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2021-05-18

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Coinbase Is Issuing a Convertible Bond. Why Its Stock Is Dropping.<blockquote>Coinbase正在发行可转换债券。为什么它的股票在下跌。</blockquote>

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Why Its Stock Is Dropping.<blockquote>Coinbase正在发行可转换债券。为什么它的股票在下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190950560","media":"barrons","summary":"Cryptocurrency exchange  Coinbase Global surprised investors Monday evening with a convertible bond ","content":"Cryptocurrency exchange&nbsp; Coinbase Global&nbsp;surprised investors Monday evening with a convertible bond offering that raises several new questions for investors—including one that investors haven’t heard about before in prior company filings. More questions mean more uncertainty, and investors hate uncertainty. Coinbase shares are falling as a result.<blockquote>加密货币交易所Coinbase Global周一晚间发行的可转换债券令投资者感到惊讶，这给投资者提出了几个新问题，其中包括投资者在之前的公司文件中没有听说过的一个问题。更多的问题意味着更多的不确定性，投资者讨厌不确定性。Coinbase股价因此下跌。</blockquote> Coinbase (ticker: COIN) is raising about $1.3 billion in a convertible bond sale. Shares are down about 2.6% in after-hours trading.<blockquote>Coinbase（股票代码：COIN）正在通过可转换债券发行筹集约13亿美元。盘后交易中股价下跌约2.6%。</blockquote> There are a few reasons the stock is weak. For starters, Coinbase is selling convertible bonds and, as their name implies, the bonds can be converted into stock, under certain conditions. More stock is dilutive to existing shareholders.<blockquote>该股疲软有几个原因。首先，Coinbase正在出售可转换债券，顾名思义，这些债券在某些条件下可以转换为股票。更多的股票会稀释现有股东的利益。</blockquote> And when a convertible bond is issued, arbitrage traders oftentimes will buy the convertible bond and short the company stock, essentially locking in a yield they find attractive. Shorting a stock generates selling pressure, and a stock can fall in the immediate aftermath of a convertible sale.<blockquote>当可转换债券发行时，套利交易者通常会购买可转换债券并做空公司股票，基本上锁定他们认为有吸引力的收益率。做空股票会产生抛售压力，股票可能会在可转换股票出售后立即下跌。</blockquote> Dilution and arbitrage aside, investors might also be questioning the timing of this bond sale. The offering comes about a month after the company completed its direct stock listing. Coinbase didn’t pursue a traditional initial public offering because, presumably, it didn’t need the cash. The company generates positive cash flow, is growing rapidly, and analysts are upbeat about earnings prospects. So why raise money now? And why with a bond? Those questions don’t really have answers yet.<blockquote>除了稀释和套利之外，投资者可能还会质疑此次债券发售的时机。此次发行是在该公司完成直接股票上市大约一个月后进行的。Coinbase没有进行传统的首次公开募股，大概是因为它不需要现金。该公司产生正现金流，增长迅速，分析师对盈利前景持乐观态度。那么为什么现在要筹集资金呢？为什么是债券？这些问题还没有真正的答案。</blockquote> Coinbase, around the time of its direct listing, did say a direct listing was more in keeping with the ethos of cryptocurrencies. IPOs are run by large banks, which typically reward their best customers. That’s one potential answer to why now and why a bond.<blockquote>Coinbase在直接上市时确实表示，直接上市更符合加密货币的风气。首次公开募股由大型银行进行，这些银行通常会奖励最好的客户。这是为什么是现在以及为什么是债券的一个潜在答案。</blockquote> But there is one other question raised by the offering. The news release says the purpose of the offering is to strengthen the company’s balance sheet. The cash will be used for “general corporate purposes, which may include working capital and capital expenditures, and to pay the cost of the capped call transactions.”<blockquote>但此次发行还引发了另一个问题。新闻稿称，此次发行的目的是加强公司的资产负债表。这笔现金将用于“一般公司用途，其中可能包括营运资金和资本支出，以及支付上限看涨期权交易的成本”。</blockquote> A capped call is a call option trade that limits the call buyer’s upside. A traditional call option gives the buyer the right to buy something at a fixed price. The gain is theoretically limitless. The capped call just has a cap. Capped calls don’t show up in a search of the company’s prospectus. The capped call is most likely to limit the dilution of the offering by limiting the number of shares issued. If that’s the case, then why not just issue a smaller bond with less dilution and no cash paid for capping dilution?<blockquote>上限看涨期权是一种限制看涨期权买家上涨空间的看涨期权期权交易。传统的看涨期权期权赋予买方以固定价格购买商品的权利。理论上增益是无限的。带帽的看涨期权只有一顶帽子。封顶评级不会出现在公司招股说明书的搜索中。有上限的看涨期权最有可能通过限制发行的股票数量来限制发行的稀释。如果是这样的话，那么为什么不发行稀释度较小的债券，并且不为限制稀释度支付现金呢？</blockquote> Coinbase referred Barron’s to its news release when asked about details of the convertible offering.<blockquote>Coinbase推荐巴伦周刊当被问及可转换发行的细节时。</blockquote> Coinbase listed its shares for trading at $250. The stock closed at about $328 the first day but have since fallen 24% to just below $248.24. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average,by comparison, are both up a little over the same span.<blockquote>Coinbase上市交易价格为250美元。该股首日收盘价约为328美元，但此后已下跌24%，至略低于248.24美元。相比之下，标准普尔500指数和道琼斯工业平均指数在同一时期均小幅上涨。</blockquote> Now, Coinbase stock is down 2.6% at $241.75 in after-hours trading. Don’t be surprised if it remains weak until some of these questions are answered.<blockquote>目前，Coinbase股价在盘后交易中下跌2.6%，至241.75美元。如果在这些问题得到回答之前，它仍然疲软，不要感到惊讶。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase Is Issuing a Convertible Bond. 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Why Its Stock Is Dropping.<blockquote>Coinbase正在发行可转换债券。为什么它的股票在下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nbarrons2021-05-18 09:06\n\n</h4>\n</header>\n<article>\nCryptocurrency exchange&nbsp; Coinbase Global&nbsp;surprised investors Monday evening with a convertible bond offering that raises several new questions for investors—including one that investors haven’t heard about before in prior company filings. More questions mean more uncertainty, and investors hate uncertainty. Coinbase shares are falling as a result.<blockquote>加密货币交易所Coinbase Global周一晚间发行的可转换债券令投资者感到惊讶，这给投资者提出了几个新问题，其中包括投资者在之前的公司文件中没有听说过的一个问题。更多的问题意味着更多的不确定性，投资者讨厌不确定性。Coinbase股价因此下跌。</blockquote> Coinbase (ticker: COIN) is raising about $1.3 billion in a convertible bond sale. Shares are down about 2.6% in after-hours trading.<blockquote>Coinbase（股票代码：COIN）正在通过可转换债券发行筹集约13亿美元。盘后交易中股价下跌约2.6%。</blockquote> There are a few reasons the stock is weak. For starters, Coinbase is selling convertible bonds and, as their name implies, the bonds can be converted into stock, under certain conditions. More stock is dilutive to existing shareholders.<blockquote>该股疲软有几个原因。首先，Coinbase正在出售可转换债券，顾名思义，这些债券在某些条件下可以转换为股票。更多的股票会稀释现有股东的利益。</blockquote> And when a convertible bond is issued, arbitrage traders oftentimes will buy the convertible bond and short the company stock, essentially locking in a yield they find attractive. Shorting a stock generates selling pressure, and a stock can fall in the immediate aftermath of a convertible sale.<blockquote>当可转换债券发行时，套利交易者通常会购买可转换债券并做空公司股票，基本上锁定他们认为有吸引力的收益率。做空股票会产生抛售压力，股票可能会在可转换股票出售后立即下跌。</blockquote> Dilution and arbitrage aside, investors might also be questioning the timing of this bond sale. The offering comes about a month after the company completed its direct stock listing. Coinbase didn’t pursue a traditional initial public offering because, presumably, it didn’t need the cash. The company generates positive cash flow, is growing rapidly, and analysts are upbeat about earnings prospects. So why raise money now? And why with a bond? Those questions don’t really have answers yet.<blockquote>除了稀释和套利之外，投资者可能还会质疑此次债券发售的时机。此次发行是在该公司完成直接股票上市大约一个月后进行的。Coinbase没有进行传统的首次公开募股，大概是因为它不需要现金。该公司产生正现金流，增长迅速，分析师对盈利前景持乐观态度。那么为什么现在要筹集资金呢？为什么是债券？这些问题还没有真正的答案。</blockquote> Coinbase, around the time of its direct listing, did say a direct listing was more in keeping with the ethos of cryptocurrencies. IPOs are run by large banks, which typically reward their best customers. That’s one potential answer to why now and why a bond.<blockquote>Coinbase在直接上市时确实表示，直接上市更符合加密货币的风气。首次公开募股由大型银行进行，这些银行通常会奖励最好的客户。这是为什么是现在以及为什么是债券的一个潜在答案。</blockquote> But there is one other question raised by the offering. The news release says the purpose of the offering is to strengthen the company’s balance sheet. The cash will be used for “general corporate purposes, which may include working capital and capital expenditures, and to pay the cost of the capped call transactions.”<blockquote>但此次发行还引发了另一个问题。新闻稿称，此次发行的目的是加强公司的资产负债表。这笔现金将用于“一般公司用途，其中可能包括营运资金和资本支出，以及支付上限看涨期权交易的成本”。</blockquote> A capped call is a call option trade that limits the call buyer’s upside. A traditional call option gives the buyer the right to buy something at a fixed price. The gain is theoretically limitless. The capped call just has a cap. Capped calls don’t show up in a search of the company’s prospectus. The capped call is most likely to limit the dilution of the offering by limiting the number of shares issued. If that’s the case, then why not just issue a smaller bond with less dilution and no cash paid for capping dilution?<blockquote>上限看涨期权是一种限制看涨期权买家上涨空间的看涨期权期权交易。传统的看涨期权期权赋予买方以固定价格购买商品的权利。理论上增益是无限的。带帽的看涨期权只有一顶帽子。封顶评级不会出现在公司招股说明书的搜索中。有上限的看涨期权最有可能通过限制发行的股票数量来限制发行的稀释。如果是这样的话，那么为什么不发行稀释度较小的债券，并且不为限制稀释度支付现金呢？</blockquote> Coinbase referred Barron’s to its news release when asked about details of the convertible offering.<blockquote>Coinbase推荐巴伦周刊当被问及可转换发行的细节时。</blockquote> Coinbase listed its shares for trading at $250. The stock closed at about $328 the first day but have since fallen 24% to just below $248.24. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average,by comparison, are both up a little over the same span.<blockquote>Coinbase上市交易价格为250美元。该股首日收盘价约为328美元，但此后已下跌24%，至略低于248.24美元。相比之下，标准普尔500指数和道琼斯工业平均指数在同一时期均小幅上涨。</blockquote> Now, Coinbase stock is down 2.6% at $241.75 in after-hours trading. Don’t be surprised if it remains weak until some of these questions are answered.<blockquote>目前，Coinbase股价在盘后交易中下跌2.6%，至241.75美元。如果在这些问题得到回答之前，它仍然疲软，不要感到惊讶。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coinbase-is-issuing-a-convertible-bond-why-its-stock-is-dropping-51621288490?siteid=yhoof2\">barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.barrons.com/articles/coinbase-is-issuing-a-convertible-bond-why-its-stock-is-dropping-51621288490?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190950560","content_text":"Cryptocurrency exchange  Coinbase Global surprised investors Monday evening with a convertible bond offering that raises several new questions for investors—including one that investors haven’t heard about before in prior company filings. More questions mean more uncertainty, and investors hate uncertainty. Coinbase shares are falling as a result.\nCoinbase (ticker: COIN) is raising about $1.3 billion in a convertible bond sale. Shares are down about 2.6% in after-hours trading.\nThere are a few reasons the stock is weak. For starters, Coinbase is selling convertible bonds and, as their name implies, the bonds can be converted into stock, under certain conditions. More stock is dilutive to existing shareholders.\nAnd when a convertible bond is issued, arbitrage traders oftentimes will buy the convertible bond and short the company stock, essentially locking in a yield they find attractive. Shorting a stock generates selling pressure, and a stock can fall in the immediate aftermath of a convertible sale.\nDilution and arbitrage aside, investors might also be questioning the timing of this bond sale. The offering comes about a month after the company completed its direct stock listing. Coinbase didn’t pursue a traditional initial public offering because, presumably, it didn’t need the cash. The company generates positive cash flow, is growing rapidly, and analysts are upbeat about earnings prospects. So why raise money now? And why with a bond? Those questions don’t really have answers yet.\nCoinbase, around the time of its direct listing, did say a direct listing was more in keeping with the ethos of cryptocurrencies. IPOs are run by large banks, which typically reward their best customers. That’s one potential answer to why now and why a bond.\nBut there is one other question raised by the offering. The news release says the purpose of the offering is to strengthen the company’s balance sheet. The cash will be used for “general corporate purposes, which may include working capital and capital expenditures, and to pay the cost of the capped call transactions.”\nA capped call is a call option trade that limits the call buyer’s upside. A traditional call option gives the buyer the right to buy something at a fixed price. The gain is theoretically limitless. The capped call just has a cap. Capped calls don’t show up in a search of the company’s prospectus. The capped call is most likely to limit the dilution of the offering by limiting the number of shares issued. If that’s the case, then why not just issue a smaller bond with less dilution and no cash paid for capping dilution?\nCoinbase referred Barron’s to its news release when asked about details of the convertible offering.\nCoinbase listed its shares for trading at $250. The stock closed at about $328 the first day but have since fallen 24% to just below $248.24. The S&P 500 and Dow Jones Industrial Average,by comparison, are both up a little over the same span.\nNow, Coinbase stock is down 2.6% at $241.75 in after-hours trading. Don’t be surprised if it remains weak until some of these questions are answered.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":672,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":11,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/195561474"}