Tesla halts sale of bonds tied to auto leases
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Tesla (NASDAQ:TSLA) delayed a more than $1 billion offering of bonds backed by leases on its electric vehicle, according to Bloomberg.
Trouble with new bond issues has been seen across the market this year with global central banks tightening monetary policies in order to combat inflation. Even more recently, bond sales in the United States are reported to have slowed dramatically after Russia's invasion of Ukraine.
Sources indicated that bankers for Tesla had already placed a significant portion of the bonds with fund managers before the marketing was halted.
Even though Tesla (TSLA) only has limited experience in originating, underwriting, and servicing auto leases - the companyâs managed portfolio and securitizations have performed well, according to Fitch Ratings.
Shares of Tesla (TSLA) fell 0.74% in premarket action on Thursday after gaining 4.78% on Wednesday amid broad gains in the EV sector.
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