CoreWeave 2032 bonds: ~20% drawdown since June par, ~$250M paper loss on the $1.25B issue
CoreWeave's 9.625% bonds due 2032, sold at par in June, hit about a 15% yield Tuesday as their spread over Treasuries passed 1,000 basis points for the first time.
At ~79.8, a $1,000 bond is now worth ~$798. That's a ~20% drawdown in four months and ~$250M of paper losses on the $1.25B issue. Credit is pricing AI buildout risk before stocks are.
Sources: Crossvol Research: CoreWeave 9 5/8% notes due 2032, sold at par in June, quoted 79.82 (yield 14.96%) on Oct 13 · @zerohedge: Data Center debt getting smoked today. Coreweave unsecureds tag 1000 g-sprd bps for the first time ever · @junkbondinvest: CoreWeave unsecured notes officially 1,000bps STW, now yielding ~15%. Mispriced and a buy or HY market · @amitisinvesting: why did $CRWV bonds get dumped today to the point where they are now yielding 15%
Not financial advice. For informational and educational purposes only.
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