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Tesla (NASDAQ:TSLA) says it raised $1.8B, $300M more than expected, at a 5.3% yield in its first traditional bond offering, marking a vote of confidence in the company and another sign of investors’ appetite for corporate debt at a time when government bonds provide meager returns.
• TSLA is "at the right place at the right time with the right product," says CreditSights analyst Hitin Anand.
• Goldman Sachs was the lead underwriter of the eight-year bonds, which were rated B- by S&P and B3 by Moody's.
• Efraim Levy of CFRA says the bond investors are expecting profitability from TSLA's more affordable Model 3, but "by 2025 there's no more room for excuses."
• The deal "speaks to the sheer insanity found in the high-yield market to have a deal like this upsized with terms so unappealing to investors," says Larry McDonald of The Bear Traps Report. "Congrats to Elon Musk."
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