谷歌百年债券，获近10倍认购

Core Viewpoint - Alphabet plans to issue a rare 100-year bond in the pound market, with a limited size of £1 billion (approximately $1.367 billion), amidst a booming AI infrastructure and significant debt financing by tech giants [1] Group 1: Bond Issuance Details - The bond issuance received nearly 10 times the subscription orders compared to the issuance amount [1] - Alphabet also issued $20 billion in the dollar market, increasing the initial planned issuance from $15 billion due to demand exceeding $100 billion [1] - This marks the first 100-year bond issuance by a tech company in nearly 30 years, the last being Motorola in 1997 [3] Group 2: Market Dynamics - The issuance includes seven maturity tranches, with the longest being a 40-year bond maturing in 2066, initially expected to yield 1.2 percentage points above U.S. Treasuries, now estimated to narrow to about 0.95 percentage points [3] - Strongest demand is concentrated in shorter-term bonds, with the 3-year bond pricing only 0.27 percentage points above U.S. Treasuries [4] Group 3: Multi-Currency Financing Advantages - Multi-currency financing helps diversify the investor base, which is crucial given the rising capital expenditures in AI infrastructure by large tech companies [6] - By accessing global bond markets rather than relying solely on the dollar market, Alphabet can avoid supply-demand imbalances that could inflate bond prices and compress yields [6] - The pound market offers lower interest rates compared to dollar debt, making the potential 100-year bond more attractive in terms of financing costs [7] Group 4: Industry Trends - Alphabet's significant debt issuance coincides with the announcement of record-high AI capital expenditures, with plans to invest over $185 billion in AI models and cloud infrastructure this year, nearly double last year's figure [8][9] - The company's long-term debt is projected to reach $46.5 billion by 2025, quadrupling from previous levels, while still holding over $125 billion in cash [10] - Other tech giants are also following suit, with Oracle raising $25 billion through bond issuance and receiving a record $129 billion in subscriptions [11] - Morgan Stanley forecasts that large cloud providers will borrow approximately $400 billion by 2026, more than double the $165 billion expected in 2025 [12]