핵심요약

• 로빈후드는 2029년 만기 0% 이자 부채 어음을 $20억 규모로 발행
• $2900만 달러는 주식 매입에 사용되며, remainder는 성장과 인수에 활용될 예정
• 골드만삭스와 JP모건이 주도하는 거래는 6월 25일에 계약이 완료됨
• 알파벳의 최근 $800억 선호주 발행 사례를 언급하며 비희석성 자금 조달의 장점을 강조

도입

로빈후드의 이번 자금 조달 전략은 투자자들에게 주목할 만한 여러 가지 의미가 있습니다. 우선, 0% 이자 부채 어음을 통해 자금을 조달한다는 점에서 금리 부담 없이 자금을 확보할 수 있다는 점에서 매력적입니다. 또한, 주식 매입을 통해 주주 가치를 향상시키려는 의지가 보여, 투자자들에게 긍정적인 신호로 해석될 수 있습니다.

본문 1: 성장과 인수 전략의 확대

로빈후드가 이번 자금 중 majority를 성장과 인수에 활용할 계획인 점은 주목할 만합니다. 이는 회사가 현재 사업을 확장하거나 새로운 분야에 진출하려는 의지를 보여주며, 향후 수익 성장 가능성이 열릴 수 있습니다. 특히, 0% 이자 부채 어음을 통해 자금을 조달함으로써, 회사는 장기적인 성장 전략을 수립할 수 있는 유연성을 확보할 수 있습니다. 이는 투자자들에게 장기적인 성장 전망을 제시하는 중요한 요소로 작용할 수 있습니다.

본문 2: 주식 매입의 시사점

$2900만 달러를 주식 매입에 사용할 계획인 점은, 로빈후드가 주주 가치를 향상시키려는 의지를 보여줍니다. 이는 주당 순자산가치(Book Value per Share)를 높이고, 주가 상승의 촉매제가 될 수 있습니다. 또한, 주식 매입을 통해 유통 주식 수를 줄임으로써, 주당 이익(EPS)을 증가시킬 수 있는 가능성도 있습니다. 이는 투자자들에게 주가 상승 전망을 제시하는 긍정적인 신호로 해석될 수 있습니다.

결론

로빈후드의 이번 자금 조달 전략은 성장과 주주 가치를 동시에 고려한 종합적인 접근이라고 할 수 있습니다. 0% 이자 부채 어음을 통해 자금을 조달함으로써, 회사는 장기적인 성장 전략을 수립할 수 있는 유연성을 확보할 수 있을 것입니다. 또한, 주식 매입을 통해 주주 가치를 향상시키려는 의지를 보여주며, 투자자들에게 긍정적인 신호를 제공하고 있습니다. 향후 로빈후드의 성장 전략과 주가 동향을 주목할 필요가 있습니다.

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원문 링크: https://finance.yahoo.com/video/robinhood-borrowing-2-billion-0-172911435.html?.tsrc=rss

Robinhood is borrowing $2 billion at 0% interest: What to know

Scott Melker explains what's going on with Robinhood's ( HOOD ) convertible debt play.

" The Daily Wolf with Scott Melker " airs every day at 12:00 p.m. Tune in for your daily dose of all things crypto.

Make sure to also check out Yahoo Finance's new crypto hub to find the latest crypto-related news.

Robin Hood's convertible debt play, dilution, risk, growth upside. So what's happening here? The deal is that uh Robin Hood has priced two billion dollars of 0% convertible senior notes due 2029, zero coupon debt, no interest. This closes in two days on June 25th.

So 290 million of this will be used to buy back their own stock. The rest is for growth and acquisitions plus 112 million on tapped calls. This was led by Goldman and JP Morgan. So you've probably heard about convertible debt before. You've probably heard about prefs before, which is not exactly what they're doing here.

I want to play for you what Phong Le said because it speaks quite a bit to what's happening with STRAC and the way that strategy has uh opened their Bitcoin buying playbook. Let's watch the video.

There's the advantages of digital credit to us uh the company, strategy. There's advantages of digital credit to the purchasers and there's advantages of digital credit to Bitcoin.

Uh to us, the company, uh we want to be able to raise capital that is non-dilutive uh that also uh does not have maturity and duration risk. and preferred capital is actually perfect for that. right? I'll give you an example. There's more recently, uh Google last week raised $80 billion of capital and a large portion of that used uh preferred uh capital, in that case convertible.

And when you have you want to invest into something that has a long duration, it is uncertain what the return profiles are, is it one year, two years, three years, four years, I.E. AI, preferred capital is actually perfect for that.

So this one is not preferred capital, but it's interesting what he laid out about Alphabet following the strategy playbook. Now, these convertible notes are not necessarily brand new, but strategy has obviously brought them into the mainstream and made them extremely popular. But what you have here, I mean, think about this, when we talk about ZIRP and low interest rates. I mean, people are so excited about the prospects of Robin Hood's price going up that they're willing to lend Robin Hood effectively two billion dollars with uh 0% interest, right? With that convertible debt for 2029.

And the more interesting part is that strategy who, well as I said, somewhat pioneered uh the new wave of convertible debt, actually is now in hot water for closing their convertible notes with all the cash that they had set aside for STRC. So STRC had this massive cash reserve. Strategy chose to actually close out for 1.3ish billion dollars, one of their convertible notes that I believe was coming due in 2028.

So kind of the opposite direction because strategy moved on to the preferreds which Phong Lee talks about for Google and Alphabet. So I think that we have uh sort of going in two different directions but something that was really championed by strategy and the crypto market now become very popular with companies like Alphabet and Robin Hood. Now, it's going to be interesting to see uh how these all play out, if they can actually raise the two billion, seemingly that's not going to be a problem for them and how it affects their stock.

They were trading down on the announcement but but only slightly, so I don't think it's a big deal.

Source: https://finance.yahoo.com/video/robinhood-borrowing-2-billion-0-172911435.html?.tsrc=rss