Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Vicki Bryan founded Bond Angle in 2018, after more than 20 years in investment management and research, with a primary focus in high yield and distressed markets and selected coverage in investment-grade fixed income and equity. 

Vicki Bryan's Bond Angle provides insightful commentary and analysis on high yield bond markets and market movers, including financial, economic, and industry catalysts, noted for spotting management stumbles and shenanigans early and often. Follow Vicki at bondangle.substack.com and on Twitter @VickiBryanBondA and LinkedIn.

Founder & CEO Bond Angle, LLC

Breaking: Softbank Bonds Gets Severe Downgrade; WeWork Bonds Suffer

Softbank's Son "Feeling The Force" With Options Funded With Cash It Had Pledged To Protect

WeWork Bonds in Peril As Softbank Abandons Equity Tender

Gravity Works As WeWork Doesn't; Now Plan B

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<a href="https://www.smartkarma.com/entities/the-we-company" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">The We Company (WeWork) (WE US)</a> sold its majority stake in its China business to <a href="https://www.ft.com/content/153f2775-72cc-451e-b7a3-03978c69f97b" target="_blank" rel="noopener">Trustbridge Partners</a> for $200 million, a price far below the $5 billion where the unit had been valued in 2018.But in 2018, WeWork was still being pitched by its bankers to investors as worth as much as $100 billion, substantially higher versus my $5-7 billion estimate. Less than a year later WeWork's IPO collapsed and it sunk into insolvency as I had projected (see <a href="https://www.smartkarma.com/insights/gravity-works-as-wework-doesn-t-now-plan-b" target="_blank" data-smartkarma-citation="insights:32107" rel="noopener">Gravity Works As WeWork Doesn't; Now Plan B</a> on 9/17/20). We know how that worked out. Times and fortunes have changed for the worse since then, and now WeWork is lucky to get a meaningful price for any of its still struggling assets, as we can see in the following quick review.Read on as Bond Angle discussion continues...

The We Company (WeWork) (WE US) sold its majority stake in its China business to Trustbridge Partners for $200 million, a price far below the $5 billion where the unit had been valued in 2018.But in 2018, WeWork was still being pitched by its bankers to investors as worth as much as $100 billion, substantially higher versus my $5-7 billion estimate. Less than a year later WeWork's IPO collapsed and it sunk into insolvency as I had projected (see Gravity Works As WeWork Doesn't; Now Plan B on 9/17/20). We know how that worked out. Times and fortunes have changed for the worse since then, and now WeWork is lucky to get a meaningful price for any of its still struggling assets, as we can see in the following quick review.Read on as Bond Angle discussion continues...

Breaking: WeWork Nets $200 Million for China Business