It may only be April, but the global hunt for income has led to so much demand for high-yielding Asian debt that 2013 is already a record year for issuance. 现在只是4月，但资金在全球范围追逐收益导致亚洲高收益债券的需求量如此巨大，2013年此类债券发行量已经创下最高纪录。

Junk-rated borrowers have so far raised $18.1bn in the market this year, bettering the previous full-year high of $16.2bn set in 2010, according to data from Dealogic. Dealogic数据显示，垃圾级借款人今年迄今已在市场上筹资181亿美元，刷新了2010年创下全年筹资162亿美元的纪录。

“We have had a very strong run . . . The market seems to be holding up pretty well,” said Wallace Lam, head of Asian high yield capital markets at HSBC. “I’ve never been so busy.” 汇丰(HSBC)高收益资本市场业务亚洲主管华莱士•拉姆(Wallace Lam)表示：“我们近期取得了非常强劲的业绩……市场似乎颇为稳固。我从来没像现在这样忙。”

On a year-to-date basis, the volume of cash raised has more than tripled. High yield has grown to account for more than a third of the total Asia ex-Japan credit market this year, up from just 12 per cent at the same point in 2012. 今年迄今，亚洲高收益债券市场筹资额同比增长逾两倍。今年，该市场继续扩张，已占到除日本外亚洲信贷市场总额的三分之一以上，高于2012年同期12%的比例。

The market has been dominated over the past year by Chinese property developers, who have looked to the offshore bond market to raise capital amid a slowdown in transactions at home. 过去一年，亚洲高收益债券市场的主导者是中国房地产开发商，由于国内交易放缓，这些开发商开始到海外债券市场筹资。

While that pattern has continued this year – more than half the money raised in high yield has come from Chinese real estate – bankers have detected a shift. 尽管今年延续了这一局面——高收益债券发行量逾半来自中国房地产业——但银行家们已察觉到了市场的变化。

“Now we’re starting to see more non-China supply, while out of China we’re starting to see a number of non-property deals come to the market. Things are definitely rebalancing a bit,” said Paul Au, head of Asian debt syndicate at UBS. 瑞银(UBS)债券辛迪加业务亚洲主管欧恩陶(Paul Au)表示：“我们目前开始看到，中国以外其他亚洲国家企业的筹资需求正在提高，而中国正有大量非房地产企业进入这一市场。确实在发生一些再平衡。”

Issuers in Indonesia, India and the Philippines have recently tapped the market, while Bank of Ceylon, a Sri Lankan state-run lender, raised $500m last week. 印尼、印度和菲律宾企业已进入高收益债券市场，而斯里兰卡国有银行锡兰银行(Bank of Ceylon)上周筹资5亿美元。

The wave of cash into high yield has driven borrowing costs down dramatically. Kaisa, a Chinese developer, paid 13.5 per cent to issue in the dollar bond market in 2010. Last month it was able to borrow again, but at just 8.875 per cent in a $550m deal that attracted more than $10bn in orders. 资金大举涌入高收益债券市场大幅拉低了借债成本。2010年，中国房地产开发商佳兆业(Kaisa)在美元债券市场发行债券的票面利率是13.5%。上个月，该公司再次筹资5.5亿美元，但票面利率仅为8.875%，认购额高于100亿美元。