After the Hype, a Rapid Cooldown: Invesco Executive Slams SpaceX Bond Performance

Golden Ten Data, July 3rd – According to reports, Matt Brill, head of North American Investment Grade Credit at Invesco, criticized SpaceX (SPCX.O) for the "very chaotic" performance of its debut bond in the secondary market, describing it as "a very disappointing deal" and even referring to it as a "red card." The bond had an issue size of $25 billion but attracted nearly $90 billion in orders; however, its price quickly weakened after listing, surprising market traders. Brill pointed out that this could be due to biases in the underwriting price or insufficient participation from long-term investors (such as pensions and insurance funds). He also warned that investment-grade credit spreads are now at multi-year lows and that the credit market's "downside risk outweighs the upside potential," therefore he is reducing concentrated allocations to the tech sector. The market believes this volatility reflects a widening gap between high demand and the market's true absorption capacity.