Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<a href="https://www.smartkarma.com/entities/nikola-corp" target="_blank" data-smartkarma-citation="entities:29029:1" rel="noopener">Nikola Corp (NKLA US)</a> ousted <a href="https://www.bloomberg.com/news/articles/2021-07-29/nikola-founder-charged-for-allegedly-misleading-investors?sref=Q1XEaVVD" target="_blank" rel="noopener">founder/CEO Trevor Milton was charged in federal court today with criminal and civil fraud</a> for lying to investors for years about “nearly every aspect of the business” to juice the stock price.This comes just two weeks after <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> CEO Elon Musk defended himself in court over his role in <a href="https://www.bloomberg.com/news/articles/2021-07-13/musk-keeps-temper-in-check-in-tesla-solarcity-trial-testimony?sref=Q1XEaVVD" target="_blank" rel="noopener">pushing Tesla in 2016 to buy SolarCity</a> for an insupportable $2 billion without revealing its near-bankruptcy distress in order to bail out his relatives who ran it. Tesla already paid $60 million last year to settle the case, but Musk, true to form, stubbornly resists any efforts to hold him accountable for just about anything, no matter the harm.It could cost him $2 billion to refund the purchase price for SolarCity if he loses, and the Tesla shareholders suing have a credible case, but Musk is used to getting off without serious consequences.After all, he has defied courts, federal regulators, police, state and local government authorities for years with little more than a slap on the wrist.But this year things have changed, whether Elon Musk realizes it yet or not.

Nikola Corp (NKLA US) ousted founder/CEO Trevor Milton was charged in federal court today with criminal and civil fraud for lying to investors for years about “nearly every aspect of the business” to juice the stock price.This comes just two weeks after Tesla Motors (TSLA US) CEO Elon Musk defended himself in court over his role in pushing Tesla in 2016 to buy SolarCity for an insupportable $2 billion without revealing its near-bankruptcy distress in order to bail out his relatives who ran it. Tesla already paid $60 million last year to settle the case, but Musk, true to form, stubbornly resists any efforts to hold him accountable for just about anything, no matter the harm.It could cost him $2 billion to refund the purchase price for SolarCity if he loses, and the Tesla shareholders suing have a credible case, but Musk is used to getting off without serious consequences.After all, he has defied courts, federal regulators, police, state and local government authorities for years with little more than a slap on the wrist.But this year things have changed, whether Elon Musk realizes it yet or not.

Nikola's Ex CEO Trevor Milton Arrested for Lying to Investors. Some Ask, "What About Elon?"

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

The reaction of Tesla stock (-2.0%) to a strong earnings beat at 1Q suggests some fatigue in its attempts to maintain its “aspirational” valuations. We would not be surprised if its 10Q revealed poor earnings quality as stringency in accounting is not, in our view, a strong suit of Tesla. What is more interesting in our view is the progress of Ford’s Mustang Mach-E and the potential for the vehicle to further shatter misperceptions about Tesla having a technological lead in anything.

The reaction of Tesla stock (-2.0%) to a strong earnings beat at 1Q suggests some fatigue in its attempts to maintain its “aspirational” valuations. We would not be surprised if its 10Q revealed poor earnings quality as stringency in accounting is not, in our view, a strong suit of Tesla. What is more interesting in our view is the progress of Ford’s Mustang Mach-E and the potential for the vehicle to further shatter misperceptions about Tesla having a technological lead in anything.

Tesla – Muted Response to Blowout “Earnings”

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

US markets hovered around the highs ahead of the Big Tech earrings. S&amp;P was up 0.2% and Nasdaq nudged higher 0.03% created new closing records. Energy up 2.5% and Materials, Consumer Discretionary and Communication Services up ~0.7% pulled the markets higher. Corporate earnings continued as Tesla beat expectations (detailed below) while Lockheed Martin delivered disappointing results. All eyes are now set on the earnings of Apple, Microsoft, Google and Starbucks . Meanwhile, a high level meeting between US and China ended without any material output amid escalated tensions. US 10Y Treasury yields rose 2bp to 1.28%. European stocks were mixed – CAC was up 0.2%, FTSE was flat and DAX was down 0.3%. US IG CDS spreads tightened 0.2bp and HY widened 1.8bp. EU Main and Crossover spreads widened 0.4bp and 3bp respectively. Brazil’s Bovespa was up 0.8%. Saudi TASI and UAE’s DAX were up 0.2% and 0.9% respectively. Asia Pacific stocks edged higher as mainland China stocks gained – the Nikkei, Shanghai and Singapore’s STI were up 0.3-0.5% while HSI was down ~0.7%. Asia ex-Japan CDS spreads were 1.6bp wider.

AVIC Launches € Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/li-auto-inc" target="_blank" data-smartkarma-citation="entities:28812:1" rel="noopener">Li Auto Inc. (LI US)</a> is the first company to successfully commercialise EREVs (extended-range electric vehicles) in China, the Li ONE. Li ONE is a six-seat, large premium electric SUV which began volume production and deliveries in November 2019 and December 2019, respectively. In 2020, Li ONE was the best-selling new energy SUV in China with a sales volume market share of 9.7%, according to CIC. Li Auto has received approval for an HKEx secondary listing to raise $1.0-1.5 billion, according to press reports. The secondary listing comes on the back of a listing on Nasdaq in July 2020 ($1.0 billion net raise at $11.50 per ADS) as well as a follow-on offering in December 2020 ($1.4 billion gross raise at $29.00 per ADS). The secondary listing also follows peer, <a href="https://www.smartkarma.com/entities/xpeng-inc" target="_blank" data-smartkarma-citation="entities:29217:1" rel="noopener">Xpeng (XPEV US)</a>, which raised net proceeds of $1.8 billion on 7 July. <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> H-shares are trading -9% below the offer price largely due to the recent regulatory onslaught which has engulfed Chinese companies with exposure to the technology and education sector along with listing in the US. <div class="content-highlight">Despite rising competition from new entrants, Li Auto is delivering on its IPO promise by maintaining a market-leading share in its niche, investing in a roadmap to reduce its single model reliance, a positive gross margin and cash generation trajectory. On balance, for investors willing to brave the current regulatory-driven weak sentiment on Chinese names, Li Auto’s fundamentals and valuation are attractive, in our view. </div>

Li Auto Inc. (LI US) is the first company to successfully commercialise EREVs (extended-range electric vehicles) in China, the Li ONE. Li ONE is a six-seat, large premium electric SUV which began volume production and deliveries in November 2019 and December 2019, respectively. In 2020, Li ONE was the best-selling new energy SUV in China with a sales volume market share of 9.7%, according to CIC. Li Auto has received approval for an HKEx secondary listing to raise $1.0-1.5 billion, according to press reports. The secondary listing comes on the back of a listing on Nasdaq in July 2020 ($1.0 billion net raise at $11.50 per ADS) as well as a follow-on offering in December 2020 ($1.4 billion gross raise at $29.00 per ADS). The secondary listing also follows peer, Xpeng (XPEV US), which raised net proceeds of $1.8 billion on 7 July. XPeng (9868 HK) H-shares are trading -9% below the offer price largely due to the recent regulatory onslaught which has engulfed Chinese companies with exposure to the technology and education sector along with listing in the US. Despite rising competition from new entrants, Li Auto is delivering on its IPO promise by maintaining a market-leading share in its niche, investing in a roadmap to reduce its single model reliance, a positive gross margin and cash generation trajectory. On balance, for investors willing to brave the current regulatory-driven weak sentiment on Chinese names, Li Auto’s fundamentals and valuation are attractive, in our view. 

Adani Ports & Special Economic Zone / Credit

US markets ended the week on another record high. S&amp;P and Nasdaq were both up 1% and markets enter the upcoming week with a Fed Meeting lined up along with high profile earnings reports from Apple, Alphabet, Facebook, Amazon, Microsoft, Tesla and Boeing . Consumer Services led the gains up 2.7%. Utilities, Consumer Stables, Health Care, and IT were up ~1%. Markit Flash US composite and services PMIs for July came in lower at 59.7 and 59.8 respectively vs. last month’s 63.7 and 64.6 while the manufacturing PMI was higher at 63.1 vs 62.1 last month. US 10Y Treasury yields tightened by 2bp to 1.26%. Euro zone activity  grew in July to a 21-year high with flash composite PMI at 60.6 vs. 59.5. The European bourses also closed higher – CAC, DAX and FTSE were up 1.4%, 1% and 0.9%. US IG CDS spreads tightened 0.7bp and HY tightened 3.4bp. EU Main and Crossover spreads tightened 0.9bp and 3.4bp respectively. Brazil’s Bovespa was down 0.9%. Middle East markets opened the week in the green after the Eid break. Saudi TASI and UAE’s DAX were up 0.8% and 0.6% respectively. Asian markets looked for direction as Chinese tech shares continued to drop as Chinese regulators barred Tencent from exclusive rights in online music – the Nikkei is up 1.3% while HSI, Shanghai and Singapore’s STIs are down 2.4%, 0.8% and 0.2% respectively. Asia ex-Japan CDS spreads were 0.3bp wider.

Adani Ports, Temasek Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainer...

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tesla (TSLA US)

Nikola's Ex CEO Trevor Milton Arrested for Lying to Investors. Some Ask, "What About Elon?"

Many of Milton's lies are very different vs tales Tesla CEO Elon Musk has told investors for years. Others seem troublingly similar. With new...

Vicki Bryan

Tesla – Muted Response to Blowout “Earnings”

The reaction of Tesla stock (-2.0%) to a strong earnings beat at 1Q suggests some fatigue in its attempts to maintain its “aspirational” valuations.

Mio Kato

AVIC Launches € Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers

US markets hovered around the highs ahead of the Big Tech earrings. S&P was up 0.2% and Nasdaq nudged higher 0.03% created new closing records....

BondEvalue

Li Auto Secondary Listing: Volts Wagons

Li Auto has received approval for an HKEx secondary listing to raise $1.0-1.5 billion, according to press reports. Li Auto’s fundamentals and...

Arun George

Adani Ports, Temasek Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainer...

US markets ended the week on another record high. S&P and Nasdaq were both up 1% and markets enter the upcoming week with a Fed Meeting lined...

BondEvalue

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)