Three Things (6/28)
Jun 28, 2022
1) Double Prime: Amazon plans to host a second prime day this year, marking the first time the company will host its signature event twice in one calendar year. The announcement comes as the e-commerce giant gears up for its big annual sale on July 12th and 13th. The second event will likely occur sometime in the early fall before Cyber Monday.
Titan’s Takeaway: Despite slowing online retail demand, Amazon’s announcement looks to bring more consumers onto the platform with increasing frequency. If last year's $11 billion Prime Day event is any indication of the potential revenue impact, we celebrate the news as long-term holders in Flagship.
2) U.S. government keeps top rating at Moody’s: The U.S. has kept its Aaa long-term issuer and senior unsecured ratings, affirmed by Moody's this past Friday. Aaa is the highest rating offered by the agency. The vote of confidence reinforces Moody's view that the U.S. is emerging from the pandemic shock with its credit strengths intact.
Titan’s Takeaway: U.S. treasuries have long been the gold standard for which risk free yield is measured for investors and capital expenditures. Moody's affirmation confirms that risk free yield is still risk free and that the U.S. is emerging from the pandemic financially capable of weathering a downturn.
3) Russia defaults on debt: Russia defaulted on its foreign debt for the first time since 1918. Sunday evening marked the expiration of a 30-day grace period since the country was due to pay roughly $100 million in dollars and euros to bond holders.
Titan’s Takeaway: Despite sanctions causing the default, the ensuing litigation in sovereign wealth markets will have a longstanding impact on foreign bond trading. The default will also make it significantly more difficult for Russia to re-enter international financial markets should the opportunity present itself.
Cash Management
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