据 Bloomberg，Microsoft 自 2017 年 170 亿美元发债后首次重返美国债券市场，寻求以最多 10 个批次发行至少 250 亿美元债券。其 40 年期债券定价接近 Alphabet 和 Amazon 的长期债券，尽管 Microsoft 评级更强为 AAA，表明 AI 债务潮推高了所有发债人的借款成本。
原文把 Microsoft 债券定价与 AI 债务潮联系起来，读者可以借此理解超大规模厂商融资成本的整体抬升。
Bloomberg: Microsoft is returning to the US bond market for the first time since its $17B sale in 2017, seeking at least $25B across up to 10 tranches.
Its 40-year note is priced near Alphabet’s and Amazon’s long bonds despite Microsoft’s stronger AAA rating, which suggests the flood of AI debt is lifting borrowing costs for everyone.
Hyperscalers and data center developers have sold more than $313B of investment-grade bonds this year, almost 3 times 2025’s total, pushing global bond sales to a record $6.61T.
来源：Rohan Paul · x.com