[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio8c887daa":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"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,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio8c887daa","股热债冷！SpaceX(SPCX)250亿美元发债首秀不及预期，万亿市值难消债市“戒心”","\u002Fdoc\u002Fdcio8c887daa","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，尽管信用评级机构称SpaceX(SPCX)资质优良，已达到投资级企业标准。但是，债券市场的态度却要审慎得多。作为250亿美元融资计划的一部分，SpaceX发行的2036年到期债券，最终定价较同期美国国债溢价1.4个百分点，这一利差比BBB级同类债券的平均水平高出约0.4个百分点。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">这一溢价反映出，尽管SpaceX本月以史上最大IPO创下里程碑、备受资本市场热捧，但在首次发债时，埃隆·马斯克旗下的火箭、卫星与人工智能帝国面对的却是更为冷静的债市买家。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">不过，利差水平也足以让债券投资者心动。据知情人士透露，在认购高峰期，申购订单一度接近900亿美元，到定价落地时虽回落至730亿美元，仍远超发行规模。汇编数据显示，最终认购倍数不足三倍，低于今年优质企业债平均四倍的水平。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">另有知情人士称，认购需求最集中的是期限最短、风险最低的债券品种。这种偏好，加上SpaceX支付的溢价，很可能反映出市场对其现金流的担忧。公司目前正处于烧钱阶段，标普全球评级预计这一态势将持续至2030年，且明年烧钱速度还将显著加快。尽管营收有望增长，但支出扩张速度预计更快。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">“股票市场分享的是上行收益，债券持有人却享受不到，”Shorecliff资产管理公司创始人兼首席投资官格兰特·纳赫曼表示，“因此，必须为风险获得补偿。这就是为什么一家公司市值可达数万亿美元，却仍须支付可观的利差才能进入债市融资。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">此外，部分债券投资者可能也并不急于此时大举入场——SpaceX未来几年预计还将在债市继续融资数十亿美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">雄心与现实的错位\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SpaceX志在苍穹。除火箭发射业务外，公司还在加速建设覆盖全球的卫星网络，加码人工智能业务，甚至计划将数据中心送入太空。然而，固定收益投资者在这些宏大蓝图中获利空间有限——无论公司未来多么成功，债券持有人最多只能收回本息，无法分享超额收益。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">这与股权投资者形成鲜明对比。后者有望在最理想情境下获得巨额回报，因此更愿意承担风险，也更愿意押注马斯克这位创始人的个人号召力。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">即便在股市上，经历上市初期的暴涨后，过去数日市场热情也已有所消退。SpaceX股价在周二反弹，但此前连续三天的抛售已使市值蒸发逾6000亿美元。当前股价较IPO发行价高出约15%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">债券投资者并非没有信心。截至6月19日，SpaceX账上现金超过1000亿美元。评级机构表示，公司有意维持高投资级评级，必要时可通过削减投资等方式保住评级，也有增发股票融资的空间。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">“这是不是‘信我就行’的故事?我认为是的。”GW&K投资管理公司投资组合经理布雷特·科兹洛夫斯基坦言。即便马斯克和公司本身表现出色，“也改变不了我们将在新闻头条中不断面对的各种噪音。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">不过，债市投资者近期在科技公司债券上吃过亏，也因此变得更加谨慎。芯片巨头英伟达(NVDA)上周发行了250亿美元的高等级债券，为2021年以来首次，一度吸引高达850亿美元的认购订单。然而，这批债券目前相较美国国债的交易价格普遍略有走弱。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，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模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 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，每天处理千万级股票数据：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，精准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":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"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","编辑","编辑视频","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"]