FILE PHOTO: A logo of the electric vehicle maker Tesla is seen near a shopping complex in Beijing, China January 5, 2021. REUTERS/Tingshu Wang

March 17, 2022

(Reuters) – Electric-car maker Tesla Inc delayed a more than $1 billion offering of bonds backed by leases on its electric vehicles, Bloomberg News reported on Wednesday.

The move follows “buy now, pay later” lender Affirm Holdings Inc’s announcement earlier this week to delay its bond offering.

Bond sales in the United States have ground to a halt after Russia’s invasion of Ukraine, adding to challenges the funding market is already facing as global central banks tighten monetary policies due to surging inflation.

Bankers for Tesla had already placed a significant portion of the bonds with fund managers before marketing was halted, the report said, citing people familiar with matter.

Tesla did not immediately respond to a Reuters’ request for comment.

(Reporting by Akriti Sharma in Bengaluru; editing by Uttaresh.V)

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