Tesla's Newly Issued Bonds Are Trading At Par

Tesla Inc.'s newly issued bonds were trading at par Monday, according to MarketAxess, unchanged from their issue price late Friday. The company sold $1.8 billion of eight-year notes in its first sale of pure debt. Tesla has issued convertible bonds, which convert into equity and are supported by the company's stock price. Tesla's shares have soared 70.2% in 2017 amid excitement about its new Model 3 sedan, a $35,000 electric vehicle aimed at the mass market. The S&P 500 has gained 10.2% in the year so far.