The writer is a bond portfolio manager at Barksdale Investment Management and editor of ‘The Credit Investor’s Handbook’
When Elon Musk’s SpaceX brought its inaugural bond deal to market last week, credit investors took the company’s presentation seriously but not literally.
After obtaining investment-grade credit ratings from all three of the rating agencies, it was priced at the cheap end of this part of the debt universe, but at a meaningfully better level than Oracle, the tech company known for its level of cash burn among investors.
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