If you can’t survive the bond market, good luck thriving in the stock market.
WeWork sold $702 million of speculative bonds at par last Wednesday to yield a 7.85 percent coupon, according to Bloomberg. The bonds continued slumping in secondary trading yesterday as they fell for the fourth straight day to 95.75 cents on the dollar.
Getting greedy: The co-working giant first planned on issuing $500 million of the securities, but increased the order after unexpected demand.
Interesting Analogue: Investors who bought Tesla’s inaugural bonds in August similarly ran for the exits. The securities now trade around 88 cents on the dollar.