Lates News

According to reports, Invesco's North American investment-grade credit chief Matt Brill criticized SpaceX's debut bond performance in the secondary market as "very chaotic," calling it "a very disappointing deal" and even describing it as a "red card." The bond, with a size of $25 billion, received nearly $90 billion in orders, but its price quickly weakened after listing, surprising market traders. Brill pointed out that this could be due to underpricing in the underwriting process or a lack of participation from long-term funds such as pension and insurance funds. He also warned that the current investment-grade credit spreads have been at multi-year lows, with the credit market having "more downside risk than upside potential," leading to a reduction in concentrated exposure to the technology sector. The market believes that this volatility reflects the widening gap between high demand and real underwriting capacity.