Coinbase Global increases junk bond offering to $2B on robust demand - Bloomberg

Coinbase Global (NASDAQ:COIN) boosts the size of its inaugural junk-bond offering to $2B from $1.5B, Bloomberg reports, citing a person with knowledge of the matter. The strong demand for the issue shows that investors are becoming more confident in cryptocurrency-based businesses as an investment. There was at least $7B in demand for the offering, the person told Bloomberg. As well, the crypto exchange company is expected to raise the capital a lower cost than had been expected, with the $1B seven-year tranche seen pricing at a yield of 3.37% and the $1B 10-year part at 3.625%, according to the report. From Sept. 13, Coinbase raising $1.5B in bond sale.