🤖 AI Summary
**概要(日本語)**
Alphabet(Googleの親会社)は、今週初めて英国ポンド建ての「100年債」(センチュリーボンド)を発行する計画を進めている。これは同社が同時に実施している15億ドル規模のドル債販売やスイスフラン債の手配と合わせた、資金調達の大規模な動きの一環である。
- **100年債は極めて稀な長期借入**:金融危機後の低金利期にオーストリアやアルゼンチンなどが発行した例はあるが、英国ポンドでの発行はオックスフォード大学、EDF、ウェルカム・トラスト(最終は2018年)に限られる。
- **テクノロジー業界での前例は少ない**:IBMが1996年に、モトローラが1997年に発行した以外、ほとんどの大手テック企業は40年程度の債券が上限。
- **AIインフラ投資が背景**:2024年だけでビッグテックとそのサプライヤーは約7,000億ドル規模のAIインフラ整備に投資予定で、データセンター建設資金を調達するために債券市場への依存が高まっている。
- **市場関係者の見解**:ミカエル・バリー氏は「Alphabetが100年債を発行するのは珍しいが、テック業界で最後に見られたのは1997年のモトローラ」―当時は米国トップ25の企業だったが、以降は市場シェアを失ったと指摘。
このように、AlphabetはAI時代の資金需要に応えるべく、史上稀少な超長期債の発行を通じて資本市場からの資金調達を加速させている。
Alphabet has lined up banks to sell a rare 100-year bond, stepping up a borrowing spree by Big Tech companies racing to fund their vast investments in AI this year. From a report: The so-called century bond will form part of a debut sterling issuance this week by Google's parent company, according to people familiar with the matter. Alphabet was also selling $15bn of dollar bonds on Monday and lining up a Swiss franc bond sale, the people said.
Century bonds -- long-term borrowing at its most extreme -- are highly unusual, although a flurry were sold during the period of very low interest rates that followed the financial crisis, including by governments such as Austria and Argentina. The University of Oxford, EDF and the Wellcome Trust -- the most recent in 2018 -- are the only issuers to have previously tapped the sterling century market.
Such sales are even rarer in the tech sector, with most of the industry's biggest groups issuing up to 40 years, although IBM sold a 100-year bond back in 1996. Big Tech companies and their suppliers are expected to invest almost $700bn in AI infrastructure this year and are increasingly turning to the debt markets to finance the giant data centre build-out. Michael Burry, writing on Substack: Alphabet looking to issue a 100-year bond. Last time this happened in tech was Motorola in 1997, which was the last year Motorola was considered a big deal.
At the start of 1997, Motorola was a top 25 market cap and top 25 revenue corporation in America. Never again. The Motorola corporate brand in 1997 was ranked #1 in the US, ahead of Microsoft. In 1998, Nokia overtook Motorola in cell phones, and after the iPhone it fell out of the consumer eye. Today Motorola is the 232nd largest market cap with only $11 billion in sales.
Read more of this story at Slashdot.