MTCH – Base Case iCDS 221bps, Negative Case iCDS 295bps, 2027 5.000% Bond YTW of 6.875%, iYTW of 6.895%, Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need

November 20, 2023

  • Cash bond and CDS markets are now accurately stating MTCH’s credit risk, with a YTW of 6.875% relative to an Intrinsic YTW of 6.895%, and a CDS of 193bps relative to an Intrinsic CDS of 221bps. The tightening of this spread makes this holding less compelling from a credit investor’s point of view. Meanwhile, Moody’s is overstating MTCH’s fundamental credit risk with its speculative Ba2 credit rating, three notches below Valens’ IG4 (Baa2) credit rating.

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