復星國際(00656.HK)成功增發美元債，吸引國際資本踴躍認購
成本降低並提前贖回舊債，保持健康負債水平
12月1日，復星國際(00656.HK)成功增發3億美元2025年到期債券，並將發行獲得資金全部用於2021年初到期和2022年到期債券的要約贖回，管理存量債務水平的同時，進一步優化債務久期。本次復星發行美元債在近期AAA級國企一系列違約事件發生後，得到接近9倍超額認購併進一步降低發債成本，實屬不易。同時，這也是復星國際今年第三筆債券發行，三次均相對二級市場的負溢價發行顯示了資本市場對復星的高度認可。
市場認可公司信用，發債成本持續降低
據相關渠道披露，此次美元債的增發有超過160家投資人踴躍參與認購，交易高峯期高達27億美元訂單，復星最終收益率定價為5.40%，相比初始定價收窄了50基點，距離10月份發行僅僅不到兩個月，成本卻大降55基點，相比7月份發行的成本更是降低了145基點。超額認購倍數也充分顯示了市場對復星基本面和債券產品的認可。債券增發的同時，復星宣佈將對兩筆存量債券提前贖回，贖回的資金上限超出了本次增發金額。從熟悉公司的投資人處瞭解到，這種做法也保持了復星一貫積極控制總體債務水平、提前舒緩到期壓力、優化債務結構的風格，提高了投資人對復星的資金安全性和流動性的信心。同時也看得出來，投資人用非常踴躍的認購證明資本市場沒有評級機構對於公司預想的那麼悲觀。
投資人來源更加廣泛，融資渠道繼續拓寬
從相關信息上留意到，此次復星美元債的投資人有近1/4來自於EMEA地區(歐洲、中東和非洲)，這顯示出復星不但在業務佈局和產業運營方面越來越國際化，而且在資本市場和融資渠道國際化方面也不斷獲得歐美投資人認可，走在了中資企業的前列。在市場被不確定因素籠罩的背景下，復星在公開市場的融資成績，本質上是專業投資者用真金白銀給復星投下一票。專業化和國際化將會是未來複星抵禦資金風險的寶貴資源。
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