To Satisfy Its Investors, Cash-Rich Apple Borrows Money
May 02, 2013
坐擁千億現金，蘋果為何仍舉債？
, 2013年05月02日
With a $145 billion cash hoard, Apple could acquire Facebook, Hewlett-Packard and Yahoo. Put another way, it could buy every office building and retail space in New York, according to city estimates.
擁有1450億美元（約合8923億元人民幣）現金儲備的蘋果公司(Apple)可以買下Facebook、惠普(Hewlett-Packard)和雅虎(Yahoo)。換一種方式來說，據紐約市政府的統計數據估算，它能買下市內的所有寫字樓和零售店。
But despite its extraordinarily flush balance sheet, the technology behemoth borrowed money on Tuesday for the first time in nearly two decades. In a record-size bond deal, the company raised $17 billion, paying interest rates that hovered near the low-cost debt of the United States Treasury.
雖然蘋果資產負債表的規模非常龐大，但這家科技巨頭公司周二卻開始舉債，這是近20年來的頭一次。蘋果在一項數額空前的債券交易中籌集了170億美元，它所支付的利率和美國財政部(United States Treasury)發行的低息債券相差無幾。
Apple’s return to the debt markets raises a riddle: Why would a company with so much cash even bother to issue debt?
蘋果重返債券市場的事實帶來了一個謎題：為什麼一家坐擁如此多現金的公司竟然還要發行債券？
Eric Risberg/Associated Press
去年，蘋果首席執行官蒂莫·庫克表示，要把資金回饋給股東。
The answer has a lot to do with the frenzied state of the bond markets. Companies are issuing hundreds of billions of dollars in debt to exploit historically low interest rates. They are also feeding strong investor demand for high-quality corporate bonds as an alternative to money market funds and Treasury bills, which are paying virtually nothing.
這個問題的答案與債券市場的狂熱現狀很有關係。各個公司都在發行數千億美元的債券，以藉機利用史上最低的利率。這些公司是在滿足投資者強烈的需求，因為投資者希望能用高質量的企業債券來代替幾乎毫無報償的貨幣市場基金和國債。
Apple’s maneuver, however, also reflects the unusual challenges of a fabulously successful company with a sinking stock price. Apple is plagued by concerns that its growth may be slowing, and its shares have plummeted from a high last fall of more than $700 to under $400 last month.
蘋果是一家極其成功的公司，但其股價卻在不斷下跌，此舉也反映出了該公司所面臨的不尋常挑戰。人們對其增長可能正在放緩的擔心一直困擾着蘋果；上個月，該公司的股價從去年秋季的最高值，即每股700多美元跌至每股不到400美元。
In an effort to assuage a growing chorus of frustrated investors, the company is issuing bonds to help finance a $100 billion payout to shareholders. Apple said last week that it planned to distribute that amount by the end of 2015 in the form of paying increased dividends and buying back its stock. Since that announcement, Apple shares have risen 10 percent, closing at $442.78 on Tuesday
為了平息失望的投資者日益上升的不滿情緒，蘋果正在通過發行債券來幫助籌措將要支付給股東的1000億美元。蘋果上周稱，它計劃於2015年年底之前，以增加分紅和回購股份的方式來將這筆資金髮放出去。在聲明發佈後，蘋果的股價上漲了10%，周二以每股442.78美元收盤。
Yet even as shareholders and analysts welcome the financial tactics, they emphasize that the maker of iPhones, iPads and Macs must continue to innovate and fend off increasing competition. After all, today’s Apple could be tomorrow’s Palm.
雖然股東和分析人士對這些金融策略表示歡迎，但他們強調指出，作為iPhone、iPad和Mac電腦的製造者，蘋果必須繼續創新，以應對愈發激烈的競爭。畢竟，今天的蘋果很可能會成為明日的奔邁(Palm)。
“This is a substantial return of cash and it’s the right thing to do on many levels,” said Toni Sacconaghi, an analyst with Bernstein Research. “But, ultimately, the company has to execute. This is no substitute for that.”
“這次現金返還的數額巨大，從很多層面而言，這樣做都是對的，”伯恩斯坦研究公司(Bernstein Research)的分析師托尼·薩克納吉(Toni Sacconaghi)說。“但是，蘋果最終還是要在業務方面有所作為，這一點是無可替代的。”
By raising cheap debt for the shareholder payout, Apple also avoids a potentially big tax hit. About two-thirds of Apple’s cash — about $102 billion — sits overseas in lower-tax jurisdictions. If it returned some of that cash to the United States to reward its investors, it could have significant tax consequences for the company. In some ways, the bond issue is a response to that tax situation.
通過籌集利率較低的貸款來回饋股東，蘋果也避免了潛在的巨大稅負。蘋果約有三分之二的現款——約1020億美元——都存在於海外的低稅收行政轄區內。如果蘋果將其中一部分資金拿回美國來回饋投資者，就可能會為公司帶來大量稅負。從某種程度上來說，蘋果舉債的做法也是為了解決稅務問題。
“They have been so successful with their tax planning that they’ve created a new problem,” said Martin A. Sullivan, chief economist at Tax Analysts, a publisher of tax information. “They’ve got so much money offshore.”
“他們在稅收計劃方面非常成功，從而引發了一個新問題，”稅務信息發行機構稅務分析師公司(Tax Analysts)的首席經濟學家馬丁·A·沙利文(Martin A. Sullivan)說。“他們的離岸資金數額龐大。”
The $17 billion debt sale by Apple is the largest corporate issuance on record, surpassing a $16.5 billion deal from the drug maker Roche Holding in 2009, according to Dealogic.
根據分析公司Dealogic的數據，蘋果所出售的170億美元的債券超過了製藥公司羅氏控股(Roche Holding)2009年165億美元的債券交易額，成了迄今數額最大的一筆企業債券。
Apple joins a parade of large companies issuing debt with astonishingly low yields. Last week, Nike sold bonds that mature in 10 years that yielded only 2.27 percent. In November, Microsoft set the record for the lowest yield on a five-year bond, issuing the debt at 0.99 percent. In comparison, the yield on the 10-year Treasury on Tuesday was 1.67 percent, while the five-year note yielded 0.68 percent.
目前，一些大企業紛紛開始發行利率極低的債券，蘋果也加入了他們的行列。上周，耐克(Nike)發售了一批收益率僅為2.27%的10年期債券。去年11月，微軟(Microsoft)創下了五年期債券收益率的最低值，它承諾的收益率僅為0.99%。相比之下，周二的10年期國債的收益率為1.67%，而五年期國債的收益率則為0.68%。
“If you look at these big companies like Apple and Microsoft doing these big, low-cost bond offerings, it’s a way for them to raise money in an effort to create better returns for their shareholders,” said Steven Miller, a credit analyst with Standard & Poor’s Capital IQ. “The bond markets are practically begging these corporations to issue debt because of how cheap it is to raise money.”
“你看看蘋果和微軟等大公司所提供的這種數額巨大的低息債券，其實是為了籌措資金，以向股東提供更好回報，”標普資本智商公司(S&P Capital IQ)的信貸分析師史蒂文·米勒(Steven Miller)說。“籌措資金的成本異常低廉，債券市場實際上是在懇求這些企業來發行債券。”
Despite all the cash held by Apple, the credit-rating agencies have not awarded it their coveted AAA ratings, citing increased competition and a concern that its future product offerings could disappoint. (Microsoft, Exxon Mobil, Johnson & Johnson, and Automatic Data Processing have the highest credit ratings from Moody’s and S.&. P.)
儘管蘋果財力雄厚，但信用評級機構並沒有把蘋果的債券評為令人垂涎的AAA級。他們認為目前競爭正變得日益激烈，而且還擔心蘋果未來的產品會讓人失望。 （根據穆迪[Moody's]和標準普爾[S&P]的評定，信用級別最高的企業包括微軟、埃克森美孚公司[Exxon Mobil]、強生公司[Johnson & Johnson]和Automatic Data Processing公司。)
Apple’s less-than-perfect rating did not drive away investors on Tuesday. The offering generated investor demand of about $52 billion, according to Goldman Sachs and Deutsche Bank, which led the sale of the issuance.
周二，投資者並沒有被蘋果不夠完美的評級結果所嚇跑。債券的牽頭髮行商高盛(Goldman Sachs)和德意志銀行(Deutsche Bank)表示，蘋果的債券發行催生了約520億美元的認購需求。
Copyright © 2013 The New York Times Company. All rights reserved.
本文內容版權歸紐約時報公司所有，任何單位及個人未經許可，不得擅自轉載或翻譯。
To Satisfy Its Investors, Cash-Rich Apple Borrows Money
May 02, 2013
坐擁千億現金，蘋果為何仍舉債？
, 2013年05月02日
With a $145 billion cash hoard, Apple could acquire Facebook, Hewlett-Packard and Yahoo. Put another way, it could buy every office building and retail space in New York, according to city estimates.
擁有1450億美元（約合8923億元人民幣）現金儲備的蘋果公司(Apple)可以買下Facebook、惠普(Hewlett-Packard)和雅虎(Yahoo)。換一種方式來說，據紐約市政府的統計數據估算，它能買下市內的所有寫字樓和零售店。
But despite its extraordinarily flush balance sheet, the technology behemoth borrowed money on Tuesday for the first time in nearly two decades. In a record-size bond deal, the company raised $17 billion, paying interest rates that hovered near the low-cost debt of the United States Treasury.
雖然蘋果資產負債表的規模非常龐大，但這家科技巨頭公司周二卻開始舉債，這是近20年來的頭一次。蘋果在一項數額空前的債券交易中籌集了170億美元，它所支付的利率和美國財政部(United States Treasury)發行的低息債券相差無幾。
Apple’s return to the debt markets raises a riddle: Why would a company with so much cash even bother to issue debt?
蘋果重返債券市場的事實帶來了一個謎題：為什麼一家坐擁如此多現金的公司竟然還要發行債券？
Eric Risberg/Associated Press
去年，蘋果首席執行官蒂莫·庫克表示，要把資金回饋給股東。
The answer has a lot to do with the frenzied state of the bond markets. Companies are issuing hundreds of billions of dollars in debt to exploit historically low interest rates. They are also feeding strong investor demand for high-quality corporate bonds as an alternative to money market funds and Treasury bills, which are paying virtually nothing.
這個問題的答案與債券市場的狂熱現狀很有關係。各個公司都在發行數千億美元的債券，以藉機利用史上最低的利率。這些公司是在滿足投資者強烈的需求，因為投資者希望能用高質量的企業債券來代替幾乎毫無報償的貨幣市場基金和國債。
Apple’s maneuver, however, also reflects the unusual challenges of a fabulously successful company with a sinking stock price. Apple is plagued by concerns that its growth may be slowing, and its shares have plummeted from a high last fall of more than $700 to under $400 last month.
蘋果是一家極其成功的公司，但其股價卻在不斷下跌，此舉也反映出了該公司所面臨的不尋常挑戰。人們對其增長可能正在放緩的擔心一直困擾着蘋果；上個月，該公司的股價從去年秋季的最高值，即每股700多美元跌至每股不到400美元。
In an effort to assuage a growing chorus of frustrated investors, the company is issuing bonds to help finance a $100 billion payout to shareholders. Apple said last week that it planned to distribute that amount by the end of 2015 in the form of paying increased dividends and buying back its stock. Since that announcement, Apple shares have risen 10 percent, closing at $442.78 on Tuesday
為了平息失望的投資者日益上升的不滿情緒，蘋果正在通過發行債券來幫助籌措將要支付給股東的1000億美元。蘋果上周稱，它計劃於2015年年底之前，以增加分紅和回購股份的方式來將這筆資金髮放出去。在聲明發佈後，蘋果的股價上漲了10%，周二以每股442.78美元收盤。
Yet even as shareholders and analysts welcome the financial tactics, they emphasize that the maker of iPhones, iPads and Macs must continue to innovate and fend off increasing competition. After all, today’s Apple could be tomorrow’s Palm.
雖然股東和分析人士對這些金融策略表示歡迎，但他們強調指出，作為iPhone、iPad和Mac電腦的製造者，蘋果必須繼續創新，以應對愈發激烈的競爭。畢竟，今天的蘋果很可能會成為明日的奔邁(Palm)。
“This is a substantial return of cash and it’s the right thing to do on many levels,” said Toni Sacconaghi, an analyst with Bernstein Research. “But, ultimately, the company has to execute. This is no substitute for that.”
“這次現金返還的數額巨大，從很多層面而言，這樣做都是對的，”伯恩斯坦研究公司(Bernstein Research)的分析師托尼·薩克納吉(Toni Sacconaghi)說。“但是，蘋果最終還是要在業務方面有所作為，這一點是無可替代的。”
By raising cheap debt for the shareholder payout, Apple also avoids a potentially big tax hit. About two-thirds of Apple’s cash — about $102 billion — sits overseas in lower-tax jurisdictions. If it returned some of that cash to the United States to reward its investors, it could have significant tax consequences for the company. In some ways, the bond issue is a response to that tax situation.
通過籌集利率較低的貸款來回饋股東，蘋果也避免了潛在的巨大稅負。蘋果約有三分之二的現款——約1020億美元——都存在於海外的低稅收行政轄區內。如果蘋果將其中一部分資金拿回美國來回饋投資者，就可能會為公司帶來大量稅負。從某種程度上來說，蘋果舉債的做法也是為了解決稅務問題。
“They have been so successful with their tax planning that they’ve created a new problem,” said Martin A. Sullivan, chief economist at Tax Analysts, a publisher of tax information. “They’ve got so much money offshore.”
“他們在稅收計劃方面非常成功，從而引發了一個新問題，”稅務信息發行機構稅務分析師公司(Tax Analysts)的首席經濟學家馬丁·A·沙利文(Martin A. Sullivan)說。“他們的離岸資金數額龐大。”
The $17 billion debt sale by Apple is the largest corporate issuance on record, surpassing a $16.5 billion deal from the drug maker Roche Holding in 2009, according to Dealogic.
根據分析公司Dealogic的數據，蘋果所出售的170億美元的債券超過了製藥公司羅氏控股(Roche Holding)2009年165億美元的債券交易額，成了迄今數額最大的一筆企業債券。
Apple joins a parade of large companies issuing debt with astonishingly low yields. Last week, Nike sold bonds that mature in 10 years that yielded only 2.27 percent. In November, Microsoft set the record for the lowest yield on a five-year bond, issuing the debt at 0.99 percent. In comparison, the yield on the 10-year Treasury on Tuesday was 1.67 percent, while the five-year note yielded 0.68 percent.
目前，一些大企業紛紛開始發行利率極低的債券，蘋果也加入了他們的行列。上周，耐克(Nike)發售了一批收益率僅為2.27%的10年期債券。去年11月，微軟(Microsoft)創下了五年期債券收益率的最低值，它承諾的收益率僅為0.99%。相比之下，周二的10年期國債的收益率為1.67%，而五年期國債的收益率則為0.68%。
“If you look at these big companies like Apple and Microsoft doing these big, low-cost bond offerings, it’s a way for them to raise money in an effort to create better returns for their shareholders,” said Steven Miller, a credit analyst with Standard & Poor’s Capital IQ. “The bond markets are practically begging these corporations to issue debt because of how cheap it is to raise money.”
“你看看蘋果和微軟等大公司所提供的這種數額巨大的低息債券，其實是為了籌措資金，以向股東提供更好回報，”標普資本智商公司(S&P Capital IQ)的信貸分析師史蒂文·米勒(Steven Miller)說。“籌措資金的成本異常低廉，債券市場實際上是在懇求這些企業來發行債券。”
Despite all the cash held by Apple, the credit-rating agencies have not awarded it their coveted AAA ratings, citing increased competition and a concern that its future product offerings could disappoint. (Microsoft, Exxon Mobil, Johnson & Johnson, and Automatic Data Processing have the highest credit ratings from Moody’s and S.&. P.)
儘管蘋果財力雄厚，但信用評級機構並沒有把蘋果的債券評為令人垂涎的AAA級。他們認為目前競爭正變得日益激烈，而且還擔心蘋果未來的產品會讓人失望。 （根據穆迪[Moody's]和標準普爾[S&P]的評定，信用級別最高的企業包括微軟、埃克森美孚公司[Exxon Mobil]、強生公司[Johnson & Johnson]和Automatic Data Processing公司。)
Apple’s less-than-perfect rating did not drive away investors on Tuesday. The offering generated investor demand of about $52 billion, according to Goldman Sachs and Deutsche Bank, which led the sale of the issuance.
周二，投資者並沒有被蘋果不夠完美的評級結果所嚇跑。債券的牽頭髮行商高盛(Goldman Sachs)和德意志銀行(Deutsche Bank)表示，蘋果的債券發行催生了約520億美元的認購需求。
Copyright © 2013 The New York Times Company. All rights reserved.
本文內容版權歸紐約時報公司所有，任何單位及個人未經許可，不得擅自轉載或翻譯。
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