An executive at Invesco Advisers criticized the performance of SpaceX's first bond sale, calling the secondary market activity very sloppy. Matt Brill, head of investment-grade credit for North America at Invesco, described the deal as really really disappointing during a Bloomberg TV appearance. SpaceX received nearly $90 billion in orders for its $25 billion high-grade bond sale last week, but the bonds priced cheaper than similarly-rated debt and weakened quickly in the secondary market. Brill questioned whether the poor performance resulted from a mistake by the underwriting banks or insufficient demand from traditional pension plans and insurance companies. Invesco manages nearly $2.5 trillion in assets and purchases corporate bonds, including SpaceX bonds.
Space Exploration Technologies Corp. Class A Common StockSpaceX's bond sale performed poorly in secondary market, criticized by Invesco executive.
Invesco PlcInvesco executive criticizes SpaceX bond performance, but Invesco is only mentioned as the source of the criticism, not directly impacted.