Investors Again Willing To Put Money in Brazil
投資人再度願意錢進巴西
By Dan Horch

SÃO PAULO, Brazil – Six months ago, stocks and bonds in Brazilian companies were left for dead. Brazil was sinking deeper into a recession. Its currency, the real, was reeling. And the government-controlled energy giant Petrobras, was embroiled in a corruption scandal that weakened President Dilma Rousseff.
六個月前，巴西企業的股票和債券遭遺棄等死。巴西陷入更深的衰退。巴西幣里奧搖搖欲墜。政府控制的能源巨擘「 巴西國家石油公司」陷入貪瀆醜聞，削弱了總統狄瑪．羅塞芙的威信。

Although Brazil is still recovering from its malaise, its major companies are attracting investors again. President Rousseff has taken steps to cut the budget deficit. And Petrobras sold $2.5 billion in bonds with a 100-year maturity.
雖然巴西仍在從萎靡中恢復元氣，大企業已再度吸引投資人上門。總統羅塞芙採取了行動削減預算赤字。國家石油公司亦已賣出25億美元百年期債券。

But hurdles remain. Investors have lost billions in companies under investigation in possible securities law violations. The real has dropped nearly 40 percent against the dollar in the last year, adding to losses for foreign investors. Inflation is still more than 8 percent. And should the government’s progress in stabilizing the national debt falter, fears of a ratings downgrade could again send the currency plunging.
然而阻礙仍在。企業因涉嫌違反證交法遭調查，害投資人損失數十億美元。里奧在過去一年對美元貶值近四成，賠錢的外資雪上加霜。通膨仍高於8%。萬一政府穩定國債的進度退縮動搖，擔憂信評遭降等恐將再度讓貨幣重貶。

But some companies are tapping the public markets. Once under new management in February, Petrobras – the world’s most indebted energy company, with about $130 billion in debt – moved quickly to build cash reserves. In the last two months, it raised more than $11 billion from the China Development Bank, the Standard Chartered Bank and three Brazilian banks.
不過有些企業已開始向公開市場融資。國家石油公司負債約高達1300億美元，是全球負債最多的能源公司，今年二月換了管理階層後，很快就建立起現金儲備。這兩個月已從中國國家開發銀行、渣打銀行和三家巴西銀行籌資逾110億美元。

In early May, the Brazilian subsidiary of the Spanish telecom giant Telefónica issued new shares and raised $1.4 billion to help finance its acquisition of Vivendi’s Brazilian telecom unit. A local insurance brokerage firm, Par Corretora, just held an initial public offering, the first Brazilian company to do so in almost eight months. It raised a modest $190 million, but that exceeded the high end of its target range.
五月上旬西班牙電信巨擘「西班牙電信」巴西分公司發行新股募得14億美元，用以收購法國維旺迪旗下巴西部門。當地保險經紀公司Par Corretora剛剛首次公開發行股票，是近八個月來第一家公開募股的巴西企業，募得1.9億美元，雖不多，已高於設定目標的上限。

“The success of recent offerings shows that there is a demand for quality names,” said Jean-Marc Etlin of the Brazilian investment bank Itaú BBA.
巴西伊塔烏投資銀行（執行長）尚馬克．艾特林說：「近期IPO的成功顯示，市場對優質品牌確有需求。」

More transactions are considered likely. The reinsurance company IRB-Brasil is expected to file for an initial public offering, seeking to raise $1.3 billion.
市場認為很可能還會有更多交易。再保險公司「IRB巴西」可望首次公開發行股票，希望募資13億美元。

The government has an interest in helping to elevate the capital markets. IRB and Caixa Econômica Federal’s insurance division are partly owned by the government, which is eager to raise new money to close a gaping budget deficit. Brazil’s deficit is 7.5 percent of its gross domestic product; in contrast, the deficit of Greece was 3.5 percent of G.D.P. last year.
巴西政府意欲提振資本市場。IRB和「銀行及信貸協會」的保險部門部分屬國有，政府正積極取得資金以縮小預算赤字。巴西赤字占國內生產毛額7.5%，而希臘去年赤字只占3.5%。

“The government, given its need for money, will probably be aggressive about opening capital in the companies it owns,” said Eliana Chimenti, an analyst.
分析師艾莉安娜．吉曼第說：「巴西政府很需要錢，可能會更積極開放國營事業的資本。」

Some $4 billion is expected to come from selling offshore petroleum reserves.
巴西政府出售離岸石油儲備，預計將有40億美元進帳。

“Uncertainties have lifted enough that investors can see opportunities,” said Renato Ejnisman, head of Banco Bradesco BBI. “There are good names available at good prices.”
巴西布拉德斯科銀行執行長雷納度．艾尼斯曼說：「不確定的因素已消除到足以讓投資人看見機會，有些不錯的企業現在價格很划算。」

原文參照：
http://www.nytimes.com/2015/06/04/business/dealbook/markets-reopen-to-brazilian-companies-as-national-economy-recovers.html

2015-06-30聯合報/G9版/UNITED DAILY NEWS 張佑生譯 原文參見紐時週報七版下