MTCH – Base Case iCDS 184bps, Negative Case iCDS 259bps, 2027 5.000% Bond YTW of 6.536%, iYTW of 6.156%, Ba2 Rating from Moody’s, IG3- (equivalent to A3) Rating from Valens, Low Refinancing Need

August 18, 2023

  • Cash bond and CDS markets are now accurately stating MTCH’s credit risk, with a YTW of 6.536% relative to an Intrinsic YTW of 6.156%, and a CDS of 197bps relative to an Intrinsic CDS of 184bps. As such, the tightening of this spread makes this holding less compelling from a credit investor’s point of view. Meanwhile, Moody’s is materially overstating MTCH’s fundamental credit risk with its speculative Ba2 credit rating, five notches below Valens’ IG3- (A3) credit rating.

You don’t have access to the Valens Research Premium Application.

To get access to our best content including the highly regarded Conviction Long List and Market Phase Cycle macro newsletter, please contact our Client Relations Team at 630-841-0683 or email

Please fill out the fields below so that our client relations team can contact you

Or contact our Client Relationship Team at 630-841-0683