微軟發(fā)行200億美元債券為收購領(lǐng)英籌資

Microsoft jolted fixed income investors to life on Monday when it sold nearly $20bn of debt to fund its takeover of social network LinkedIn, the fifth largest corporate bond sale on record.

本周一，為了給收購社交網(wǎng)絡(luò)領(lǐng)英(LinkedIn)提供資金，微軟(Microsoft)發(fā)行了近200億美元債券，其規(guī)模在企業(yè)債券發(fā)行史上排名第五，為固定收益投資人注入一劑強(qiáng)心針。

The sale from the triple-A rated company, one of only two US corporates to hold the opinion from Standard & Poor’s, was met with intense demand as portfolio managers search out income. Trillions of dollars of sovereign and corporate debt are currently trading with a yield below zero.

作為美國僅有的兩家獲標(biāo)普(Standard & Poor’s)AAA評級的企業(yè)之一，微軟此次發(fā)售債券獲得了尋求收益的投資組合經(jīng)理的熱烈歡迎。當(dāng)前有數(shù)萬億美元主權(quán)和企業(yè)債券都是在零利率以下交易的。

The US software maker, which agreed to a $26bn acquisition of LinkedIn in June as part of chief executive Satya Nadella’s efforts to revitalise growth, issued $19.75bn of debt with seven maturities, according to three people familiar with the deal.

據(jù)該交易的三名知情人表示，微軟此次發(fā)行的債券分七種年限，發(fā)行規(guī)模為197.5億美元。這家美國軟件制造商在今年6月同意以260億美元收購領(lǐng)英，這是微軟首席執(zhí)行官薩蒂亞•納德拉(Satya Nadella)為恢復(fù)增長作出的努力的一部分。

Order books for the Microsoft sale eclipsed $50bn, the three people said, with demand strongest for 10- and 30-year paper. The sale, which ranks behind offerings from Verizon, Anheuser-Busch InBev, Actavis and Dell, was composed of fixed-rate notes maturing in between three and 40 years.

微軟此次債券發(fā)行認(rèn)購規(guī)模超過500億美元，需求最強(qiáng)的為10年期和30年期的債券。此次債券為固定收益率，到期年限在3年期至40年期之間，發(fā)行規(guī)模僅次于Verizon、百威英博(Anheuser-Busch InBev)、阿特維斯(Actavis)和戴爾(Dell)。

The transaction included $4bn of 10-year notes, which priced with a yield 90 basis points above the benchmark US Treasury, or roughly 2.42 per cent. New 30-year bonds priced with a yield of 3.73 per cent, 5 bps above existing debt that matures in 2045.

該交易包括40億美元10年期債券，利率高于基準(zhǔn)美國國債90個基點，約為2.4%。此次新發(fā)30年期債券利率為3.73%，較2045年到期的現(xiàn)有債券高出5個基點。

Both S&P and Moody’s affirmed their triple-A opinions of Microsoft on Monday despite the significant increase in the company’s debt burden.

盡管微軟債務(wù)負(fù)擔(dān)明顯加重，但標(biāo)普和穆迪(Moody’s)在周一都再次重申對微軟的AAA級評級。

Bank of America Merrill Lynch, JPMorgan and Wells Fargo led the underwriting of the sale.

美銀美林(Bank of America Merrill Lynch)、摩根大通(JPMorgan)和富國銀行(Wells Fargo)牽頭此次債券發(fā)行工作。