摩根大通:超大规模数据中心债券供应激增致投资者持观望态度

智通财经
Jul 27
【摩根大通:超大规模数据中心债券供应激增致投资者持观望态度】摩根大通最新研报指出,尽管超大规模数据中心运营商的债券利差与收益率持续走阔,但受市场对债券发行量持续激增的预期影响,投资者目前对二级市场此类债券持谨慎观望态度。摩根大通策略师纳撒尼尔·罗森鲍姆在周一发布的报告中披露,上周美国流动性指数显示,超大规模债券利差大幅扩大16个基点至151个基点,而该指数其他成分股利差仅微扩1个基点至91个基点,超大规模债券收益率相对提升61%。目前,投资级超大规模数据中心运营商的债券收益率已较BB级高收益债券高出80个基点。报告分析认为,当前的估值水平理论上应开始吸引跨界投资者入场,但市场普遍存在“等待更优定价”的博弈心态。投资者普遍预期后续主要发行定价可能更低,因此倾向于推迟买入。同时,市场原本希望利差的扩大能促使发行方放缓发债节奏或使发行更具规律性,但发行人往往将利差扩大视为整体资本支出与融资成本中占比较小的部分,发债意愿并未受到实质性抑制。

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