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Market Wrap

Twitter - you can make me whole again

Christine Tognoli's avatar
Nathan Mitchell's avatar
  1. Christine Tognoli
  2. +Nathan Mitchell
6 min read

On 20 April it was announced that Elon Musk had secured commitments from major investment banks to back his proposed acquisition of Twitter, and on 25 April Elon Musk and Twitter announced a definitive agreement for the acquisition. Subsequent price movement on Twitter’s existing 5% Senior Notes due 2030 and 3.875% Senior Notes due 2030 (“SUNs”) suggests some interesting game theory might be at play, with the 2027s at 98.1, and 2030s at 102.1. Assuming the takeover goes ahead, what does it mean for Twitter’s existing SUNs?

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