汽车制造商债券吸引寻求短期收益的投资者

2020-11-19 20:03

Car-Maker Notes Attract Investors Seeking Short-Term Yield MYW世界播

汽车制造商债券吸引寻求短期收益的投资者MYW世界播


暂无MYW世界播

Investors are flocking to Toyota seeking yield, buying short-term notes from Toyota Motor Credit Corp. MYW世界播

投资者蜂拥至丰田寻求收益,买入丰田汽车信贷公司(Toyota Motor Credit Corp.)的短期票据MYW世界播


Among the hottest offerings from some car makers lately: relatively chunky yields. MYW世界播

最近一些汽车制造商最热门的产品之一是:相对丰厚的收益率。MYW世界播


Investors are flocking to Toyota seeking something other than a sleek ride. Short-term notes from Toyota Motor Credit Corp., a financing arm of the Japanese car manufacturer, have paid monthly coupons at an annual rate of 2% for much of this year. MYW世界播

投资者纷纷涌向丰田,寻求的不是一辆时髦的车。丰田汽车信贷公司(Toyota Motor Credit Corp.)旗下的融资部门丰田汽车信贷公司(Toyota Motor Credit Corp.)发行的短期票据今年大部分时间的月息为2%。MYW世界播


Purchases of these “Toyota Income Driver Notes” nearly tripled from March to September, the company says. The number of accounts managed by financial advisers has also grown, suggesting professionals are considering them for their clients as well. MYW世界播

该公司表示,从3月到9月,这些“丰田收入驱动票据”(Toyota Income Driver Notes)的购买量几乎增加了两倍。由财务顾问管理的账户数量也在增加,这表明专业人士也在考虑为他们的客户管理账户。MYW世界播


Called “variable denomination floating rate demand notes,” the securities are basically unsecured bonds, paid by the company’s cash from operations. There is no public market and investors can typically withdraw their money at will. Rates can be changed at any time by the company, which can call the securities at its discretion. MYW世界播

这些债券被称为“可变面值浮动利率即期票据”,基本上是无担保债券,由公司运营的现金支付。中国没有公开市场,投资者通常可以随意取款。利率可以随时由公司改变,公司可以自行决定赎回证券。MYW世界播


Toyota isn’t the only auto maker borrowing directly from individual investors. Mercedes-Benz, Ford and General Motors ’ units all offer similar programs, with different restrictions, which they say helps diversify their financing base. Others companies that have tapped the market include Ally Financial Inc. and heavy-equipment maker Caterpillar Inc. MYW世界播

丰田并不是唯一一家直接向个人投资者借款的汽车制造商。梅赛德斯-奔驰(Mercedes-Benz)、福特(Ford)和通用汽车(General Motors)的子公司都提供类似的计划,但有不同的限制,他们说这有助于分散他们的融资基础。其他利用这一市场的公司包括艾丽金融公司(Ally Financial Inc.)。重型设备制造商卡特彼勒公司(Caterpillar Inc.)。MYW世界播


Behind investors’ enthusiasm: The yields on auto makers’ securities far outstrip those offered by other relatively low-risk investments. The Federal Reserve cut short-term interest rates to near zero to fight the pandemic’s economic damage, while buyingbillions of dollars worth of Treasurys to help keep U.S. borrowing costs low. MYW世界播

投资者热情的背后:汽车制造商证券的收益率远远超过其他风险相对较低的投资。美国联邦储备委员会(Federal Reserve)将短期利率降至接近零的水平,以抗击疫情对经济造成的损害,同时购买价值数十亿美元的美国国债,以帮助将美国的借贷成本保持在较低水平。MYW世界播


That brought down yields on investment products tied to U.S. interest rates, such as government bonds, certificates of deposits and money-market funds. As of Nov. 11, the average one-year certificate deposit rate was 0.24%, according to Bankrate, while money-market account rates averaged 0.1%. MYW世界播

这降低了政府债券、存单和货币市场基金等与美国利率挂钩的投资产品的收益率。根据Bankrate的数据,截至11月11日,一年期存单的平均利率为0.24%,而货币市场账户利率平均为0.1%。MYW世界播


“That 2% rate is comparatively looking like a pretty good deal right now,” says Brendan Crews, investment adviser at Daviman Financial, which deals mostly with middle-class investors. The Indianapolis firm has discussed Toyota’s securities with clients more this year than any time in the past, but hasn’t bought any. MYW世界播

戴维曼金融公司(Daviman Financial)的投资顾问布伦丹·克鲁斯(Brendan Crews)说:“2%的利率目前看起来相当不错。”该公司主要与中产阶级投资者打交道。这家印第安纳波利斯公司今年与客户讨论丰田证券的次数比以往任何时候都多,但没有购买任何证券。MYW世界播


“These notes work better for investors looking to safely accumulate or protect wealth, rather than those selling investments to fund their retirement,” adds Mr. Crews. “There are different instruments available to create actual income for someone.” MYW世界播

克鲁斯补充说:“这些纸币更适合寻求安全积累或保护财富的投资者,而不是那些通过出售投资来为退休提供资金的投资者。”“有不同的工具可以为某人创造实际收入。”MYW世界播


The notes carry more risk than something like certificates of deposit or money-market mutual funds. CDs are protected by the Federal Deposit Insurance Corp. up to $250,000, while money-market funds, due to federal regulations, tend to hold a diverse mix of short-term debt. Toyota’s notes are unsecured, meaning investors will have to wait in line behind other creditors if the company ends up struggling to pay the interest or principal. MYW世界播

与存单或货币市场共同基金相比,这种票据的风险更大。CDS受美国联邦存款保险公司(FDIC)保护,最高可达25万美元,而货币市场基金由于联邦监管规定,往往持有多种短期债务。丰田的票据是无担保的,这意味着如果该公司最终难以支付利息或本金,投资者将不得不排在其他债权人之后。MYW世界播


Toyota Motor Credit Corp. has a credit rating of A1 from Moody’s Investors Service, the fifth-highest on the investment-grade scale. MYW世界播

丰田汽车信贷公司(Toyota Motor Credit Corp.)在穆迪投资者服务公司(Moody‘s Investors Service)的信用评级为A1,在投资级评级中排名第五。MYW世界播


Investors must buy at least $500 in Toyota’s notes and maintain at least half that much in the account, though the company says they can withdraw money at any time and expect to receive it within one to two days. MYW世界播

投资者必须购买至少500美元的丰田债券,并在账户中保持至少一半的金额,不过该公司表示,他们可以随时提取资金,预计在一到两天内收到资金。MYW世界播


The low minimum and relatively high yield makes Toyota’s short-term, floating rate note more attractive than some of its competitors. Ford Motor Credit Co. LLC, the Ba2 rated financing arm of the Detroit automotive giant, offers a similar program on a tiered basis. Investors in the first-tier put down anywhere from $1,000 up to $15,000 to earn a 0.8% annual yield. MYW世界播

较低的最低利率和相对较高的收益率使丰田的短期浮动利率票据比一些竞争对手更具吸引力。底特律汽车巨头福特汽车信贷有限公司(Ford Motor Credit Co.LLC)是这家底特律汽车巨头的Ba2级融资部门,它在分级的基础上提供了类似的计划。第一梯队的投资者投入了1,000美元至15,000美元不等的资金,以赚取0.8%的年收益率。MYW世界播


Mercedes-Benz Financial Services USA, a finance division of the German luxury car brand under Daimler AG , offers privately placed, variable-rate demand notes to accredited investors. Investors must put down a minimum of $10,000 for an annual yield of 1.5%. Funds are available as needed on demand, within a few days. MYW世界播

梅赛德斯-奔驰金融服务美国公司(Mercedes-Benz Financial Services USA)是戴姆勒股份公司(Daimler AG)旗下德国豪华汽车品牌的金融部门,向认可投资者提供私下配售的可变利率缴费票据。投资者必须支付最低1万美元才能获得1.5%的年收益率。根据需要,资金可以在几天内到位。MYW世界播


These notes previously offered companies access to cheaper sources of funding. But following the Fed’s unprecedented decision to purchase corporate bonds to prop up markets and the economy, borrowing costs for highly rated companies like Toyota have fallen to record lows, while prices of existing bonds trade above 100 cents on the dollar. MYW世界播

这些票据之前为公司提供了获得更便宜的资金来源的途径。但在美联储史无前例地决定购买公司债券以支撑市场和经济之后,丰田等高评级公司的借款成本已降至创纪录低点,而现有债券的价格超过面值的100%。MYW世界播


Earlier this week, Toyota said the company would cut the annual rate on its notes to 1.5%. Ally Financial Inc. announced in a Securities and Exchange Commission filing Monday that the company intends to terminate its adjustable-rate demand note program and redeem the $2.5 billion amount held by outside investors by late February 2021. MYW世界播

本周早些时候,丰田汽车表示,将把债券年利率降至1.5%。Ally Financial Inc.。在周一提交给美国证券交易委员会(Securities And Exchange Commission)的一份文件中宣布,该公司打算在2021年2月底之前终止可调整利率的缴费票据计划,并赎回外部投资者持有的25亿美元。MYW世界播


In October, Toyota issued a $1.2 billion bond due October 2022 that pays a coupon of 0.35%. The bond last traded at 100.103 cents on the dollar, according to Bondticker, implying a yield of 0.296% at maturity—well below the rate offered on the company’s floating-rate demand notes. MYW世界播

今年10月,丰田发行了2022年10月到期的12亿美元债券,票面利率为0.35%。根据Bondticker的数据,这只债券的最新交易价格为面值的100.103%,这意味着到期时的收益率为0.296%,远低于该公司浮动利率即期票据的利率。MYW世界播


That can make the retail securities attractive to investors, since low-interest rates in the public markets imply investor confidence that the company will pay back its debts in full. MYW世界播

这可能会使零售证券对投资者具有吸引力,因为公开市场的低利率意味着投资者对该公司将全额偿还债务的信心。MYW世界播


Financial advisers, however, often advise clients against tying up their money in one company. Those who rely on fixed-income payments as a form of income, such as retirees, should particularly avoid such concentration, says Larry Swedroe, chief research officer at Buckingham Strategic Wealth. MYW世界播

然而,财务顾问经常建议客户不要将资金捆绑在一家公司。白金汉战略财富(Buckingham Strategic Wealth)首席研究官拉里·斯威德罗(Larry Swedroe)表示,那些依赖固定收益支付作为一种收入形式的人,如退休人员,尤其应该避免这种集中。MYW世界播


“I would want to buy a huge portfolio of hundreds of these so I wouldn’t have the idiosyncratic risk of Toyota,” he said. “The average investor buying this stuff is not going to be able to analyze the risk in each of these floating rate notes.” MYW世界播

他说:“我会想要购买成百上千个这样的庞大投资组合,这样我就不会有丰田的特殊风险。”“购买这些债券的普通投资者将无法分析每一种浮动利率债券的风险。”MYW世界播

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