1.原文標題：TSMC to Inject $10 Billion Capital to Unit to Counter FX Swings 2.原文連結：https://yhoo.it/4nz1lwS 3.內容： (Bloomberg) -- Taiwan Semiconductor Manufacturing Co. is set to inject $10 billi on in capital to its overseas unit to shore up its currency hedging operations, its biggest such move to counter a volatile local exchange rate. TSMC Global Ltd., a wholly-owned unit of the world’s largest contract chipmaker , has approved a plan to increase its capital by issuing $10 billion worth new s hares to its parent to help it reduce foreign exchange hedging costs, the compan y said in a statement. It’s the third such deal since 2024, and by far the larg est. They occurred during periods when the Taiwan dollar tended to appreciate. T he moves grant TSMC Global — the vehicle responsible for managing overseas inve stments and hedging — more capital flexibility in managing exchange rate risks. The capital injection is for general investments, mainly bank deposits and bonds , according to a separate statement from Taiwan’s Department of Investment Revi ew. The purpose was for TSMC to shift its own foreign exchange holdings to the u nit to help with hedging costs, the statement said. Recent strength in the Taiwan dollar has caused worries in Taipei about the econ omy’s heavy reliance on exports. In May, the currency notched its biggest singl e-day gain since the 1980s, spurring calls from the central bank to curb specula tion. The cost of hedging swings has surged this year, with one-year implied vol atility for the local currency hitting the highest since 2011 on Wednesday. “Generally speaking, the heightened forex volatility would mean that banks may be adjusting their margin requirements,” said Philip McNicholas, Asia sovereign strategist at Robeco based in Singapore. “Issuing new shares, and bringing in an immediate cash injection, may help companies manage the margin requirements o n both existing and new hedges.” “The US dollar cash can also be useful for companies’ overseas operations, whi ch could also require consistent hedging,” McNicholas added. TSMC, the main chipmaker to Apple Inc. and Nvidia Corp., is by far the island’s biggest company and exporter because the majority of its production is domestic . A stronger Taiwan dollar hurts exporters because the US dollars they earn from sales abroad would translate into less of the local currency, or they would nee d to raise their prices overseas and risk denting demand. In June, Chief Executive Officer C. C. Wei told shareholders the company’s oper ating margin has fallen several percentage points because of a stronger local cu rrency. “Typically, one of the means of such a move is for natural hedging, where a cor porate can match US dollar revenue with US dollar liabilities,” said Christophe r Wong, senior foreign-exchange strategist at Oversea-Chinese Banking Corp Ltd. “It can also fund their US asset and expansion plans with less FX conversion ri sk.” 以下GPT翻譯 台積電注資百億美元以對抗匯率波動 （彭博社報導）—— 台灣積體電路製造公司（TSMC）計劃向其海外子公司注資 100 億美元 ，以強化其貨幣避險操作，這是該公司迄今為止因應本地匯率波動所採取的最大規模資本行 動。 全球最大的晶圓代工廠台積電表示，其全資子公司 TSMC Global Ltd. 已核准發行價值 100 億美元的新股給母公司，以提升資本、降低外匯避險成本。這是自 2024 年以來的第三次 類似交易，規模也是最大的一次。這些交易多發生在新台幣升值期間。透過此舉，TSMC Glo bal——負責管理海外投資與避險的實體——將擁有更大的資本彈性以因應匯率風險。 根據台灣投資審議委員會的另一份聲明，此次注資將用於一般性投資，主要包括銀行存款與 債券。聲明指出，台積電此次操作的目的，是將其自有的外匯持有轉至該單位，以協助降低 避險成本。 近期新台幣升值引發台北方面對於出口依賴過重的憂慮。今年 5 月，新台幣出現自 1980 年代以來最大單日漲幅，促使中央銀行呼籲抑制市場投機行為。今年以來匯率避險成本飆升 ，新台幣一年期隱含波動率於週三達到自 2011 年以來最高水準。 「一般而言，匯市波動加劇會使銀行調整保證金要求，」Robeco 新加坡分部的亞洲主權策 略師 Philip McNicholas 表示。「發行新股並立即注入現金，或有助於企業管理現有及新 增避險的保證金需求。」 McNicholas 補充說：「美元現金也對企業的海外營運有幫助，因為這些營運通常也需要穩 定的避險策略。」 台積電是蘋果公司與輝達（Nvidia）最主要的晶片製造商，也是台灣最大企業與出口商，因 為其大部分產能設於本島。當新台幣升值，出口商的美元營收在換算成新台幣後變少，或需 提高海外售價而影響需求。 台積電執行長魏哲家於 6 月向股東表示，因新台幣升值，公司營業利潤率已下滑數個百分 點。 華僑銀行（OCBC）資深外匯策略師黃儲誠（Christopher Wong）表示：「企業進行此類操作 的一種常見目的，是實現『自然避險』，也就是將美元收入與美元負債相匹配。這也能幫助 他們以較小的外匯轉換風險來資助其美國資產與擴張計劃。」 4.心得評論：隨著台幣匯率直直升，台積電也趁勢兌換美元進行避險，這樣對於穩定匯率不 知道有沒有幫助？ -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 122.116.79.184 (臺灣) ※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1750911285.A.8FF.html