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Netflix’s stock rallied 16.5% on Thursday to put it on track for its biggest one-day percentage move since Jan. 20, 2021, after better-than-expected third-quarter earnings.
The streaming giant
NFLX,
reported third-quarter results after market close Wednesday, enjoying a huge jump in subscribers as revenue improved to $8.54 billion from $7.9 billion in the same period last year.
The company’s clampdown on password sharing led to 8.8 million net new additions in the quarter, marking the highest-ever number for a third quarter, according to JP Morgan.
Related: Netflix’s stock jumps more than 10% on huge spike in subscribers, price hikes
The company’s investment-grade bonds were enjoying a strong day too.
As the following charts from data solutions provider BondCliQ Media Services show, Netflix’s bonds were enjoying better buying as the day progressed. Spreads have tightened by three to five basis points, according to market sources.
Netflix net customer flow (Intraday). Source: BondCliQ Media Services
Performance over the last 10 days was more mixed with selling of the company’s three-year and five-year bonds and buying of the seven-year bonds.
Most active Netflix issues with net customer flow (last 10 days). Source: BondCliQ Media Services
The following table shows Netflix’s maturity stack, with the bulk of its $11.3 billion in outstanding bonds coming due in 2028.
Outstanding Netflix debt (USD) by maturity year (Total $11.3 billion). Source: BondCliQ Media Services
Read also: Netflix turning password sharing clampdown into paid sharing boost, say analysts
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