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SpaceX bonds plunge in secondary market

金色财经_
Jin Se Finance reported that on June 26, according to Bloomberg, after SpaceX's bond offering stirred the market, its bonds quickly weakened in the secondary market, leading many traders to note that they could hardly recall any recent trade that had seen such a dramatic spread widening. Informed sources said that in private over-the-counter trading, one large dealer quoted SpaceX bonds maturing in 2056 at a spread that had widened by as much as 0.28 percentage points from the issuance level of 1.75 percentage points above U.S. Treasuries. Since the start of the trade, the book loss on SpaceX's $25 billion bond offering has been expanding. Relative to U.S. Treasuries, as of late Thursday, the total loss was about $305 million. The longest-dated SpaceX bonds have faced greater skepticism than shorter-dated ones, and have now virtually erased all the spread tightening that underwriters had driven after the subscription size swelled to nearly $90 billion. Traders said these movements indicate that the influx into the trade may have primarily come from "hot money" accounts seeking quick profits and rapid flipping, rather than traditional buy-and-hold investors.
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