爱尔兰国债重新吸引投资者

Moody’s Investors Service upgraded Ireland to investment grade on Friday，handing the government a major post-bailout boost and opening its already sought-after debt to investors prohibited from buying junk-rated paper.

穆迪投资服务公司上周五将爱尔兰信用评级上调至投资级别，这给予结束救援计划后的该国政府一个重大的帮助，并且将该国债务从禁止投资的垃圾债券级别变为对投资者开放的债务。(路透社)

The new Baa3 implies a moderate risk of default. It is the same ranking as Spain.

新的Baa3评级表明一种中等的违约风险。这一评级和西班牙的评级相同。(爱尔兰独立报)

Moody’s cites two key factors behind the upgrade for Dublin:the recovery in the economy and the exit from the three-year bailout orchestrated by Europe and the International Monetary Fund. In particular，the ability of Ireland to return to market funding without the insurance policy of a precautionary credit line was a signal that Moody’s rating was too low.

穆迪引证了提高爱尔兰级别的两大主要原因:经济复苏以及退出三年来由欧洲和国际货币基金组织安排的救援。尤其是，爱尔兰在没有预防性信贷额度担保的情况下能够重回市场融资显示穆迪对爱尔兰信用评级太低了。(华尔街日报)

It is the latest in a run of good news for Ireland，which became the first euro zone country to complete a bailout，made a storming bond market return last week.

对于爱尔兰来说，这是好消息中最新的一个。爱尔兰是欧元区第一个结束了救援计划的国家，今年年初轰轰烈烈地回到债券市场。(路透社)

Moody’s was the only ratings firm to cut Ireland to“junk”. But Ireland’s downgrade always looked anomalous. The country did require a bailout to provide funding when market rates rose sharply from late 2010 onwards；but Ireland has none of the deep-seated structural economic problems facing Portugal and Greece. Rather，it was overwhelmed by its banking crisis: while that has caused huge problems，it did not damage Ireland’s underlying economic strengths.

穆迪是唯一一个将爱尔兰信用评级下调至垃圾级别的评级公司。但是爱尔兰的降级看上去总是不那么和谐。爱尔兰确实在2010年末在市场利率大幅拉升的情况下申请了基金救助。但是该国并没有葡萄牙和希腊所具有的深层次结构性经济问题。相反的，它被银行业危机所击垮，尽管引起了巨大的问题，但是并未损害到爱尔兰的经济基础。(华尔街日报)

Fitch，which rates Irish debt three notches above junk status at BBB+ with a stable outlook，is next in line to give an update in a month’s time. S&P lifted the outlook on its BBB+ rating to positive last year and will review it again in June.

惠誉给爱尔兰的债务评级是BBB+，高于垃圾级别三个等级，该公司将是下一个更新爱尔兰级别的公司。标普曾在去年将BBB+评级的展望提升为正面，并将在今年6月份再度进行复审。(路透社)

“This is a better-than-expected result for Ireland，to get the outlook changed to positive is an added bonus，”said Ryan McGrath，a bond dealer at Cantor Fitzgerald. “What it means on Monday morning is that yields are going to trade lower.”

Cantor Fitzgerald的债券交易员瑞安.麦克格拉斯表示，这对爱尔兰来说是一个好于预期的结果，展望变为正面是一个额外的奖励。这意味着周一早盘(爱尔兰债券)收益率将走低。(路透社)

Ireland has seen a strong start to 2014:it has raised EUR3.75 billion in a new 10-year bond that drew orders of EUR14 billion，with 83% of demand coming from foreign investors. Its stock market is booming，unemployment is falling and survey data such as Markit’s purchasing managers’indexes suggest growth will continue.

爱尔兰今年有一个强劲的开局。它已经发行了一笔37.5亿欧元的10年期债券，投资者的投标规模超过140亿欧元，其中83%的需求来自国外投资者。爱尔兰股票市场涨势不错，失业率在下降，调查数据如Markit采购经理人指数都显示增长将继续。(华尔街日报)

However，the government still has work to do to reduce its budget deficit further，although Moody’s thinks achieving a target of below 3% of GDP by 2015 is doable. And with gross debt set to peak at 124% of GDP (although net debt is lower， at just under 100%)， Ireland faces a long haul in reducing that burden.

不过，爱尔兰政府仍需要进一步减少预算赤字，穆迪认为2015年将预算赤字减至GDP的3%以下是可行的。由于总债务已经达到GDP124%的峰顶(尽管净债务较低，为100%以下)，爱尔兰要减少债务负担还有很长的路要走。(华尔街日报)

A new $100 million fund aimed at strengthening ties between Ireland and China has been established by the National Pensions Reserve Fund. The China Ireland Technology Growth Capital Fund will invest in fast-growing companies in Ireland that have an interest or presence in China，and will also back similar Chinese firms that want to set up here.

旨在巩固爱尔兰和中国关 系的金额为1亿美元的基金已经由爱尔兰国家养老储备基金设立。中国爱尔兰科技发展资本基金将投资于爱尔兰对中国有兴趣或者已经在中国展开业务的快速增长的公司，同时也将支持类似打算在爱尔兰发展的中国公司。(爱尔兰时报)(周武英 编译)