Netflix draws investor eyeballs in crowded HY market

netflix_media_230x150
By Owen Sanderson
24 Apr 2019

Despite the roadshows crowding high yield bond markets this week, Netflix could not help but draw most attention from investors. Its $2.2bn-equivalent euro and dollar issue on Wednesday was increased and is said to have been three times covered. While the company has $10bn of capital market debt outstanding already, it owes more than $27bn long term to its content providers.

Netflix said in its most recent results that it was going to keep tapping the debt markets to fund growth, but expected that its cashflows would improve from 2020 or so, and that it would increasingly become self-funding.

“I think the message to debt investors is: 'you better get in ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.