微软发行200亿美元债券为收购领英筹资
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，为了给收购社交网络领英(LinkedIn)提供资金，微软(Microsoft)发行了近200亿美元债券，其规模在企业债券发行史上排名第五，为固定收益投资人注入一剂强心针。
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.
作为美国仅有的两家获标普(Standard & Poor’s)AAA评级的企业之一，微软此次发售债券获得了寻求收益的投资组合经理的热烈欢迎。当前有数万亿美元主权和企业债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.
据该交易的三名知情人表示，微软此次发行的债券分七种年限，发行规模为197.5亿美元。这家美国软件制造商在今年6月同意以260亿美元收购领英，这是微软首席执行官萨蒂亚•纳德拉(Satya Nadella)为恢复增长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.
微软此次债券发行认购规模超过500亿美元，需求最强的为10年期和30年期的债券。此次债券为固定收益率，到期年限在3年期至40年期之间，发行规模仅次于Verizon、百威英博(Anheuser-Busch InBev)、阿特维斯(Actavis)和戴尔(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.
该交易包括40亿美元10年期债券，利率高于基准美国国债90个基点，约为2.4%。此次新发30年期债券利率为3.73%，较2045年到期的现有债券高出5个基点。
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.
尽管微软债务负担明显加重，但标普和穆迪(Moody’s)在周一都再次重申对微软的AAA级评级。
Bank of America Merrill Lynch, JPMorgan and Wells Fargo led the underwriting of the sale.
美银美林(Bank of America Merrill Lynch)、摩根大通(JPMorgan)和富国银行(Wells Fargo)牵头此次债券发行工作。
