Tesla Inc. TSLA.
saw high demand this week for bonds linked to leasing their electric vehicles, the first of its kind during a pandemic. When investors accumulated orders in an 8-tranche bond agreement, the carmaker could borrow more than $ 700 million at cheaper levels than originally expected. Specifically, the largest bond of USD 215 million AAA-rated bonds maturing in the 1.1-year period was cleared by the market at 35 basis points above the risk-free reference value, yielding 0.56%. At the beginning of the week, investors managed a slightly more massive spread in the range of 50 to 55 basis points, as bankers tried to show interest in the offer. The spread is the level that investors earn on bonds above the risk-free reference point, such as US Treasuries [S: tmubmusd1