* S&P SAYS LITHUANIA OUTLOOK REVISED TO NEGATIVE FROM STABLE ON SPILLOVER EFFECTS FROM THE WAR; 'A+/A-1' RATINGS AFFIRMED. * S&P PROJECTS COUNTRY'S ECONOMY WILL FALL INTO RECESSION IN FIRST-HALF 2023 BEFORE RECOVERING IN SECOND HALF & GROWING ONLY 0.5% ANNUALLY.
Investors have withdrawn $316 billion from credit funds this year, unwinding all of the previous year's inflows, BofA Global Research said in a note on Friday. That is a bearish signal for corporate debt markets as high inflation and rising interest rates darken the economic outlook, and is in sharp contrast to inflows into share markets.
Investors have withdrawn $316 billion from credit funds this year, unwinding all of the previous year's inflows, BofA Global Research said in a note on Friday. That is a bearish signal for corporate debt markets as high inflation and rising interest rates darken the economic outlook, and is in sharp contrast to inflows into share markets.
Credit rating firm S&P Global has warned that speculative-grade U.S. and European corporate default rates are likely to double and might even treble next year as rising borrowing costs take their toll. The firm estimated that the "trailing-12-month default rates" in the U.S. and Europe would reach 3.75% and 3.25% respectively by September, more than double the 1.6% and 1.4% in September 2022.
Credit rating firm S&P Global has warned that speculative-grade U.S. and European corporate default rates are likely to double and might even treble next year as rising borrowing costs take their toll. The firm estimated that the "trailing-12-month default rates" in the U.S. and Europe would reach 3.75% and 3.25% respectively by September, more than double the 1.6% and 1.4% in September 2022.
SEGRO PLC (SEGXF): * LAUNCH AND PRICING OF A ?350 MILLION, 19-YEAR SENIOR UNSECURED BOND ISSUE, PRICED AT 175 BASIS POINTS ABOVE GILTS, Source text for Eikon: Further company coverage:
Copper Mountain Mining Corp (CPPMF) : * COPPER MOUNTAIN MINING RECEIVES BONDHOLDER APPROVAL FOR THE SALE OF THE EVA COPPER PROJECT AND THE AUSTRALIAN EXPLORATION TENEMENTS AND ANNOUNCES BOND BUYBACK OFFER Source text for Eikon: Further company coverage:
S&P GLOBAL: * S&P SAYS BAHRAIN OUTLOOK REVISED TO POSITIVE FROM STABLE ON IMPROVING FISCAL TRAJECTORY; 'B+/B' RATINGS AFFIRMED. * S&P ON BAHRAIN SAYS POSITIVE OUTLOOK INDICATES THAT IT EXPECT THE GOVERNMENT WILL CONTINUE IMPLEMENTING FISCAL REFORMS TO REDUCE THE BUDGET DEFICIT.
Adler Group SA (ADPPF): * EQS-ADHOC: ADLER GROUP S.A. (ADPPF): AGREEMENT WITH BONDHOLDER GROUP ON AMENDMENT OF NOTE TERMS AND PROVISION OF SECURED DEBT FINANCING. * BONDHOLDERS HOLD AROUND 45% OF BONDS ISSUED BY ADLER GROUP (ADPPF). * ADLER GROUP INTENDS TO ENTER INTO A CORRESPONDING AGREEMENT WITH A MAJORITY OF ITS BONDHOLDERS IN DUE COURSE.
Norsk Hydro ASA (NHYKF): * SUCCESSFUL PLACEMENT OF NEW SUSTAINABILITY LINKED BONDS. * BONDS WITH A TOTAL AMOUNT OF NOK 3,000 MILLION. * TRANSACTION SPLIT BETWEEN TWO TRANCHES: NOK 1,500 MILLION EACH Source text for Eikon: Further company coverage:
European companies are again looking to sell bonds after months of turbulence in world markets as investors warm up to riskier debt, offering the final opportunity to raise money before the year ends. Surging inflation, rapid interest rate hikes and a darkening economic outlook have weighed on bond sales from Europe's top-rated corporate issuers.
European companies are again looking to sell bonds after months of turbulence in world markets as investors warm up to riskier debt, offering the final opportunity to raise money before the year ends. Surging inflation, rapid interest rate hikes and a darkening economic outlook have weighed on bond sales from Europe's top-rated corporate issuers.
Asset manager BlackRock (BLK) said on Monday it had increased its strategic overweight on investment grade credit due to attractive valuations and the income potential coming from corporate bonds' higher yields.
Asset manager BlackRock said on Monday it had increased its strategic overweight on investment grade credit due to attractive valuations and the income potential coming from corporate bonds' higher yields.
Asset manager BlackRock (BLK) said on Monday it had increased its strategic overweight on investment grade credit due to attractive valuations and the income potential coming from corporate bonds' higher yields.
* Asian stock markets : https://tmsnrt.rs/2zpUAr4. * China coronavirus outbreaks a setback to loosening hopes. * Dollar, bonds steady before Fed minutes. * Oil prices fragile after losing 10% last week. By Wayne Cole.
S&P: * S&P SAYS IRELAND OUTLOOK REVISED TO POSITIVE ON FISCAL AND MACROECONOMIC RESILIENCE; 'AA-/A-1+' RATINGS AFFIRMED. * S&P SAYS IRISH ECONOMY IS SET TO DECELERATE NEXT YEAR, BUT SHOULD CONTINUE TO OUTPERFORM PEERS WHILE AVOIDING A TECHNICAL RECESSION. * S&P SAYS SOLID TAX REVENUE GROWTH WILL HELP IRELAND POST BUDGETARY SURPLUSES OVER 2022-2025, DESPITE NEAR-TERM SPENDING INCREASES.
Fitch Ratings on Friday downgraded Mexican leasing firm Unifin Financiera's long and short-term local and foreign currency issuer default ratings to 'D' from 'RD' due to the firm's announced restructuring process.
Fitch Ratings on Friday downgraded Mexican leasing firm Unifin Financiera's long and short-term local and foreign currency issuer default ratings to 'D' from 'RD' due to the firm's announced restructuring process. Fitch also downgraded Unifin's long and short-term national scale ratings to 'D' from 'RD', saying "the downgrades reflect that a bankruptcy proceeding is ongoing."
Moody's Investors Service said on Friday it changed the outlook on French carmaker Renault's ratings to stable from negative to reflect prospects of improved profitability from its strategic plan.
* Fed's Bullard says rate may need to go as high as 7% * U.S. crude futures break below 5-day moving average. * Struggling Chinese demand weighs. * NATO and Poland findings on missile ease fears of wider war. By Arathy Somasekhar.
Athene Holding Ltd: * ATHENE PRICES $400 MILLION INVESTMENT GRADE NOTES OFFERING. * AGREED TO SELL $400 MILLION OF 6.650% SENIOR UNSECURED NOTES DUE 2033 Source text for Eikon: Further company coverage:
Alvotech SA (ALVO): * ALVOTECH SECURES FINANCING FACILITIES OF APPROXIMATELY $136 MILLION. * Alvotech SA (ALVO) - ALVOTECH SECURES $50 MILLION IN FINANCING IN FORM OF AN UNSECURED SUBORDINATED LOAN FACILITY FROM ALVOGEN. * Alvotech SA (ALVO) - EXISTING SENIOR BONDS UPSIZED BY $70 MILLION WITH ADDITIONAL INVESTMENT FROM A CONSORTIUM OF INSTITUTIONAL INVESTORS Source text for Eikon: Further company coverage:
Air France-KLM on Wednesday raised just over 300 million euros by issuing subordinated bonds convertible into stock, seeking to strengthen its capital and pay back state aid but sending its shares plummeting. The shares plunged 13% shortly before the market close due to investor concerns about potential dilution for current shareholders.
Ratings agency Fitch on Tuesday downgraded Telecom Italia's credit rating to 'BB-' from 'BB', citing absence of sufficient debt reduction in 2022. Fitch said its outlook for Italy's biggest phone group was "negative", warning that higher inflation and lower consumer purchasing power will affect the company's earnings before interest, taxes, depreciation, and amortization and its revenue.
S&P Global Ratings agreed to pay a $2.5 million penalty to settle U.S. Securities and Exchange Commission charges that it violated rules to prevent conflicts of interest, the regulator said in a statement on Monday.
TransAlta Corp (TAC): * TRANSALTA ANNOUNCES PUBLIC OFFERING OF U.S. SENIOR GREEN BONDS AND RELEASES INAUGURAL GREEN BOND FRAMEWORK. * TransAlta Corp (TAC) - INTENDS TO USE NET PROCEEDS FROM SALE OF NOTES TO REPAY C$100 MILLION DRAWN ON ITS CREDIT FACILITY.
Morgan Stanley expects the Bank of England to cut interest rates by 150 basis points in 2024 after stopping its tightening cycle in March of next year. "The BoE stops hiking as Bank Rate hits 4.0% in March 2023.
The UK's external deficit is a worry and there are questions over the country's competitiveness long-term, although a resilient labour market is a positive, senior analysts at S&P Global said on Friday. The ratings agency cut the outlook for Britain's AA credit rating in September to "negative" from "stable".
* FITCH RATINGS: SINO-US TENSIONS HERE TO STAY BUT DECOUPLING ADVANCES SLOWLY. * FITCH-POLICIES BEING PURSUED IN CHINA AND U.S. TO DISENTANGLE THEIR ECONOMIC INTERDEPENDENCIES WILL CURTAIL NEW CROSS-BORDER INVESTMENTS.
Ball Corp (BALL): * ORATION ANNOUNCES PRICING OF $750 MILLION OF SENIOR NOTES. * PRICED AN UNDERWRITTEN PUBLIC OFFERING OF $750 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.875% SENIOR NOTES DUE 2028 Source text for Eikon: Further company coverage:
Credit Suisse has launched a $2 billion, 11-year bond issue, a source familiar with the matter told Reuters on Wednesday. The new bond was set to be priced at a spread of 485 basis points over Treasuries, the source said, adding that the deal would be finalised later in the day. Earlier, Credit Suisse raised three billion euros from the sale of a bond due in March 2029 by its holding company.
Credit Suisse was on Wednesday set to raise three billion euros from the sale of a bond due in March 2029 by its holding company, Refinitiv's capital markets news service IFR reported. Investor orders for the bond, callable in March 2028, exceeded 7.5 billion euros and it was set to be priced at a spread of 495 basis points over the mid-swap level, IFR said.
Australia's Westpac Banking Corp (WEBNF) has mandated banks to work on two- and five-year U.S. dollar bond issuances, according to a term sheet reviewed by Reuters. It becomes the second Australian institution to tap international funding markets in two days, after Australia and New Zealand Banking Group (ANEWF) raised 2 billion euros in a covered bond on Tuesday.
Ameren Corp (AEE): * AMEREN ILLINOIS ANNOUNCES PRICING OF GREEN FIRST MORTGAGE BONDS DUE 2052. * AMEREN ILLINOIS COMPANY - PRICING OF A PUBLIC OFFERING OF $350 MILLION AGGREGATE PRINCIPAL AMOUNT OF 5.90% FIRST MORTGAGE BONDS DUE 2052 Source text for Eikon: Further company coverage:
Peru's government cut its economic growth forecast for this year to between 2.7% and 3% on Tuesday, citing a slowing global economy and challenges from the opposition-led Congress, which has sought to oust leftist President Pedro Castillo.
Humana Inc (HUM): * HUMANA PRICES $1.25 BILLION DEBT OFFERING. * SENIOR NOTES ARE COMPRISED OF $500 MILLION OF COMPANY'S 5.75% SENIOR NOTES, DUE 2028, AT 99.705% OF PRINCIPAL AMOUNT. * SENIOR NOTES ARE COMPRISED OF $750 MILLION OF COMPANY'S 5.875% SENIOR NOTES, DUE 2033, AT 99.508% OF PRINCIPAL AMOUNT Source text for Eikon: Further company coverage:
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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