SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Japanese conglomerate SoftBank reported strong earnings for the quarter ended December 31 with profits of $11bn, of which $8bn was from its Vision Fund in a rather interesting presentation referencing a goose and golden eggs. The $100bn Vision Fund’s 82 investments were valued at $90bn, as compared to their purchase price of $76.3bn. Valuation gains came from companies like Doordash and Uber where investments of $680mn and $7.7 currently are valued at over $9.25bn and $11bn, besides other companies like Opendoor, Relay Therapeutics etc. – which SoftBank calls golden eggs. Almost half of the first Vision Fund’s portfolio was exited or listed at the end of December, offering liquidity to the second Vision Fund. The fund particularly made headlines last August, touted as the infamous Nasdaq whale after a $30bn notional exposure on US stocks with a $4bn focus on individual tech stocks. SoftBank’s 6% Perp was lower by 0.25 to 100.88, yielding 5.61%.

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