Coinbase to Buy Back Junk Bonds as Bitcoin Hovers Near 2023 High

Bloomberg2023-08-08

(Bloomberg) -- Coinbase Global Inc. is offering to buy back some of its outstanding junk bonds as the world’s largest cryptocurrency trades near its highest value of the year, according to a statement...

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Texas Power Prices to Surge 800% on Sunday Amid Searing Heat. PayPal Launches a Stablecoin in Latest Crypto Payments Push. Ukraine Black Sea Drone Attacks Signal Rapidly Expanding War. Corporate borrowers have been looking to buy back debt as higher interest rates make it more expensive for company’s to refinance. Warner Bros Discovery Inc. last week said it was planning to repurchase as much as $2.7 billion of bonds maturing between December 2023 and June 2024. 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The offer will expire Sept. 1 at 11:59 p.m. New York time.Bitcoin traded at $29,204 as of 5:34 p.m. New York time Monday. In July, the digital token traded at $31,386, the highest level since 2022. The debt Coinbase is looking to retire traded at 62 cents on the dollar as the bond market closed Monday, up from a record low of 52 cents set in November. The company has engaged Citigroup Global Markets Inc. to manage the tender offer.Corporate borrowers have been looking to buy back debt as higher interest rates make it more expensive for company’s to refinance. Warner Bros Discovery Inc. last week said it was planning to repurchase as much as $2.7 billion of bonds maturing between December 2023 and June 2024. 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