Sprint Corporation
Thesis
Sprint is a company that many High Yield investors have a love-hate relationship with. My investment thesis is based on the value of the spectrum it owns, which is substantial enough to cover the bonds easily, despite the company not generating free cash flow.
Did it work?
No price performance data and no elapsed-time information are provided, so the bond trade's return cannot be measured. The core thesis — that Sprint's spectrum value comfortably covered its bonds — is directionally consistent with the eventual T-Mobile acquisition of Sprint (2020), in which spectrum was a key asset, but bondholder outcomes varied by series and cannot be verified here. Without knowing the pitch date, the specific bonds, or their performance, the thesis can be neither confirmed nor rejected.