Ann: Zip successfully prices A$400m senior C Notes due 2028, page-66

Even as a long time holder it's hard to spin this positively. Look yesterday where everyone was hoping it wasn't a cap raise... could be an acquisition, takeover (lol). A cap raise was the worst type of ann... shareholders just lost nearly 10% of the upside on this.

BUT, if Zip can continue 200%+ growth rates in the US it won't matter. It takes money to make money and Zip have one of the best ROI marketing models I have ever seen (getting into merchants to market the product for us).

In all, I'm pretty neutral about this. The timing could be better. Maybe they could have kicked the can down the road a bit further when the share price is higher. But the next 12 months is also critical to the BNPL takeup in the US and Quadpay has a chance to become a market leader. It won't happen if they can't match the marketing dollars that Klarna and Afterpay have.