每日新闻更新 - 苹果公司的新发债券 The Daily Update - Apple’s bumper deal

昨天,苹果公司发行了总额70亿美元的债券,这是该公司今年到目前为止发行的第八支债券。尽管美国最新推出的税改方案将极有利于美国企业将境外资产汇回国内,但也未能改变苹果新发债券的做法。根据彭博社的报道,截止9月30日,苹果公司约有94%的现金位于境外,这支新发债券凸显了新税改方案带来的不确定性。

这支新发债券的筹资将用于3000亿美元的公司股票回购以及摊还债款。市场对债券超额认购,最初计划融资10亿美元,但最终筹到70亿美元。考虑到几天前苹果公司刚成为美国第一大企业,市值达到9000亿美元,尽管时间短暂,但新发债券出现巨额需求也毫不意外。

苹果公司的评级是Aa1,发行了从2年到30年期不等的6个债券系列。例如,30年期债券对美国国债的价差超过100点,收益率达3.75%。我们已经持有苹果公司2043年到期、票息为3.85%的债券,该债券目前对美国国债的价差约为105点,而类似Aa1等级、久期约为16年的债券的价差约为40点。因此,我们计算得出该债券的风险调整回报率和收益率均超过14%,非常有吸引力。该债券筹资30亿美元,交易价格比其等级高4.6档,换言之,市场按照A2/A3的等级对其进行定价。尽管最新发行的2047年到期、票息为3.75%、总额为12.5亿美元的债券与其公允价格有大约59点的价差,说明预期回报率和收益率为14.2%,但按照久期加权的角度来看,2043年到期的债券更有吸引力。

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