150bn losses on energy company bonds spur default fears
Investors have suffered losses of at least $150bn in the value of oil and gas company bonds, as the slump in crude prices since mid-2014 has fuelled fears of a wave of defaults in the US and emerging markets.

The 300 largest global oil and gas companies have also seen $2.3tn sliced from their stock market value over the same period, a 39 per cent slide since oil began its decline, a Financial Times analysis has found.

The losses show how the financial strain on oil producers remains intense, in spite of the partial recovery in crude prices since January. Oil is still down 65 per cent from its June 2014 peak.

Banks have also been increasing their provisions for energy-related losses on their lending. They have tightened loan agreements with oil producers, and capital markets remain closed to the lowest rated groups.

More than $150bn has been shaved off the value of 1,278 actively traded bonds since Brent crude hit almost $116 a barrel in June 2014. Total debt among oil and gas companies, including loans, almost tripled from $1.1tn in 2006 to $3tn in 2014, according to the Bank for International Settlements.

Twenty of Europe’s biggest banks have energy loans totalling almost $200bn between them, enough to wipe out a quarter of their common equity. Twenty of the leading US banks have loans totalling $115bn, or 11 per cent of their equity. French banks have some of the highest exposures relative to their equity.

石油和天然气公司所发行债券的投资者已蒙受了至少1500亿美元的损失。原油价格自2014年中期起开始大幅下滑,引发了美国和新兴市场可能出现一波违约潮的担忧。

英国《金融时报》的分析结果显示,最大的300家跨国油气公司的市值在此期间也合计缩水了2.3万亿美元,缩水幅度达39%。

这些数字表明,尽管今年1月以来原油价格出现一定反弹,油气公司的财务压力仍然十分巨大。目前,石油价格较2014年6月的高点仍低65%。

银行也在不断扩大能源相关贷款的亏损拨备。它们已收紧了对石油公司的放贷协议,资本市场则仍对评级最低的石油公司关紧大门。

自2014年6月布伦特(Brent)原油价格达到每桶近116美元以来,1278只交易活跃的债券的价值减少了逾1500亿美元。国际清算银行(BIS)的数据显示,油气公司的总债务(包括贷款在内)几乎增加了两倍,从2006年的1.1万亿美元增至2014年的3万亿美元。

欧洲20家大银行的能源贷款总额接近2000美元,足以抹去它们四分之一的普通股本。美国20家大银行的能源贷款总额为1150亿美元,相当于其股本的11%。法国银行的能源贷款与股本比率排在世界最高行列。

译者/何黎

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