歐洲銀行業今年面臨2410億美元資金缺口
European banks feel the effects of funding crunchThe funding hole for European banks is deepening following a sharp fall in bond issuance this year as market turmoil leads to a region-wide credit crunch.
歐洲銀行業的融資缺口正在加深，此前市場動盪造成歐洲信貸緊縮，債券發行量急劇下降。
European banks have sold $413bn worth of bonds this year, equivalent to just two-thirds of the $654bn that is due to be returned to investors in 2011 as the debts mature, according to data compiled for the Financial Times by Dealogic.
根據Dealogic為英國《金融時報》整理的數據，歐洲銀行業今年銷售了價值4130億美元的債券，僅相當於2011年到期，需要向投資者返還的6540億美元的三分之二。
That leaves the banks with a $241bn funding gap in 2011, the first time European lenders have collectively been unable to replace their maturing debt with new bonds for at least the past five years.
因此銀行業在2011年面臨著2410億美元的資金缺口，這是至少五年來歐洲各銀行首次在整體上無法通過發行新債置換到期的債務。
Investors say they have been deterred from buying bank bonds due to uncertainty over the financial health of some banks, the fate of the eurozone and the impact of new financial regulation. The funding freeze has raised fears about the knock-on effects for companies reliant on bank funding and the broader economy.
投資者表示，他們之所以不願購買銀行債券，是因為某些銀行的財務狀況、歐元區的前途以及新的金融監管措施均存在不確定性。銀行融資困難，提高了市場對於依賴銀行融資的企業乃至整體經濟遭受連鎖效應的憂慮
“Some deleveraging after the financial crisis is clearly needed, but I think banks are being sent on a crash diet that will have wider implications,” said Morgan Stanley analyst Huw van Steenis. “It’s not just the risk of a European credit crunch, it will have a knock-on effect in Asia and the US.”
“金融危機之後，一定程度的去杠桿化顯然是需要的。但我認為各銀行正進行快速減肥，這將產生更廣泛的影響。”摩根士丹利(Morgan Stanley)分析師休•範斯蒂尼斯(Huw van Steenis)表示。“不僅有歐洲信貸緊縮的風險，還會對亞洲和美國造成連鎖效應。
Morgan Stanley estimates that banks will have to dispose of as much as $3,300bn worth of assets over the next few years to meet new regulations on the amount of capital buffers they hold and to address the funding shortfall. The banks’ funding difficulties and shrinking balance sheets are being monitored with mounting concern by the European Central Bank, which is considering a number of new supportive measures. It is worried about the implications for financial stability and the risk of a lending squeeze driving the eurozone deeper into recession.
摩根士丹利估計，銀行業必需在未來幾年處置多達3.3萬億美元的資產，才能滿足對其持有的資本緩沖的新監管要求，並應對資金缺口問題。
Banks face an even greater redemption hump next year, when $720bn worth of debt is due to mature.
銀行的融資困難和日益收縮的資產負債表正受到歐洲央行(ECB)的密切關註，該央行的擔憂正在加劇，正考慮推出大量新的支持性舉措。歐洲央行對金融穩定所受影響，對貸款緊縮將歐元區推向更深的衰退這一風險感到擔憂。
The Dealogic bank data includes so-called senior unsecured issuance, traditionally the bread and butter of bank funding. It excludes covered bonds, the bundled packages of loans and mortgages that have become increasingly popular for banks to issue.
銀行明年將面臨規模更大的贖回高峰，屆時，7200億美元的債券將到期。
Including such debt, European banks sold $744bn worth of bonds this year, compared with $888bn worth of maturing debt, still leaving a $144bn shortfall.
Dealogic的銀行數據包括所謂的高級無擔保債券發行，這是銀行傳統上主要的融資手段。這不包括越來越受銀行歡迎的擔保債券，即將貸款和抵押貸款打包發行的債券。
With additional reporting by Robin Wigglesworth in London and Ralph Atkins in Frankfurt
將這些債券計算在內，歐洲銀行業今年發行了7440億美元的債券，而到期債務為8880億美元，資金缺口為1440億美元。
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