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26.06.26 - 21:24
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"Perfect Storm": Bond Traders "Stunned" At How Quickly SpaceX Bonds Are Selling Off (ZeroHedge)
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"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...
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25.06.26 - 18:18
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SpaceX Credit Derivatives Start to Trade After Debut Bond Sale (Bloomberg)
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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....
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24.06.26 - 07:36
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SpaceX Sells $25 Billion of Bonds, Cuts Interest Costs (Bloomberg)
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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)...
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23.06.26 - 22:01
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SpaceX Set to Raise $25 Billion of Bonds in Debut Offer (Bloomberg)
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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)...
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23.06.26 - 18:48
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SpaceX Draws $89 Billion Demand for Debut Bond Offering (Bloomberg)
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SpaceX has drawn about $89 billion of demand for its debut US bond sale, according to people with knowledge of the matter, setting the stage for one of the biggest deals in the US investment-grade market this year.
Elon Musk's rocket, satellite and AI conglomerate is seeking to raise between $20 billion and $25 billion from the five-tranche offering in a deal that's expected to price on Tuesday. At the lower of that range, demand would exceed the bond size by more than four times. Debt investors, who tend to be more conservative than those in the equity market, are betting on Musk's ability to deliver on his promises even as the company is projected to burn significant amounts of cash over the next few years.
For more, we speak with Robert Schiffman, Senior Tech Credit Analyst for Bloomberg Intelligence. (Source: Bloomberg)...
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23.06.26 - 05:30
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From IPO boom to bond debut: Elon Musk′s SpaceX seeks funds for AI and starship (Times of India)
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SpaceX is tapping the bond market for the first time, seeking funds for its ambitious AI and next-gen space tech projects, even as it boasts over $100 billion in cash. This move allows capital raising without diluting shareholder control. The announcement comes amid a significant drop in SpaceX shares post-IPO, which nonetheless propelled Elon Musk to trillionaire status. The company's expansion into AI and Starship development is driving substantial investment....
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