[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciocf5f6089":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciocf5f6089","甲骨文(ORCL)重返债市！拟发100亿美元债券，为AI基建“补血”","\u002Fdoc\u002Fdciocf5f6089","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，全球云基础设施与数据库巨头甲骨文(ORCL)周一启动了总额100亿美元的美元债券发行，而就在数日前，该公司刚公布了新的资本支出计划，用于为其人工智能(AI)基础设施投资提供资金。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>据一位知情人士透露，该公司正以六个批次推销这批债券，期限从两年到20年不等。该人士表示，最长期限批次的初始价格指引为较美国国债利差约3.6个百分点。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>募集说明书显示，该批债券的预期评级为穆迪\"Baa2\"、标普\"BBB-\"及惠誉\"BBB\"。其中标普的BBB-评级处于投资级序列的最低一档，距离\"垃圾债\"门槛仅一步之遥。募集资金净额将用于一般企业用途，包括资本开支、偿还债务、未来投资或收购，以及派发现金股息或回购股票。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>美国证券交易委员会(SEC)EDGAR系统显示，甲骨文已于11月2日提交了一份自动搁架注册声明(S-3ASR，文件编号333-299752)，为本次债券发行提供募集依据。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>甲骨文此轮大规模融资的直接动因，是其对AI云基础设施的激进押注。该公司在10月28日拉斯维加斯投资者日上明确表示，2026财年资本开支已同比翻倍至557亿美元，根据FactSet，本财年预计进一步跳增65%至919亿美元，用以满足大客户对云端算力的签约需求。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>为管控杠杆，甲骨文向投资者承诺在2027—2030财年的投资周期内，将追加融资总额控制在200亿美元以内(不含既有债务再融资)，其中股权与债务各约100亿美元。本次100亿美元债券发行，正是该债务部分的主体。公司还承诺将于2029财年实现自由现金流转正，并将其当年目标定在300亿美元以上。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这一\"融资纪律\"承诺一度缓和市场情绪——投资者日次日甲骨文股价大涨约11%，市值单日增约420亿美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI融资担忧与信用风险指标飙升\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>然而，在乐观预期之下，围绕AI基础设施天量融资的担忧仍在债券市场持续发酵，甲骨文正成为投资者押注AI债务风险的\"风向标\"。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>此次发行距离微软公司(MSFT)结束近三个月的大型科技公司债券发行空窗期仅数日。当前，债券买家要求更高的风险溢价来承担与AI投资热潮相关企业的风险，并已为此支付溢价以保护自身。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>自去年以来，包括甲骨文在内的多家公司已向市场涌入数千亿美元的借贷资金，用于资助新数据中心和芯片采购，这引发了关于这些支出能否获得回报的质疑。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>据标普全球市场情报数据，甲骨文五年期信用违约互换(CDS)利差上月早些时候一度触及约320个基点的历史纪录，年内上涨近一倍。这一水平通常对应BB\u002FB级(高收益债)信用，远高于其投资级评级应有的定价。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>标普今年7月已将甲骨文评级下调至BBB-，并警告若公司杠杆持续超过4倍、或未能在2029财年前实现正自由现金流，可能再度下调，届时甲骨文债务将跌入垃圾债区间，可能触发仅限投资级的机构投资者被迫抛售。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>据FactSet数据，甲骨文已发行约1170亿美元长期债务，另有约390亿美元资本与租赁承诺;分析师预计其本财年自由现金流为约-237亿美元，下财年进一步扩大至约-360亿美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]