谷歌母公司Alphabet Inc.今年第二次重返市政债券市场，推出一笔15亿美元的预付能源交易。
Google parent Alphabet Inc. is back in the municipal bond market for the second time this year with a $1.5 billion prepaid energy deal.
根据周二发布的初步债券文件，Alphabet被确定为由加利福尼亚社区选择融资局发行的债券发行的资金接收方。作为预付交易的主要承销商之一，高盛集团正在安排此次发行。
Alphabet was identified as the funding recipient on a bond offering that will be issued by the California Community Choice Financing Authority, according to preliminary bond documents posted Tuesday. Goldman Sachs Group Inc., one of the leading underwriters of prepaid deals, is arranging the offering.
预付能源交易是免税债务市场中一个快速增长的领域，服务于地方和州政府。这些复杂的交易允许公用事业公司以折扣价锁定电力或天然气供应，并涉及一个被称为资金接收方的金融中介机构，该机构预先收到债券销售所得款项，作为交换，定期付款以促进向参与公用事业公司交付能源。谷歌和高盛的代表均拒绝置评。
Prepaid energy deals are a fast-growing sector within the tax-exempt debt market for local and state governments. The complicated deals allow utilities to secure a discounted supply of electricity or gas, and involve a financial middleman, known as a funding recipient, which receives proceeds of the bond sale upfront in exchange for making periodic payments over time to facilitate the delivery of energy to the participating utility. Representatives for Google and Goldman declined to comment.
将获得折扣电力供应的公用事业公司是中央海岸社区能源公司，这是一个联合权力机构，为圣克鲁兹至圣巴巴拉沿海地区的客户提供服务。根据债券文件，它将利用通过即将到来的债券销售获得的能源出售给零售客户。
The utility that will receive the discounted supply of electricity is Central Coast Community Energy, a joint powers authority that serves customers along the California coastline spanning from Santa Cruz to Santa Barbara. It will use the energy it receives through the upcoming bond sale to sell to retail customers, according to bond documents.
这笔交易将是Alphabet作为资金接收方第二次涉足预付领域。这家科技巨头在6月参与了一笔交易，该交易引发了投资者的强烈需求。
The transaction will be Alphabet’s second foray into the prepaid sector as a funding recipient. The tech giant was involved in a transaction in June which generated strong demand from investors.
历史上，参与预付交易作为资金接收方的公司主要是银行，但近年来已多元化，包括保险公司和一家房地产投资信托基金。Alphabet是首家公开参与的科技公司。
The companies participating in prepaid deals as funding recipients have historically been banks, but that’s diversified in recent years to include insurance companies and a real estate investment trust. Alphabet is the first technology company to publicly participate.
过去几年，预付能源领域的发行量激增。据彭博编制的数据，今年以来该领域发行量已达约365亿美元，超过去年310亿美元的纪录高位。
The prepaid energy sector has seen a flood of issuance in the past several years. So far this year, the sector has seen about $36.5 billion in issuance, surpassing last year’s record haul of $31 billion, according to data compiled by Bloomberg.