Capital Markets
Public and private markets where companies raise debt and equity (stocks, bonds, private placements).
Access, timing, and pricing in these markets shape every big financing decision.
Cawan's Shoes 2026 financing calendar shows how capital markets work in practice: • Q1: $200M 10-year senior unsecured bond at 5.5% coupon (Treasury 4.2% + 130 bps spread), lead-managed by JPMorgan; proceeds refinance a $180M loan maturing at 6.9%. • Q2: $150M private placement with 3 insurance companies at 5.25%, 12-year term, for the Vietnam factory. • Q3: $50M follow-on equity at $52/share (2% discount to VWAP) to fund the Portland design center. Blended new-money cost: 5.4%. Net interest savings vs. old debt: ~$2.6M/yr.
Poor timing = permanently higher cost of capital.