根据伦敦证券交易所集团（LSEG）的数据，今年美国投资级企业债券发行总额攀升至1.88万亿美元，超越此前的年度纪录，主要得益于大型科技公司为资助其人工智能（AI）雄心而大举借贷。
US investment-grade corporate bond issuance climbed to $1.88 trillion this year, LSEG data showed, surpassing the previous annual record as Big Tech companies borrow heavily to fund their AI ambitions.
截至11月4日，债务发行量较去年同期增长18.7%，突破了2020年创下的1.86万亿美元纪录。当时在接近零利率的推动下，企业在新冠疫情期间囤积现金。
The 18.7% rise in debt issuance from a year ago until November 4 breached the previous record of $1.86 trillion raised in 2020 when companies stockpiled cash during the COVID-19 pandemic, driven by near-zero interest rates.
然而，今年发行笔数下降约4%至1084笔，这意味着平均发行规模从去年的约14亿美元增至约17亿美元，主要归功于最大借款方的几笔巨额交易。
However, this year the number of issuance fell about 4% to 1,084, implying that the average offering size swelled to roughly $1.7 billion from about $1.4 billion a year ago, thanks to a few jumbo transactions by the largest borrowers.
数据显示，超大规模云服务商亚马逊（AMZN.O）和Alphabet（GOOGL.O）位列今年通过发债筹集资金最多的公司榜首。
Hyperscalers Amazon.com (AMZN.O) and Alphabet (GOOGL.O) top the list of companies that raised the most money by selling bonds this year, the data showed.
LSEG数据显示，加上Meta Platforms（META.O）、微软（MSFT.O）和甲骨文等其他超大规模云服务商，合计发行额超过3707亿美元，约占今年迄今美国投资级债券发行总额的五分之一。
Combined with other hyperscalers such as Meta Platforms (META.O), Microsoft (MSFT.O) and Oracle , it totaled over $370.7 billion, or roughly a fifth of all US investment-grade issuance so far this year, LSEG data showed.
Crossmark Global Investments首席市场策略师兼固定收益投资组合经理Victoria Fernandez表示：“市场已消化了AI相关发行，这从交易超额认购的情况便可见一斑。”
"The market has absorbed the AI issuance and it is evident from the oversubscribed nature of the deals," said Victoria Fernandez, chief market strategist and fixed income portfolio manager at Crossmark Global Investments.
“AI公司似乎没有放缓同时赴美元和欧元债券市场融资的步伐。”苹果（AAPL.O）成为本周最新赴债市融资的科技巨头。路透社看到的一份条款表显示，这家iPhone制造商正通过一项分七个期限的美元债券发行，筹集约75亿美元。
"The AI companies do not seem to be slowing down in coming to both the USD and Euro bond markets." Apple (AAPL.O) became the latest tech giant to tap the bond market this week. A term sheet seen by Reuters showed the iPhone maker is raising about $7.5 billion from a seven-part US-dollar bond offering.
不过，利率上行的前景加剧了人们的担忧，即巨额AI投资将以多快速度转化为利润，以及负债累累的公司能否足够快地产生回报，以偿付不断攀升的利息成本。
However, the prospect of higher interest rates is adding to concerns about how quickly massive AI investment will translate into profits and whether heavily indebted companies can generate returns fast enough to service mounting interest costs.
一些最大的人工智能支出企业的违约保险成本在近几个月里飙升。甲骨文的五年期信用利差上月触及325.45个基点的纪录高位。亚马逊、Alphabet、英伟达和Meta也创下了纪录，尽管水平远低于甲骨文。
Default insurance costs at some of the biggest AI spenders have surged in recent months. Oracle's five-year spread hit a record 325.45 basis points last month. Amazon, Alphabet, Nvidia and Meta also set records, though well below Oracle's level.
美国中期选举中民主党大胜也引发了对更严厉的人工智能监管以及数据中心建设放缓的担忧。
The Democratic sweep in US midterm elections has also sparked concerns about tougher AI regulation and a slowdown in the data-center buildout.
根据周五发布的一份研报，高盛分析师指出，人工智能变现延迟和采购承诺增长是导致债务发行增加的关键风险。
Goldman Sachs analysts flagged delayed AI monetization and growth in purchase commitments as key risks to more debt issuance, according to a note published on Friday.
该行预计，2027年超大规模数据中心运营商的资本支出将有35%通过发行债券融资，大致与今年的水平持平。
The bank expects 35% of hyperscalers' capital expenditure to be funded through bond issuance in 2027, roughly in line with the levels seen this year.