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Why Google is offering a 100-year bond
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00:04
Yes, Google's parent company Alphabet is just tapping the bond market with a 100-year time frame.
是的，Google 的母公司 Alphabet 正在發行百年期債券。
00:10
No joke, this bond is not going to mature until the year 2126, and the wild part is investors could not get enough of it.
沒開玩笑，這批債券要到 2126 年才到期，而最令人驚訝的是，投資者對它趨之若鶩。
00:18
On today's stocks and translation, we're breaking down what this so-called century bond actually is and why a company that's drowning in cash, why they would want to borrow in the first place.
在今天的「股票與翻譯」節目中，我們將深入解析這種所謂的「百年期債券」究竟是什麼，以及一家現金滿溢的公司，為何一開始會想要借錢。
00:27
So, Alphabet is raising about $32 billion across multiple bond deals and multiple currencies, and only a smallish part, 1 billion British pounds, is for 100 years.
Alphabet 透過多項債券交易和多種貨幣，籌集了約 320 億美元，其中只有一小部分，即 10 億英鎊，是百年期的。
00:38
But let's back up a minute and add some context about the difference between stocks and bonds.
但讓我們暫停一下，補充一些關於股票和債券區別的背景知識。
00:44
So, stocks are ownership, bonds are a loan, with a stock, you end a slice of the company.
股票代表所有權，債券則是一種貸款；擁有股票，你就是公司的一部分。
00:50
You buy it with the hope that the stock price goes up, and maybe the company pays you a dividend.
你購買股票是希望股價上漲，或許公司也會支付股息給你。
00:54
With a bond, you're lending to the company money, and they pay you interest until the maturity date is reached, and then they pay you back the original amount, and you get to keep all the interest.
購買債券，你就是借錢給公司，他們會支付你利息直到到期日，然後償還你原始本金，而你可以保留所有利息。
01:04
Now let's talk about who buys something like this.
現在我們來談談誰會購買這類產品。
01:07
Some buyers like pension funds and insurers want steady payments for a very long time.
有些買家，例如退休基金和保險公司，需要長期穩定的收益。
01:12
They're promises to pay people last decades, so guess what?
他們對人們的支付承諾會持續數十年，所以你猜怎麼著？
01:15
They like investments that last decades.
他們喜歡能夠持續數十年的投資。
01:17
Other buyers are just making a big, clean bet on interest rates, hoping to buy low and sell high, or vice versa.
其他買家只是對利率進行一次明確的大賭注，希望低買高賣，反之亦然。
01:24
And why would Google's parent company want to go into debt when they're neck deep in cash anyway?
那麼，Google 的母公司既然資金充裕，為何還要負債呢？
01:30
Because AI is turning tech into a hugely expensive infrastructure build-out, and even cash-rich companies like to have cheap, flexible funding, while late rates are historically low.
因為人工智慧正在將科技業轉變為一項耗資巨大的基礎設施建設，即使是資金充裕的公司也喜歡擁有便宜、靈活的資金，尤其是在目前利率處於歷史低點之際。
01:42
Okay, so quick history break right now, because century bonds, they are not anything new.
好的，現在快速回顧一下歷史，因為百年期債券並非什麼新鮮事。
01:47
Way back in 1993, Coca-Cola did a 100-year bond, and so did Motorola in 1997, which was the last time a tech company played the century game.
早在 1993 年，可口可樂就發行了百年期債券，摩托羅拉也在 1997 年發行過，那是科技公司上次發行百年期債券。
01:57
The government of Austria, they also sold one in 2017, and if you really want to melt your brain, the UK issued perpetual bonds called consoles starting in 1751, with no maturity date ever.
奧地利政府也在 2017 年發行過，如果你真的想燒腦的話，英國從 1751 年開始發行了一種名為「Consols」的永續債券，永無到期日。
02:10
So here's the thing to really wrap your head around.
所以，這是你需要真正弄懂的事情。
02:12
It might not come right away, but if you can get this straight, you can talk bonds all day with the best of them.
可能不會馬上理解，但如果你能弄清楚這一點，你就能和最專業的人士談論債券一整天。
02:18
And what I'm talking about is how a bond's price and its yield always move opposite each other.
我要談的是債券價格和殖利率總是反向變動的關係。
02:24
Let's use Austria's 100-year bond going back to its start in 2017.
讓我們以奧地利百年期債券為例，回溯至其在2017年發行時。
02:28
We've got the bond price in white and the interest rate in green.
白色線條代表債券價格，綠色線條代表利率。
02:33
So notice the mirror image.
所以請注意這種鏡像關係。
02:34
In fact, that's the only thing that you really need to concentrate on.
事實上，這是你唯一需要專注的點。
02:38
When the price line goes up, the yield goes down, and when the price goes down, the yield goes up.
當價格線上升時，殖利率下降；當價格下降時，殖利率上升。
02:43
This is a seesaw.
這就像一個翹翹板。
02:44
And here's why this happens like clockwork.
這就是為什麼這種情況會規律發生的原因。
02:47
Let's say a new bond is issued at a certain interest rate, maybe 5%, and with a maturity of 10 years.
假設一支新債券以某個特定利率（例如5%）發行，期限為10年。
02:53
Then let's say other 10-year bonds are issued with higher rates, like all the way up to 10%.
然後，假設其他10年期債券以更高的利率發行，甚至高達10%。
02:59
Well, our original bond that's only paying 5%, while these others are paying 10%, they don't look that attractive.
那麼，我們原來只支付5%利息的債券，相較於那些支付10%利息的債券，看起來就不那麼有吸引力了。
03:06
So the price of the bond starts getting cut until buyers feel like they're getting a good deal.
因此，債券價格開始被調降，直到買家覺得他們得到了划算的交易。
03:11
A rough rule of thumb is, if yields double, then the price of the bond could actually get roughly cut in half.
一個粗略的經驗法則是，如果殖利率翻倍，那麼債券價格實際上可能會大致減半。
03:17
It's not perfectly like that, but that's a very good starting point.
雖然並非完全如此，但這是一個很好的起點。
03:20
Okay, what do we look out for next when it comes to big tech and big bond offerings?
好的，接下來當談到大型科技公司和大型債券發行時，我們要注意什麼？
03:26
First, we want to watch demand on similar long-term tech bond offerings.
首先，我們要觀察類似的長期科技債券發行的需求。
03:30
Are these deals getting upsized or are they getting cut?
這些交易是被擴大規模了，還是被縮減規模了？
03:33
Then there's pricing.
接著是定價。
03:34
Is the extra yield that investors are demanding beyond safe government bonds?
投資者要求的、超出安全政府債券的額外殖利率，
03:38
Is that shrinking or is it growing?
正在縮小還是正在擴大？
03:41
And then there's a narrative.
然後還有一個市場敘事。
03:42
Does AI stay in buildout mode, or do we start seeing AI turn into real revenue?
人工智慧會停留在建設階段，還是我們會開始看到人工智慧轉化為實質營收？
03:47
That answer can determine who wins in both the stock and bond markets.
這個答案可以決定誰會在股票和債券市場中勝出。
03:51
And remember that the pick and shovels trade of the dot-com boom, which was a huge build out of fiber optics, those cash-rich giants didn't get the huge upside, but they did share in the long, deep downside.
請記住，網路泡沫時期的「賣鏟子」交易，當時是光纖網路的大規模建設，那些資金雄厚的巨頭並沒有獲得巨大的上漲空間，但卻共同承受了漫長而深遠的下跌。
04:03
Something to think about with Alphabet.
關於Alphabet，這點值得深思。
04:05
And tune into the Stocks in Translation podcast for more jargon, busting deep dives.
歡迎收聽「Stocks in Translation」播客，了解更多解密行話的深度分析。
04:09
New episodes can be found Tuesdays and Thursdays on Yahoo Finance's website or wherever you find your podcast.
新節目每週二和週四在Yahoo財經網站或您收聽播客的任何平台發布。

Why Google is offering a 100-year bond

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📝 影片摘要

Google母公司Alphabet近期發行了為期百年的債券，這批債券將在2126年才到期，儘管Alphabet現金充裕，投資者對此仍趨之若鶩。影片深入解釋了百年期債券的定義，並區分了股票（代表所有權）與債券（代表貸款）的差異。退休基金和保險公司是這類長期穩定收益債券的主要買家。Alphabet發債的原因是人工智慧發展導致科技業基礎設施建設成本高昂，且當前利率處於歷史低點，是取得便宜資金的好時機。影片回顧了可口可樂、摩托羅拉及奧地利政府發行百年期債券的歷史，並介紹了英國的永續債券。核心概念是債券價格與殖利率永遠反向變動，如同翹翹板效應。最後，影片建議投資者關注長期科技債券的需求、定價以及人工智慧是否能從建設階段轉化為實質營收，並以網路泡沫時期「賣鏟子」的教訓提醒投資者。

📌 重點整理

  • ✓ Google母公司Alphabet發行百年期債券，將於2126年到期，吸引大量投資者。
  • ✓ 股票代表公司所有權，購入是期望股價上漲與股息；債券是貸款，投資者賺取利息並於到期日收回本金。
  • ✓ 退休基金和保險公司是百年期債券的主要買家，因其需要長期穩定的收益來履行數十年期的支付承諾。
  • ✓ Alphabet儘管資金充裕，仍選擇發債，主因是AI發展導致科技業基礎設施建設耗資巨大，且歷史低利率提供便宜且靈活的資金。
  • ✓ 百年期債券並非新事物，可口可樂（1993年）、摩托羅拉（1997年）和奧地利政府（2017年）都曾發行過。
  • ✓ 英國於1751年發行的「Consols」是一種永續債券，沒有到期日。
  • ✓ 債券價格與殖利率之間存在反向關係：當價格上漲時，殖利率下降；當價格下降時，殖利率上升。
  • ✓ 投資者在評估大型科技公司債券發行時，應關注需求擴縮、相較政府債券的額外殖利率變化，以及AI技術能否轉化為實際營收。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
債券市場
bond market
債券
mature
投資者
investors
百年期債券
century bond
貨幣
currencies
股票
stocks
股息
dividend
退休基金
pension funds
利率
interest rates
殖利率
yield

🔍 自訂查詢

📚 共 10 個重點單字
bond market /bɒnd ˈmɑːrkɪt/ noun
A financial market where participants can issue new debt, known as bonds, or buy and sell debt securities.
債券市場；債市
📝 例句
"Yes, Google's parent company Alphabet is just tapping the bond market with a 100-year time frame."
→ 是的，Google 的母公司 Alphabet 正在以百年期的時間框架進入債券市場。
✨ 延伸例句
"The company decided to raise capital through the bond market."
→ 該公司決定透過債券市場籌集資金。
mature /məˈtʃʊər/ verb
(of a bond or insurance policy) to reach the end of the period for which it was issued, so that the money it represents can be paid out.
（債券、保單）到期
📝 例句
"No joke, this bond is not going to mature until the year 2126"
→ 沒開玩笑，這批債券要到 2126 年才到期
✨ 延伸例句
"The investment matured after five years."
→ 這項投資在五年後到期。
investors /ɪnˈvestərz/ noun
People or organizations that put money into financial schemes, shares, property, etc. with the expectation of achieving a profit.
投資者
📝 例句
"the wild part is investors could not get enough of it."
→ 最令人驚訝的是，投資者對它趨之若鶩。
✨ 延伸例句
"Many investors are looking for long-term growth."
→ 許多投資者正在尋求長期成長。
century bond /ˈsentʃəri bɒnd/ noun
A bond with a very long maturity period, typically 100 years.
百年期債券
📝 例句
"On today's stocks and translation, we're breaking down what this so-called century bond actually is"
→ 在今天的「股票與翻譯」節目中，我們將深入解析這種所謂的「百年期債券」究竟是什麼
✨ 延伸例句
"Century bonds are often favored by institutions needing long-term fixed income."
→ 百年期債券常受需要長期固定收益的機構青睞。
currencies /ˈkʌrənsiz/ noun
The system of money in general use in a particular country.
貨幣；流通貨幣
📝 例句
"Alphabet is raising about $32 billion across multiple bond deals and multiple currencies"
→ Alphabet 透過多項債券交易和多種貨幣，籌集了約 320 億美元
✨ 延伸例句
"The exchange rate between the two currencies fluctuates daily."
→ 這兩種貨幣的匯率每天都在波動。
stocks /stɒks/ noun
The capital raised by a business or corporation through the issue and subscription of shares.
股票；股份
📝 例句
"But let's back up a minute and add some context about the difference between stocks and bonds."
→ 但讓我們暫停一下，補充一些關於股票和債券區別的背景知識。
✨ 延伸例句
"Investing in stocks can offer higher returns but also higher risks."
→ 投資股票可能帶來更高的回報，但也伴隨更高的風險。
dividend /ˈdɪvɪdɛnd/ noun
A sum of money paid regularly (typically annually) by a company to its shareholders out of its profits.
股息；紅利
📝 例句
"You buy it with the hope that the stock price goes up, and maybe the company pays you a dividend."
→ 你購買股票是希望股價上漲，或許公司也會支付股息給你。
✨ 延伸例句
"Many investors rely on dividends for a steady income stream."
→ 許多投資者依賴股息來獲取穩定的收入流。
pension funds /ˈpɛnʃən fʌndz/ noun
Funds that are established by employers, unions, or other organizations to provide retirement benefits for their members.
退休基金；養老金
📝 例句
"Some buyers like pension funds and insurers want steady payments for a very long time."
→ 有些買家，例如退休基金和保險公司，需要長期穩定的收益。
✨ 延伸例句
"Pension funds often invest in long-term assets like bonds to match their liabilities."
→ 退休基金通常投資於債券等長期資產，以匹配其負債。
interest rates /ˈɪntrɪst reɪts/ noun
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
利率
📝 例句
"Other buyers are just making a big, clean bet on interest rates, hoping to buy low and sell high, or vice versa."
→ 其他買家只是對利率進行一次明確的大賭注，希望低買高賣，反之亦然。
✨ 延伸例句
"Central banks often adjust interest rates to control inflation."
→ 中央銀行經常調整利率以控制通貨膨脹。
yield /jiːld/ noun
The income return on an investment, usually expressed as an annual percentage rate.
殖利率；收益率
📝 例句
"And what I'm talking about is how a bond's price and its yield always move opposite each other."
→ 我要談的是債券價格和殖利率總是反向變動的關係。
✨ 延伸例句
"High-yield bonds typically come with higher risk."
→ 高殖利率債券通常伴隨著更高的風險。
🎯 共 10 題測驗

1 What is the maturity year for the 100-year bond issued by Google's parent company, Alphabet? Google母公司Alphabet發行的百年期債券，其到期年份是哪一年？ What is the maturity year for the 100-year bond issued by Google's parent company, Alphabet?

Google母公司Alphabet發行的百年期債券，其到期年份是哪一年？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video states that the bond is not going to mature until the year 2126.

影片中提到，這批債券要到 2126 年才到期。

2 What is the fundamental difference between owning a stock and owning a bond? 擁有股票和擁有債券的根本區別是什麼？ What is the fundamental difference between owning a stock and owning a bond?

擁有股票和擁有債券的根本區別是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video clarifies that 'stocks are ownership, bonds are a loan'.

影片中闡明「股票代表所有權，債券則是一種貸款」。

3 Which types of buyers are primarily interested in long-term bonds like century bonds? 哪些類型的買家主要對百年期債券這類長期債券感興趣？ Which types of buyers are primarily interested in long-term bonds like century bonds?

哪些類型的買家主要對百年期債券這類長期債券感興趣？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video mentions that 'Some buyers like pension funds and insurers want steady payments for a very long time' to match their long-term payment promises.

影片提到「有些買家，例如退休基金和保險公司，需要長期穩定的收益」，以匹配他們數十年期的支付承諾。

4 Why would Alphabet, a cash-rich company, choose to issue bonds? Alphabet這家現金充裕的公司，為何會選擇發行債券？ Why would Alphabet, a cash-rich company, choose to issue bonds?

Alphabet這家現金充裕的公司，為何會選擇發行債券？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video explains that 'AI is turning tech into a hugely expensive infrastructure build-out, and even cash-rich companies like to have cheap, flexible funding, while late rates are historically low.'

影片解釋道，「因為人工智慧正在將科技業轉變為一項耗資巨大的基礎設施建設，即使是資金充裕的公司也喜歡擁有便宜、靈活的資金，尤其是在目前利率處於歷史低點之際。」

5 Which of the following companies or governments has NOT issued a century bond according to the video? 根據影片內容，下列哪家公司或政府沒有發行過百年期債券？ Which of the following companies or governments has NOT issued a century bond according to the video?

根據影片內容，下列哪家公司或政府沒有發行過百年期債券？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video mentions Coca-Cola (1993), Motorola (1997), and the government of Austria (2017) as issuers of century bonds. The U.S. government was not mentioned.

影片中提到可口可樂（1993年）、摩托羅拉（1997年）和奧地利政府（2017年）都曾發行過百年期債券，但未提及美國政府。

6 What is the key relationship between a bond's price and its yield? 債券價格與其殖利率之間的核心關係是什麼？ What is the key relationship between a bond's price and its yield?

債券價格與其殖利率之間的核心關係是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video explicitly states: 'a bond's price and its yield always move opposite each other.'

影片明確指出：「債券價格和殖利率總是反向變動的關係。」

7 If a new 10-year bond is issued at 5% interest, and then other similar 10-year bonds are issued at 10% interest, what is likely to happen to the price of the original 5% bond? 如果一支新的10年期債券以5%的利率發行，隨後其他類似的10年期債券以10%的利率發行，那麼原始5%債券的價格可能會發生什麼變化？ If a new 10-year bond is issued at 5% interest, and then other similar 10-year bonds are issued at 10% interest, what is likely to happen to the price of the original 5% bond?

如果一支新的10年期債券以5%的利率發行，隨後其他類似的10年期債券以10%的利率發行，那麼原始5%債券的價格可能會發生什麼變化？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video explains that the original 5% bond becomes less attractive, so 'the price of the bond starts getting cut until buyers feel like they're getting a good deal.'

影片解釋說，原始的5%債券會變得不那麼有吸引力，因此「債券價格開始被調降，直到買家覺得他們得到了划算的交易」。

8 What is a rough rule of thumb mentioned in the video regarding bond yields and prices? 影片中提到關於債券殖利率和價格之間的一個粗略經驗法則是什麼？ What is a rough rule of thumb mentioned in the video regarding bond yields and prices?

影片中提到關於債券殖利率和價格之間的一個粗略經驗法則是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states: 'A rough rule of thumb is, if yields double, then the price of the bond could actually get roughly cut in half.'

影片中提到：「一個粗略的經驗法則是，如果殖利率翻倍，那麼債券價格實際上可能會大致減半。」

9 When observing big tech and big bond offerings, what is one of the key factors the video suggests watching regarding demand? 觀察大型科技公司和大型債券發行時，影片建議關注需求方面的哪個關鍵因素？ When observing big tech and big bond offerings, what is one of the key factors the video suggests watching regarding demand?

觀察大型科技公司和大型債券發行時，影片建議關注需求方面的哪個關鍵因素？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video advises to 'watch demand on similar long-term tech bond offerings. Are these deals getting upsized or are they getting cut?'

影片建議「我們要觀察類似的長期科技債券發行的需求。這些交易是被擴大規模了，還是被縮減規模了？」

10 What lesson from the dot-com boom's 'pick and shovels' trade does the video relate to the current AI build-out? 影片將網路泡沫時期「賣鏟子」交易的哪個教訓，與當前的人工智慧建設聯繫起來？ What lesson from the dot-com boom's 'pick and shovels' trade does the video relate to the current AI build-out?

影片將網路泡沫時期「賣鏟子」交易的哪個教訓，與當前的人工智慧建設聯繫起來？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video reminds us that 'those cash-rich giants didn't get the huge upside, but they did share in the long, deep downside' during the dot-com boom's fiber optics build-out.

影片提醒我們，在網路泡沫時期光纖網路的大規模建設中，「那些資金雄厚的巨頭並沒有獲得巨大的上漲空間，但卻共同承受了漫長而深遠的下跌」。

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