双语新闻：百度发售15亿美元债券

英语自学网

Baidu debt enjoys US demand
        　　Baidu, often described as China’s Google, has sold $1.5bn worthof five and 10-year bonds, mainly to US investors in a deal thathighlights the success some Chinese internet groups haveenjoyed in raising money in the US.
        　　享有中国版谷歌(Google)之称的百度(Baidu)，近日主要面向美国投资者发售了总计15亿美元的五年期及十年期债券。这笔交易突显出，一些中国互联网公司在美融资有多么成功。
        　　The deal was marketed to high grade debt investors rather than emerging market investors toraise the money at a lower cost than emerging market companies have been historically able toachieve.
        　　百度此次发债之所以面向高级别债券投资者、而非新兴市场投资者，是为了能以更低的成本融资，这一成本甚至低于新兴市场企业有史以来所能实现的最低水平。
        　　Some Chinese internet groups have seen relative success in US markets, despite their moreintangible nature, even as the reputations of others have been hit by short-sellers and accountingconcerns.
        　　即便是在其他中国公司的声誉受到做空者和会计问题冲击之时，一些中国互联网公司在美国市场的融资相对而言还是成功的（尽管这些公司的价值更为“无形”）。
        　　Vipshop.com, an ecommerce business listed in March at a lower-than-expected price, has seen itsshares rise 160 per cent since August after several months of lowly performance. Others such asRenren, the social network, have proved flops in share price terms. This month, YY.com, a Chinesesocial network that claims to have 400m users, is set to launch a near-$100m initial public offeringof American depositary receipts in the US.
        　　电子商务公司唯品会(Vipshop.com)今年3月以低于预期的发行价在美上市之后，其股价连续几个月表现低迷。但自8月份以来，该公司股价已累计上涨160%。社交网站人人网(Renren)等其他互联网公司的表现，从股价角度来看则可谓是彻头彻尾的失败。宣称拥有4亿用户的社交网站YY.com计划在本月赴美首次公开发行(IPO)，发行总额近1亿美元的美国存托凭证(ADR)。
        　　Sina Weibo, China’s version of Twitter, is also attracting attention, with a number of companiesincluding Alibaba, the internet retailer, talking to its parent about potentially taking a stake, according to bankers.
        　　中国版Twitter“新浪微博”(Weibo)，也正吸引投资者的注意。一些银行家表示，包括互联网零售商阿里巴巴(Alibaba)在内的多家公司，正在与新浪微博的母公司就入股的可能性展开磋商。
        　　The Baidu bond deal was priced at a spread of 160 basis points over Treasuries for the five-yearand 185bp over Treasuries for the 10-year, according to a term sheet seen by the Financial Times. This was roughly 100bp more expensive than Google achieved in a debt sale last year but 100bp cheaper than paid by Tencent Holdings, another Chinese internet company, when it last raiseddollar debt, according to bond market bankers.
        　　英国《金融时报》见到的一份条款书显示，百度此次发售的债券，收益率较五年期和十年期美国国债分别高出160个和185个基点。债券市场银行家表示，这批债券的收益率较谷歌去年所发债券大致高出100个基点，但较另一家中国互联网公司腾讯控股(Tencent Holdings)上次所发的美元债券要低100个基点。