{"id":64321,"date":"2023-09-22T17:41:05","date_gmt":"2023-09-22T21:41:05","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/barclays-cautious-on-nio-as-1b-cb-raise-highlights-liquidity-needs\/"},"modified":"2023-09-22T17:41:11","modified_gmt":"2023-09-22T21:41:11","slug":"barclays-cautious-on-nio-as-1b-cb-raise-highlights-liquidity-needs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=64321","title":{"rendered":"Barclays cautious on Nio as $1B CB raise highlights liquidity needs"},"content":{"rendered":"
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\u00a9 Reuters Barclays cautious on Nio (NIO) as $1B CB raise highlights liquidity needs<\/span>
\n<\/i>\n<\/div>\n

Barclays reiterated an Equal Weight rating on Nio Inc (NYSE:) with a 12-month price target of $8.00 on the stock after the Chinese electric vehicle maker raised $1 billion in convertible bonds (CB) to repay $720 million in previously issued CBs that are either due or puttable in early 2024.<\/p>\n

NIO is facing an upcoming financial obligation with a $160M convertible bond maturing, as well as an additional $560M convertible bond that can be put back to the company on February 1, 2024, resulting in an expected cash outflow of $720M in February 2024. Additionally, there is another $750M convertible bond that can be put back into the company on February 1, 2025, meaning NIO is facing the repayment of $1.5 billion within the next 18 months.<\/p>\n

\u201cWe have highlighted our concerns around NIO\u2019s liquidity in the past,\u201d wrote analysts. \u201cWe consider this recent $1bn CB raise unlikely to be enough.\u201d<\/p>\n

NIO has been burning through roughly RMB 6B (approximately $800M) in cash each quarter, on average, over the past five quarters. As of the end of the second quarter, they had around RMB 30B in cash or cash equivalents, indicating they have enough cash to sustain their operations for about five more quarters.<\/p>\n

If the cash burn remains similar going forward, NIO may need to raise additional capital sometime in 2024.<\/p>\n

Shares of NIO are down 3.29% in pre-market trading Thursday morning.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Barclays cautious on Nio (NIO) as $1B CB raise highlights liquidity needs Barclays reiterated an Equal Weight rating on Nio Inc (NYSE:) with a 12-month price target of $8.00 on the stock after the Chinese electric vehicle maker raised $1 billion in convertible bonds (CB) to repay $720 million in previously issued CBs […]<\/p>\n","protected":false},"author":1,"featured_media":64322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-64321","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nBarclays cautious on Nio as $1B CB raise highlights liquidity needs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Barclays cautious on Nio (NIO) as $1B CB raise highlights liquidity needs Barclays reiterated an Equal Weight 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