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SpaceX bond worth 10% less than issue price – heading for junk bond status

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Article URL: https://www.ft.com/content/3a023b95-66c3-41e1-b0ce-df752a499541

Comments URL: https://news.ycombinator.com/item?id=48920181

Points: 457

# Comments: 383

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460 points · 388 comments · 查看原帖

  1. lucd

    The worst about the SpaceX IPO is Nasdaq changing their inclusion rules for the Nasdaq 100. The index fast-tracked SpaceX stock for inclusion 15 days after the IPO, instead of the normal three-month seasoning period. They also changed its 10% minimum float rule to a 3x weighting boost for low-float stockss. So many people will unwillingly and prematurely invest into SpaceX, before it has any chance to discover its real price. IE: The floating, 5% at launch, could attain 30% end august, if Nasdaq didn't change their rules it would have included SpaceX after this.. https://finance.yahoo.com/markets/stocks/articles/nasdaq-che...

  2. somat

    A stupid/naive question. Why does this affect SpaceX? They have their money(The IPO) Any third party trading value does not change that. Sure there may be individuals, officers of SpaceX who hold these instruments who will be negatively affective, but the company itself? My best guess, it makes it harder to get loans in the future.

  3. reactordev

    https://archive.is/tnSeY

  4. Sol-

    Isn't it realistically only worth talking about SpaceX stock a few years out? The random walk the stock will do after an IPO seems very uninformative.

  5. elbasti

    Here's what this means for SpaceX for those of you uninitiated in bond-math: 1. SpaceX issued long-term bonds whose coupon (ie, "interest rate") was 6.5%. 2. Those bonds are now trading for less than their face value. That means that if you buy one of those bonds on the secondary market, you will get a return (yield) of 7.387% (if the price of a bond goes down , but the coupon stays the same, the yield goes up ). 3. This doesn't affect SpaceX directly, but it tells you that if SpaceX were to issue new bonds today, they would have to offer 7.4% coupon on them, not 6.5%. Note that even though that was caused by a 10% drop in the bond value, it's a 13% increase in cost of borrowing! SpaceX is a cash-flow negative company that depends on debt and selling equity in order to pay the bills. They will have to issue bonds again, and those bonds will be more expensive. Note that the shortest matur

  6. binaryturtle

    Article needs registration.

  7. lenerdenator

    Good thing there's a strong corporate governance model at SpaceX where the c-suite is fully accountable to an independent board of directors, who could use their majority voting power to remove that c-suite at will. Could you imagine the abuse of power that could happen if one person held over 50% of the voting power at such a company?