AI扩张雄心！甲骨文发180亿美元债券，为年内债市第二大融资

Core Viewpoint - Oracle has successfully completed an $18 billion investment-grade bond issuance, with peak subscription demand nearing $88 billion, primarily to fund AI infrastructure development, amidst a significant shift in its financial strategy following the CEO change [1][2][3]. Group 1: Financing and Debt - The bond issuance is the second-largest in the U.S. bond market this year, reflecting Oracle's urgent need for capital to fulfill large cloud infrastructure contracts with tech giants like OpenAI and Meta [2][3]. - The financing will provide critical resources for Oracle's AI infrastructure, but it also marks a turning point in the company's financial health, as cash flow has turned negative for the first time since 1992, and debt levels are expected to rise [3][6]. - The bond sale proceeds will be used for capital expenditures, future investments or acquisitions, and general corporate purposes, including debt repayment [6]. Group 2: Market Demand and Investor Sentiment - Despite the increased debt burden, investor enthusiasm for Oracle's bond issuance was strong, with a notable demand for the bonds [7][8]. - The bond issuance included a rare 40-year bond, with a final yield 1.37 percentage points higher than comparable U.S. Treasury bonds, indicating robust buyer interest [8]. Group 3: Financial Projections and Risks - Analysts predict that Oracle's cash flow will continue to decline in the coming years, with a return to positive cash flow not expected until 2029 [6]. - As of the end of August, Oracle had approximately $95 billion in long-term debt, and the recent bond issuance is expected to increase its leverage ratio [9]. - Credit default swap costs for Oracle have risen to their highest level since May 7, indicating growing concerns about debt default risk [9]. Group 4: Management Changes and Strategic Outlook - The bond issuance coincided with a management change, as long-time CEO Safra Catz is set to be replaced, raising questions about the continuity of the company's strict cost control measures [10][11]. - Analysts express uncertainty regarding whether the strong cost control discipline established under Catz will persist under new leadership [11]. Group 5: Broader Market Context - Oracle's significant bond issuance reflects the current hot market for high-grade bonds in the U.S., with over $190 billion in corporate high-grade bond issuance this month, the highest since February of the previous year [12][13]. - The backdrop of anticipated interest rate cuts by the Federal Reserve has led to declining bond yields and historically low risk premiums, prompting many borrowers to enter the market to secure lower financing costs [13].