Alphabet玩转债券市场

Group 1 - Alphabet Inc. has initiated a new round of bond issuance to meet the substantial funding needs of its artificial intelligence business, successfully issuing $20 billion in multi-term bonds this week [1] - The company has established a liquid yield curve across major currencies, enhancing the attractiveness of its bonds to investors and potentially lowering financing costs [1] - S&P Global Ratings has assigned Alphabet an AA+ rating, supported by over $125 billion in cash reserves on its balance sheet [1] Group 2 - The issuance of a £1 billion (approximately $1.4 billion) century bond by Alphabet is a strong market signal, as only a few entities have previously issued such long-term bonds [2] - The bond's issuance rate is 120 basis points higher than the longest-dated UK government bond, with a yield slightly above 6% and a subscription demand nearing £10 billion [2] - The primary underwriters will allocate most of the bonds to long-term holders, indicating that secondary market trading may not be very active [2] Group 3 - Austria has issued ultra-long bonds in the past, but its pricing logic differs significantly from Alphabet's, as Austria's bonds have suffered due to rising interest rates [3] - Alphabet's century bond has a coupon rate more than six times higher than Austria's, allowing it to cover principal through compounding effects within 17 years [3] - Potential buyers of such bonds may include reinsurance companies or fixed-income pension funds, which could improve capital allocation under EU solvency regulations [3] Group 4 - Alphabet is expected to return to the bond market for financing, as at least half of its annual revenue of approximately $340 billion may be allocated to AI-related capital expenditures [4] - The company is viewed as a highly creditworthy issuer with clear growth plans and expected investment returns that significantly exceed debt costs, making it an attractive option for investors [4]