MBA Training Finance. Daily strategy in corporate finance, FP&A, M&A, treasury and ESG, for finance leaders and aspiring CFOs. New episode every day at mba-training.com.
30-year Treasury yield at 24-year high: stress test debt at 6%
Oil above $102 pushed the 30-year Treasury yield to 5.683% and the 10-year to 5.342%, levels last seen in 2002. Is the driver Fed repricing, as Bank of America argues, or a term premium driven by US government debt, as JPMorgan argues? The episode leans toward JPMorgan, citing the bear steepener, while treating Thursday's solid 30-year auction as a fragile window.
You will be able to explain term premium and credit spread, weigh short versus long funding against your maturity wall, see how higher risk-free rates lift cost of equity, and reprice 24 months of maturities at Pimco's 6% ten-year scenario against your interest coverage covenant.
0:00 Oil above $100 lifts Treasury yields
1:26 Term premium and the bear steepener
2:33 JPMorgan vs Bank of America on causes
3:58 Pimco's 6% ten-year scenario
4:51 Short vs long debt and cost of equity
7:07 Stress test maturities at 6%
7 Oct 2026
Asset life vs debt tenor: SpaceX's $40bn chip deal
Can you fund four-year Nvidia hardware with thirty-year paper and keep an investment-grade rating? SpaceX is trying, with roughly $10bn of bank loans and $30bn of bonds led by Apollo, and the position here is that the structure sells residual value rather than credit. The episode walks through the BBB threshold, the June $25bn deal that drew $90bn of orders then traded near 85 cents with a 2.27 point spread, Michael Burry's $176bn depreciation claim, and the Bank of England's circular arrangements warning.
You leave with a three-part test, life, lock and residual, plus the CoreWeave, Meta and Blue Owl precedents, an asset-life ladder to build, and the purchase obligations footnote to check.
0:00 Asset life versus debt tenor mismatch
1:09 Why $10bn loans plus $30bn bonds
2:32 Three claims about chip collateral tested
4:51 Life, lock, residual: the CFO test
6:13 The refinancing bet, costed
7:07 Mid-cap version: covenants and purchase obligations
6 Oct 2026
Schneider Electric's PTC deal: the 42% premium test
Schneider Electric agreed to pay $205 a share in cash for PTC, a 42.3% premium and about $22.6 billion in equity value, and its own shareholders cut roughly 15 billion euros of market value the same day. The position here is that the strategic slide matters less than the financing structure: the price only looks defensible at 13 times 2027 adjusted EBITA once 800 million euros of revenue synergies are counted, and those are the hardest to deliver.
You come away able to separate cost from revenue synergies, read a bridge facility and accelerated bookbuild, track net debt to EBITDA against a Category A rating, and tell EPS accretion apart from a return on capital employed that clears WACC.
0:00 The $22.6bn price and 42% premium
1:42 Synergy math: 21x, 17x, 13x EBITA
2:34 Bridge financing and the equity raise
3:58 Leverage, net debt to EBITDA, Category A ratings
5:57 EPS accretion versus ROCE by year five
7:03 PTC's recurring revenue and what to watch
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