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Bond Market News
Intel’s Bonds Drop on Corporate Restructuring Update
August 5, 2024
Intel’s bonds were down by over 1.1-1.9 points across the curve. Following its softer than expected earnings report, Intel said it would cut $10bn in costs by reducing the headcount by 15%, suspending its dividend that costs about $2.2bn a year. Rating agency S&P placed its A- rating on Intel to ‘CreditWatch Negative’, implying a possible downgrade in the near-term. S&P said the cost-cutting measures “could alleviate some near-term cash-flow-generation challenges”. However it said that it was unclear whether it would suffice to maintain Intel’s business competitiveness and enable healthy growth.
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