[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio3a20806f":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},"dcio3a20806f","SpaceX(SPCX)巨额新债承压-利差走阔账面浮亏超3亿美元","\u002Fdoc\u002Fdcio3a20806f","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，SpaceX(SPCX)创纪录规模的债券发行在二级市场的表现正迅速恶化，交易员表示，近期记忆中几乎没有哪笔交易在上市后利差扩大如此之猛。据知情人士透露，有大型做市商对SpaceX 2056年到期的债券报价，较发行时设定的“美国国债收益率+175个基点”的水平已走阔约28个基点(即当前利差约为203个基点)。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">自该债券开始交易以来，SpaceX此次250亿美元发行所导致的账面损失持续累积。截至周四收盘，相对于美国国债的利差扩大已造成约3.05亿美元的账面浮亏。其中，长期限债券(20年期和30年期)面临的质疑声较中短期债券更大，此前因认购需求一度接近900亿美元而由承销商收窄的利差，目前已几乎全部回吐。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">交易员指出，这一价格走势表明，本轮认购中涌入的更多是快进快出的“热钱”账户，而非传统的买入并持有型长期投资者。值得关注的是，SpaceX股票在周二债券定价前一日曾暴跌16%，但定价后股价基本企稳——这使得债券的抛压显得尤为突出。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">即便债券抛售背后存在更多技术性因素——例如对冲基金进行空头回补或对冲空头头寸——但如此罕见的利差走阔幅度仍指向SpaceX独特的风险特征。该公司在本月市值一度触及2.64万亿美元峰值，尽管惠誉评级预计其未来数年现金流为负，且对埃隆·马斯克的个人依赖被视为“关键评级约束”，SpaceX仍获得了投资级评级。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Impax Asset Management投资组合经理Tony Trzcinka表示“我们预期SpaceX债券上市后会有所走阔，但没想到幅度这么大。这可能是多重因素的完美风暴——股票自高位已蒸发逾6000亿美元市值、发行规模超预期扩容带来的技术面压力，以及投资者仍在困惑如何为其独特的风险特征定价。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">与近期其他大型债券发行的二级市场表现相比，SpaceX的利差走阔实属罕见。以英伟达(NVDA)为例，该公司本月分七部分发行了250亿美元的高等级债券。其2046年到期的5.55%债券自发行以来利差走阔约8个基点，与其2056年到期的5.625%债券的利差变动幅度相近。相比之下，谷歌母公司Alphabet于2月发行的长期债券利差甚至有所收窄。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">利差走阔通常意味着投资者认为企业偿债能力面临的不确定性上升。经过此轮走阔后，SpaceX的信用曲线目前交易水平已更接近同评级的甲骨文(ORCL)——后者长期债券在上市后同样经历了利差扩大。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">与此同时，科技股周五拖累全球股指走低，芯片板块再度遭遇抛售。另有报道称OpenAI可能推迟上市计划，进一步打压市场情绪。中国两位知名对冲基金经理也发出警告，称全球股市的人工智能热潮已演变为不可持续的泡沫。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">从认购结构看，对SpaceX债券需求最为强劲的是五年期品种，使公司在该期限上的融资成本降幅大于长期限部分。而20年期和30年期债券的需求明显较弱，是本次发行中需求下滑最显著的部分。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">SpaceX发言人未立即回应置评请求，承销本次债券发行的投行亦未就SpaceX债券交易水平发表评论。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">今年以来，随着科技巨头竞相筹集数十亿美元资金以支持人工智能项目，债券投资者已被大规模发行所淹没。截至本周二，美国高等级债券6月供给已达1750亿美元，创下新的月度纪录，超越2020年同期的1690亿美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">据周四报道，与SpaceX债券挂钩的信用违约互换(CDS)本周已开始活跃交易，为投资者提供了对冲潜在损失或投机该公司信用状况的工具。这将催生更多双向交易活动，即更多的风险敞口构建方式，从而可能提振债券的二级市场流动性。\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"]