NFLX – CDS 121bps, Base Case iCDS 35bps, Negative Case iCDS 44bps, 2026 4.375% Bond YTW of 3.272%, iYTW of 2.056%, Ba1 Rating from Moody’s, IG3 (equivalent to A2) Rating from Valens, Low Refinancing Need

March 18, 2022

  • Credit markets are overstating credit risk with a YTW of 3.272% and a CDS of 121bps relative to an Intrinsic YTW of 2.056% and Intrinsic CDS of 35bps. In addition, Moody’s is materially overstating NFLX’s fundamental credit risk with its Ba1 credit rating five notches below Valens’ IG3 (A2) credit rating.

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