Illustration: Aïda Amer/Axios

All companies want to be cash-rich — and as big as possible — heading into an era of extreme uncertainty.

The big picture: Companies raised an astonishing $287 billion through bond issuance between March 17 and April 3 alone. That's more than they raised in the entire second quarter of last year.

Slack didn't raise any money when it went public in a novel direct listing. But being a public company certainly helped Slack this week, when it easily raised $750 million in a convertible bond deal that could end up being as big as $862 million.

  • Slack, which lost $588 million last year and expects to lose money this year too, is paying just 0.5% on the bonds. Investors can also make money if the share price rises above $31 per share.
  • The stock is currently trading just below $25, after rallying from a low point of $15 last month.
  • Airbnb similarly raised $1 billion this week, but because of its industry and its private status, it had to accept much worse terms.

What to watch: Private companies are trying to get big enough to survive through M&A. Often the transactions are mostly or entirely in stock, to help conserve precious cash.

  • See for instance: SoFi buying banking platform Galileo, or Foursquare merging with location-based marketing company Factual. Both deals took place largely using illiquid private stock as currency.

Go deeper

Updated 26 mins ago - World

Hong Kong media tycoon Jimmy Lai arrested under national security law

Media tycoon Jimmy Lai at the Next Digital offices in Hong Kong in June. Photo: Anthony Wallace/AFP via Getty Images

Hong Kong pro-democracy activist Jimmy Lai has been arrested for "collusion with foreign powers" and the offices of his newspaper raided, said Mark Simon, an executive at the tycoon's media firm Next Digital on Monday.

Why it matters: He was arrested under the new national security law that gives Beijing more powers over the former British colony. Lai is the most prominent person arrested under the law — which prompted the U.S. to sanction Chinese officials, including Hong Kong leader Carrie Lam, over Beijing's efforts to strip the territory of its autonomy.

Updated 35 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1:30 a.m. ET: 19,861,683 — Total deaths: 731,326 — Total recoveries — 12,115,825Map.
  2. U.S.: Total confirmed cases as of 1:30 a.m. ET: 5,044,864 — Total deaths: 162,938 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. States: New York reports lowest rate of positive coronavirus test results since pandemic began
  5. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020. 
  6. Schools: 97,000 children test positive for coronavirus in two weeks — Nine test positive at Georgia school where photo showing packed hallway went viral .

97,000 children test positive for coronavirus in two weeks

A boy has his temperature checked as he receives a free COVID-19 test in South Los Angeles in July. Photo: Mario Tama/Getty Images

At least 97,000 children tested positive for COVID-19 in the final two weeks of July and there's been an estimated 338,000 cases involving kids in the U.S. since the pandemic began, a new report finds.

Why it matters: The findings in the report by the American Academy of Pediatrics and the Children’s Hospital Association comes as schools and day cares look to reopen in the U.S., with New York Gov. Andrew Cuomo (D) announcing Friday that school districts in the state can reopen in the fall amid lower coronavirus transmission rates.