TechFlow News, June 23: Despite a sluggish start to the week in equities, SpaceX (SPCX.O) entered the bond market at a favorable time for corporate borrowers. By recent historical standards, the benchmark 10-year U.S. Treasury yield remains elevated, closing Monday at 4.507%, up from 4.450% on Thursday last week. However, the yield spread—the extra yield investors demand for holding high-grade corporate bonds over U.S. Treasuries—is hovering near multi-decade lows, signaling robust investor demand. “SpaceX isn’t a fundamentals-based trade,” said Gil Luria, Director of Technology Research at D.A. Davidson. “The price people are willing to pay depends more on their optimism, hopes, and dreams—so we’re likely to see significant volatility. The past few trading days have merely offered an initial taste of that volatility.” (Jinshi)
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