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2021-08-12
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Fisker Is Selling Convertible Bonds. Why That’s Bad for Its Stock.<blockquote>菲斯克正在出售可转换债券。为什么这对其股票不利。</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":895546836,"tweetId":"895546836","gmtCreate":1628759737325,"gmtModify":1633689721776,"author":{"id":3585281594587734,"idStr":"3585281594587734","authorId":3585281594587734,"authorIdStr":"3585281594587734","name":"jazzman","avatar":"https://static.tigerbbs.com/576ea0bb835315d386051f7c315a382e","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":15,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Like</p></body></html>","htmlText":"<html><head></head><body><p>Like</p></body></html>","text":"Like","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/895546836","repostId":1154738564,"repostType":4,"repost":{"id":"1154738564","kind":"news","pubTimestamp":1628759121,"share":"https://www.laohu8.com/m/news/1154738564?lang=zh_CN&edition=full","pubTime":"2021-08-12 17:05","market":"us","language":"en","title":"Fisker Is Selling Convertible Bonds. Why That’s Bad for Its Stock.<blockquote>菲斯克正在出售可转换债券。为什么这对其股票不利。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154738564","media":"Barrons","summary":"Stock in electric vehicle start-up Fisker is falling because electric vehicle startups need a lot of","content":"<p>Stock in electric vehicle start-up Fisker is falling because electric vehicle startups need a lot of cash—and Fisker is raising debt.</p><p><blockquote>电动汽车初创公司菲斯克的股价正在下跌，因为电动汽车初创公司需要大量现金，而菲斯克正在举债。</blockquote></p><p> It’s always noteworthy when a new company raises additional funds. This is a little different though. This might just be the first time an EV start-up has added debt to its balance sheet.</p><p><blockquote>当一家新公司筹集额外资金时，总是值得注意的。不过这有点不同。这可能只是电动汽车初创公司第一次在其资产负债表上增加债务。</blockquote></p><p> Fisker (ticker: FSR) stock is down 5.4% in after-hours trading. Shares were down 0.3% in Wednesday trading, while the S&P 500 and Dow Jones Industrial Average rose about 0.3% and 0.6%, respectively.</p><p><blockquote>Fisker（股票代码：FSR）股价在盘后交易中下跌5.4%。周三交易中，股价下跌0.3%，而标普500和道琼斯工业平均指数分别上涨约0.3%和0.6%。</blockquote></p><p> This isn’t just any offering: It’s a $600 million green convertible notes offering. Convertible debt can, eventually, become stock that dilutes existing shareholders’ stakes. That’s one reason stocks can be weak after announcing a convertible deal.</p><p><blockquote>这不仅仅是一次发行：这是一次6亿美元的绿色可转换票据发行。可转换债务最终可能成为稀释现有股东股份的股票。这是宣布可转换交易后股市可能疲软的原因之一。</blockquote></p><p> Convertible debt can also generate selling pressure from arbitrage investors, who can sell stock and buy the converts. That way the arbitrage investors can capture only the bond portion of the convertible debt, removing the fluctuations in the convertible debt prices due to the embedded stock option.</p><p><blockquote>可转换债券还会产生套利投资者的抛售压力，他们可以出售股票并购买转换债券。这样，套利投资者可以仅捕获可转换债务的债券部分，消除由于嵌入股票期权而导致的可转换债务价格波动。</blockquote></p><p> Fisker ended the second quarter with about $962 million in cash on the balance sheet. That was a healthy level relative to other start-up EV producers. Lordstown Motors (RIDE), for instance, ended Q2 with about $366 million in cash on its balance sheet.</p><p><blockquote>菲斯克第二季度末资产负债表上的现金约为9.62亿美元。相对于其他初创电动汽车生产商，这是一个健康的水平。例如，洛兹敦汽车公司(RIDE)第二季度末资产负债表上的现金约为3.66亿美元。</blockquote></p><p> Fisker also announced it will enter into capped call transactions with banks related to its convertible debt. That limits the potential dilution to existing shareholders by, essentially, having Fisker buy a form of a call options on its own stock. The dilution is limited, but the call options cost money. The company will use part of the offering to buy the calls.</p><p><blockquote>菲斯克还宣布将与银行就其可转换债务进行上限看涨期权交易。这本质上是让菲斯克购买自己股票的某种形式的看涨期权期权，从而限制了对现有股东的潜在稀释。稀释是有限的，但看涨期权期权需要花钱。该公司将利用部分发行资金购买评级。</blockquote></p><p> Capped call transactions are typically in convertible debt deals theses days.</p><p><blockquote>如今，有上限的看涨期权交易通常出现在可转换债务交易中。</blockquote></p><p> It’s a fairly complicated transaction, but companies, including Fisker, are always trying to access capital as cheaply as possible.</p><p><blockquote>这是一项相当复杂的交易，但包括菲斯克在内的公司总是试图以尽可能低的成本获得资本。</blockquote></p><p> This looks to be the first large debt deal for an EV start-up that went public by merging with a special purpose acquisition company, or SPAC. That list includes Fisker as well as companies such as Nikola (NKLA) and Lucid (LCID). EV startups have been avoiding debt because they, for the most part, don’t have any sales.</p><p><blockquote>这似乎是电动汽车初创公司通过与特殊目的收购公司（SPAC）合并上市的第一笔大型债务交易。该名单包括Fisker以及Nikola(NKLA)和Lucid(LCID)等公司。电动汽车初创公司一直在避免债务，因为它们在很大程度上没有任何销售额。</blockquote></p><p> The money will likely be used to bring its Ocean SUV to market. That vehicle is due in 2022 and will be manufactured by Magna International (MGA).</p><p><blockquote>这笔钱可能会用于将其Ocean SUV推向市场。该车将于2022年上市，由麦格纳国际(MGA)制造。</blockquote></p><p></p>","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>Fisker Is Selling Convertible Bonds. Why That’s Bad for Its Stock.<blockquote>菲斯克正在出售可转换债券。为什么这对其股票不利。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFisker Is Selling Convertible Bonds. Why That’s Bad for Its Stock.<blockquote>菲斯克正在出售可转换债券。为什么这对其股票不利。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-12 17:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock in electric vehicle start-up Fisker is falling because electric vehicle startups need a lot of cash—and Fisker is raising debt.</p><p><blockquote>电动汽车初创公司菲斯克的股价正在下跌，因为电动汽车初创公司需要大量现金，而菲斯克正在举债。</blockquote></p><p> It’s always noteworthy when a new company raises additional funds. This is a little different though. This might just be the first time an EV start-up has added debt to its balance sheet.</p><p><blockquote>当一家新公司筹集额外资金时，总是值得注意的。不过这有点不同。这可能只是电动汽车初创公司第一次在其资产负债表上增加债务。</blockquote></p><p> Fisker (ticker: FSR) stock is down 5.4% in after-hours trading. Shares were down 0.3% in Wednesday trading, while the S&P 500 and Dow Jones Industrial Average rose about 0.3% and 0.6%, respectively.</p><p><blockquote>Fisker（股票代码：FSR）股价在盘后交易中下跌5.4%。周三交易中，股价下跌0.3%，而标普500和道琼斯工业平均指数分别上涨约0.3%和0.6%。</blockquote></p><p> This isn’t just any offering: It’s a $600 million green convertible notes offering. Convertible debt can, eventually, become stock that dilutes existing shareholders’ stakes. That’s one reason stocks can be weak after announcing a convertible deal.</p><p><blockquote>这不仅仅是一次发行：这是一次6亿美元的绿色可转换票据发行。可转换债务最终可能成为稀释现有股东股份的股票。这是宣布可转换交易后股市可能疲软的原因之一。</blockquote></p><p> Convertible debt can also generate selling pressure from arbitrage investors, who can sell stock and buy the converts. That way the arbitrage investors can capture only the bond portion of the convertible debt, removing the fluctuations in the convertible debt prices due to the embedded stock option.</p><p><blockquote>可转换债券还会产生套利投资者的抛售压力，他们可以出售股票并购买转换债券。这样，套利投资者可以仅捕获可转换债务的债券部分，消除由于嵌入股票期权而导致的可转换债务价格波动。</blockquote></p><p> Fisker ended the second quarter with about $962 million in cash on the balance sheet. That was a healthy level relative to other start-up EV producers. Lordstown Motors (RIDE), for instance, ended Q2 with about $366 million in cash on its balance sheet.</p><p><blockquote>菲斯克第二季度末资产负债表上的现金约为9.62亿美元。相对于其他初创电动汽车生产商，这是一个健康的水平。例如，洛兹敦汽车公司(RIDE)第二季度末资产负债表上的现金约为3.66亿美元。</blockquote></p><p> Fisker also announced it will enter into capped call transactions with banks related to its convertible debt. That limits the potential dilution to existing shareholders by, essentially, having Fisker buy a form of a call options on its own stock. The dilution is limited, but the call options cost money. The company will use part of the offering to buy the calls.</p><p><blockquote>菲斯克还宣布将与银行就其可转换债务进行上限看涨期权交易。这本质上是让菲斯克购买自己股票的某种形式的看涨期权期权，从而限制了对现有股东的潜在稀释。稀释是有限的，但看涨期权期权需要花钱。该公司将利用部分发行资金购买评级。</blockquote></p><p> Capped call transactions are typically in convertible debt deals theses days.</p><p><blockquote>如今，有上限的看涨期权交易通常出现在可转换债务交易中。</blockquote></p><p> It’s a fairly complicated transaction, but companies, including Fisker, are always trying to access capital as cheaply as possible.</p><p><blockquote>这是一项相当复杂的交易，但包括菲斯克在内的公司总是试图以尽可能低的成本获得资本。</blockquote></p><p> This looks to be the first large debt deal for an EV start-up that went public by merging with a special purpose acquisition company, or SPAC. That list includes Fisker as well as companies such as Nikola (NKLA) and Lucid (LCID). EV startups have been avoiding debt because they, for the most part, don’t have any sales.</p><p><blockquote>这似乎是电动汽车初创公司通过与特殊目的收购公司（SPAC）合并上市的第一笔大型债务交易。该名单包括Fisker以及Nikola(NKLA)和Lucid(LCID)等公司。电动汽车初创公司一直在避免债务，因为它们在很大程度上没有任何销售额。</blockquote></p><p> The money will likely be used to bring its Ocean SUV to market. That vehicle is due in 2022 and will be manufactured by Magna International (MGA).</p><p><blockquote>这笔钱可能会用于将其Ocean SUV推向市场。该车将于2022年上市，由麦格纳国际(MGA)制造。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/fisker-stock-convertible-bonds-debt-51628718282?siteid=yhoof2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FSR":"菲斯克"},"source_url":"https://www.barrons.com/articles/fisker-stock-convertible-bonds-debt-51628718282?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154738564","content_text":"Stock in electric vehicle start-up Fisker is falling because electric vehicle startups need a lot of cash—and Fisker is raising debt.\nIt’s always noteworthy when a new company raises additional funds. This is a little different though. This might just be the first time an EV start-up has added debt to its balance sheet.\nFisker (ticker: FSR) stock is down 5.4% in after-hours trading. Shares were down 0.3% in Wednesday trading, while the S&P 500 and Dow Jones Industrial Average rose about 0.3% and 0.6%, respectively.\nThis isn’t just any offering: It’s a $600 million green convertible notes offering. Convertible debt can, eventually, become stock that dilutes existing shareholders’ stakes. That’s one reason stocks can be weak after announcing a convertible deal.\nConvertible debt can also generate selling pressure from arbitrage investors, who can sell stock and buy the converts. That way the arbitrage investors can capture only the bond portion of the convertible debt, removing the fluctuations in the convertible debt prices due to the embedded stock option.\nFisker ended the second quarter with about $962 million in cash on the balance sheet. That was a healthy level relative to other start-up EV producers. Lordstown Motors (RIDE), for instance, ended Q2 with about $366 million in cash on its balance sheet.\nFisker also announced it will enter into capped call transactions with banks related to its convertible debt. That limits the potential dilution to existing shareholders by, essentially, having Fisker buy a form of a call options on its own stock. The dilution is limited, but the call options cost money. The company will use part of the offering to buy the calls.\nCapped call transactions are typically in convertible debt deals theses days.\nIt’s a fairly complicated transaction, but companies, including Fisker, are always trying to access capital as cheaply as possible.\nThis looks to be the first large debt deal for an EV start-up that went public by merging with a special purpose acquisition company, or SPAC. That list includes Fisker as well as companies such as Nikola (NKLA) and Lucid (LCID). EV startups have been avoiding debt because they, for the most part, don’t have any sales.\nThe money will likely be used to bring its Ocean SUV to market. That vehicle is due in 2022 and will be manufactured by Magna International (MGA).","news_type":1,"symbols_score_info":{"FSR":0.9}},"isVote":1,"tweetType":1,"viewCount":684,"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":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/895546836"}
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