Jul. 22 at 11:20 PM
$NFLX quietly bullish signal hiding in the bond market: they just priced new 2036 notes at only ~95bps over Treasuries — tight spread for 10yr paper. Proceeds refinance ~
$1B maturing debt, no dilution, no distressed rates. Their 2024 debut bond sale saw 10x+ demand. Credit markets are still pricing NFLX as a durable cash machine even as equity sentiment tanks — and when the two diverge this much, credit usually reads it right. Stock’s down, fundamentals aren’t.