|
|
|
07.08.26 - 01:00
|
From Hong Kong′s bond futures to SpaceX: the numbers moving markets (SCMP)
|
|
|
China's push for treasury bond futures in Hong Kong has been well received, with brisk trading reflecting strong hedging demand. On the other side of the Pacific, Elon Musk's aerospace company, SpaceX, has published its first-ever quarterly financial statement as a public entity, offering a glimpse into the company's future.
Here are some of the figures that have drawn the most market attention this week.
3,755 contracts traded on China bond futures launch
Hong Kong Exchanges and Clearing rolled......
|
|
|
06.08.26 - 18:24
|
Hyperscaler Bond Spreads Blow Out After Google Shocks With Another $25 Billion Bond Offering (ZeroHedge)
|
|
|
Hyperscaler Bond Spreads Blow Out After Google Shocks With Another $25 Billion Bond Offering
After tightening sharply following last week's (pre-Situational Awareness) rout which sent hyperscaler CDS to the widest on record, AI bond spreads are blowing out again this morning - with SpaceX bonds - which have quickly emerged as the fulcrum bond security of the AI world - plunging this morning on news that for the third time in a year, Alphabet which has emerged as the credit (both on and off balance sheet) nexus of the AI supercyle, is looking to raise another $25 billion from its latest US investment-grade bond offering, a deal that will again test investor appetite for AI-related debt following a July selloff when bond AI-linked bond spreads exploded to all time wides.
The offering, which will very likely be upsizied (just as the illl-fated SpaceX bond offering) will be Alphabet's third since November.
In February, the Google parent issued more than $30 billion in new debt, including multi...
|
|
|
23.07.26 - 19:30
|
SpaceX Meltdown Vaporizes $1 Trillion In Market Cap As Stock, Bonds Crater (ZeroHedge)
|
|
|
SpaceX Meltdown Vaporizes $1 Trillion In Market Cap As Stock, Bonds Crater
SpaceX's Tuesday rebound was short-lived, with shares sliding to a new low of $110.85 late Thursday morning and extending their brutal post-IPO selloff.
At a current market capitalization of roughly $1.479 trillion, SpaceX has erased about $1.16 trillion, or 44%, since its valuation peaked at $2.639 trillion on June 23.
Shares are also trading well below the company's $135 IPO price, underscoring how quickly investor enthusiasm has evaporated.
The chart shows a selloff across SpaceX's capital structure:
Black line, right axis: SpaceX shares, down from $157.68 on June 29 to about $111.39, a decline of roughly 29%.
Blue line, left axis: SpaceX's 6.65% senior unsecured bonds due 2056, down from roughly 97 cents on the dollar to 87.6 cents.
The bond is part of SpaceX's $25 billion inaugural debt offering, including $3.5 billion of 2056 notes. Despite attracting about $89 billion of initial orders, the long-dated bon...
|
|
|
15.07.26 - 20:15
|
SpaceX Shares Fall Below $135 IPO Price, But The Real Story Is Its Bonds (ZeroHedge)
|
|
|
SpaceX Shares Fall Below $135 IPO Price, But The Real Story Is Its Bonds
SpaceX has slipped below its much-hyped $135 IPO price, and down 40% from the all time high hit during the June 15th gamma squeeze when the stock surged above $220 if ovenright trading, an "inevitable outcome" according to Bloomberg, which lends some validation to the skepticism surrounding "a valuation that always relied more on imagination than observable fundamentals."
Wall Street's price target estimates spanned from roughly $60 to $800 (from Raymond James), a forecast that was 5x above the IPO price...
... a remarkable range that underscored just how little conviction existed around intrinsic value, and where all the upside is based on the Musk "story.".
As Bloomberg's Brendan Fagan writes, "when analysts cannot even agree within hundreds of billions of dollars on what a company is worth, valuation becomes an exercise in storytelling rather than finance." Not like that shoul...
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26.06.26 - 21:24
|
"Perfect Storm": Bond Traders "Stunned" At How Quickly SpaceX Bonds Are Selling Off (ZeroHedge)
|
|
|
"Perfect Storm": Bond Traders "Stunned" At How Quickly SpaceX Bonds Are Selling Off
Media reports earlier this week about SpaceX's inaugural post-IPO investment-grade bond (and we mean inaugural, as the company rushed to tap the corporate bond market just days after going public with a low-IG rating of Baa1/BBB) which priced on Tuesday, had it as almost 4x oversubscribed, at roughly $90BN in orders for the $25 billion offering (upsized from $20 billion), signaling relentless demand for the paper. Alas, it took just 48 hours for the myth of sterling demand to crash and burn, with Bloomberg reporting today that the "blockbuster bond sale is weakening so quickly in the secondary market that traders say they can't recall another recent deal that widened this sharply."
This is what we mean.
Confirming the TRACE data shown above for the company's bonds due 2056, Bloomberg says that a large dealer was quoting the SpaceX bonds at levels as much as 0.32 percentage poin...
|
|
|
|
|
|
|
25.06.26 - 18:18
|
SpaceX Credit Derivatives Start to Trade After Debut Bond Sale (Bloomberg)
|
|
|
Credit-default swaps tied to Elon Musk's SpaceX have begun actively trading after the company sold high-grade bonds this week for the first time, according to people familiar with the matter, allowing investors to hedge against potential losses or to speculate on the creditworthiness of the firm....
|
|
|
|
|
24.06.26 - 07:36
|
SpaceX Sells $25 Billion of Bonds, Cuts Interest Costs (Bloomberg)
|
|
|
SpaceX sold $25 billion of investment-grade bonds on Tuesday, marking the final step to replace the costly debt that had helped finance Elon Musk's acquisition of X, then known as Twitter, as well as the expensive loans and bonds issued by xAI to bridge its rapid cash drain. Bloomberg's Manuel Baigorri reports. (Source: Bloomberg)...
|
|
|
|
|
23.06.26 - 22:01
|
SpaceX Set to Raise $25 Billion of Bonds in Debut Offer (Bloomberg)
|
|
|
Elon Musk's rocket, satellite and AI conglomerate is set to raise $25 billion of bonds in five parts on Tuesday, in its debut bond offer, and is paying a relatively wide premium over Treasuries to get the deal done, people familiar with the matter said. Ed Ludlow has more. (Source: Bloomberg)...
|
|
|
|
Börsentreff auf Facebook |
Börsentreff auf X |
Börsentreff auf Instagram
