* S&P SAYS SLOVAKIA OUTLOOK REVISED TO NEGATIVE FROM STABLE ON RISING ECONOMIC AND FISCAL RISKS; 'A+/A-1' RATINGS AFFIRMED. * S&P SAYS RUSSIA-UKRAINE CONFLICT WILL HAMPER SLOVAKIA'S ECONOMIC RECOVERY, PUSH UP INFLATION, AND TRIGGER PUBLIC SPENDING PRESSURE.
* S&P SAYS SOUTH AFRICA OUTLOOK REVISED TO POSITIVE ON RESILIENT EXTERNAL SECTOR; RATINGS AFFIRMED. * S&P SAYS FAVORABLE TERMS OF TRADE CONTINUE TO SUPPORT SOUTH AFRICA'S FISCAL AND EXTERNAL RECEIPTS. * S&P SAYS FLEXIBLE CURRENCY AND DEEP CAPITAL MARKETS ALONGSIDE SOUTH AFRICA'S NET EXTERNAL CREDITOR POSITION WILL HELP CUSHION THE EXTERNAL RISKS.
Moody's on Friday downgraded Ukraine's rating to "Caa3" from "Caa2" owing to increased risks to the government's debt sustainability following continued effects of Russia's invasion. The agency changed Ukraine's outlook to negative, citing uncertainty around the evolution of the war.
Credit Suisse has received its second ratings downgrade this week, adding further pressure to the beleagured Swiss lender which has been under fire over a series of losses and scandals.
Carnival PLC (CUK): * CARNIVAL CORPORATION (CCL) & PLC ANNOUNCES PRICING OF $1.0 BILLION SENIOR UNSECURED NOTES DUE 2030 TO REFINANCE 2023 MATURITIES. * CARNIVAL CORP (CCL) - CARNIVAL CORPORATION HAS PRICED PRIVATE OFFERING OF $1.0 BILLION AGGREGATE PRINCIPAL AMOUNT OF 10.5% SENIOR UNSECURED NOTES DUE 2030 Source text for Eikon: Further company coverage:
U.S. bond sales by investment-grade issuers will likely decline by around 10% this year as borrowers contend with higher rates and market volatility, a BofA executive said on Tuesday.
U.S. bond sales by investment-grade issuers will likely decline by around 10% this year as borrowers contend with higher rates and market volatility, a BofA executive said on Tuesday.
Credit Suisse Group AG's credit rating has been downgraded to BBB from BBB+ by Standard & Poors, a blow for the Swiss bank which reported a first quarter loss and is facing increasing shareholder unrest following a string of scandals. Its outlook was changed to stable from negative, the rating agency said.
Fortis Inc (FTS): * Fortis Inc (FTS). ANNOUNCES PRICING OF SENIOR UNSECURED NOTES. * Fortis Inc (FTS) - PRICED A PUBLIC OFFERING OF $500 MILLION 4.431% SENIOR UNSECURED NOTES DUE MAY 31, 2029 Source text for Eikon: Further company coverage:
* S&P SAYS ISRAEL RATINGS AFFIRMED AT 'AA-/A-1+'; OUTLOOK STABLE. * S&P, ON ISRAEL, SAYS AGENCY VIEWS THE DIRECT IMPACT OF RUSSIA'S MILITARY INTERVENTION IN UKRAINE AS LIMITED FOR ISRAEL.
* S&P SAYS BURKINA FASO 'CCC+/C' RATINGS AFFIRMED; OFF WATCH ON STABILIZING POST-COUP POLITICAL ENVIRONMENT; OUTLOOK STABLE. * S&P SAYS EXPECT BURKINA FASO AND THE ECONOMIC COMMUNITY OF WEST AFRICAN STATES WILL REACH A CONSENSUS ON BURKINA FASO'S POST-COUP TRANSITION PERIOD. * S&P SAYS EXPECT BURKINA FASO'S RELATIONSHIPS WITH ITS MAIN INTERNATIONAL PARTNERS TO GRADUALLY NORMALIZE.
Willis Towers Watson PLC (WTW): * WTW PRICES OFFERING OF $750,000,000 OF SENIOR NOTES. * Willis Towers Watson PLC (WTW) - PRICING OF A REGISTERED OFFERING BY WILLIS NORTH AMERICA OF $750 MILLION OF 4.650% SENIOR UNSECURED NOTES DUE 2027 Source text for Eikon: Further company coverage:
NXP Semiconductors NV (NXPI): * NXP SEMICONDUCTORS ANNOUNCES PRICING OF SENIOR UNSECURED NOTES OFFERING. * NXP SEMICONDUCTORS (NXPI) - PRICING OF OFFERING BY UNITS OF $500 MILLION OF 4.400% SENIOR UNSECURED NOTES DUE 2027, $1,000 MILLION OF 5.000% SENIOR UNSECURED NOTES DUE 2033 Source text for Eikon: Further company coverage:
PG&E Corp (PCG): * PG&E Corp (PCG) - ON MAY 10, 2022, PG&E WILDFIRE RECOVERY FUNDING ISSUED $3.6 BILLION OF SENIOR SECURED RECOVERY BONDS, SERIES 2022-A Source text for Eikon: [https://bit.ly/3l0n0ig] Further company coverage:
* FITCH REVISES PORTUGAL'S OUTLOOK TO POSITIVE; AFFIRMS AT 'BBB' * FITCH SAYS REVISED OUTLOOK ON PORTUGAL'S LONG-TERM FOREIGN-CURRENCY ISSUER DEFAULT RATING TO POSITIVE FROM STABLE. * FITCH SAYS FISCAL FALLOUT FROM PANDEMIC HAS BEEN LESS SEVERE THAN IN MOST EUROPEAN PEERS, WHILE DEBT RATIO IS ON A FIRM DOWNWARD PATH FOR PORTUGAL Source text for Eikon:
EOG Resources Inc (EOG): * SAYS IT HAS SEEN INCREASED STEEL AND FUEL PRICES DIRECTLY ASSOCIATED WITH THE WAR IN UKRAINE - CONF CALL. * HAS COMMITTED A MINIMUM OF 60% OF FREE CASH FLOW FOR SHAREHOLDER RETURNS IN 2022. * EXPECTS TO SPEND 40% OF FCF ON SMALL BOLT-ON ACQUISITIONS, OPPORTUNITISTIC SHARE REPURCHASES, AND BOND RETIREMENT.
PG&E Corp (PCG): * PACIFIC GAS AND ELECTRIC - ON MAY 3, UTILITY AND PG&E WILDFIRE RECOVERY FUNDING LLC ENTERED INTO AN UNDERWRITING AGREEMENT - FILING. * PACIFIC GAS AND ELECTRIC - UNDER AGREEMENT, MAY PURCHASE AND SELL $3.6 BILLION OF SENIOR SECURED RECOVERY BONDS, SERIES 2022-A Source text for Eikon: [https://bit.ly/3vJQ046] Further company coverage:
* FITCH SAYS GREEK BANKS HAVE RATING HEADROOM AGAINST HEIGHTENED RISKS. * FITCH SAYS GREECE'S 4 DOMESTIC SYSTEMICALLY IMPORTANT BANKS HAVE RATING HEADROOM TO FACE HIGHER MACROECONOMIC RISKS FROM INFLATION & WAR IN UKRAINE Source text for Eikon:
Jabil Inc (JBL): * Jabil Inc (JBL) - ISSUED $500 MILLION AGGREGATE PRINCIPAL AMOUNT OF THE CO'S 4.250% SENIOR NOTES DUE 2027 IN AN UNDERWRITTEN PUBLIC OFFERING Source text for Eikon: [https://bit.ly/3LJRbWP] Further company coverage:
* MOODY'S DOWNGRADES EL SALVADOR'S RATINGS TO CAA3 FROM CAA1; MAINTAINS NEGATIVE OUTLOOK. * MOODY'S SAYS DECISION TO DOWNGRADE EL SALVADOR'S RATINGS REFLECTS AN INCREASED PROBABILITY OF A CREDIT EVENT WITH RELATIVELY HIGH SEVERITY. * MOODY'S SAYS HAS LOWERED EL SALVADOR'S FOREIGN-CURRENCY COUNTRY CEILING TO CAA1 FROM B2.
Fitch said on Tuesday it has cut China's GDP growth forecast for 2022 to 4.3% from 4.8%, saying pandemic-related disruptions have had an impact on the country's economy in the first two quarters of the year. The rating agency said it stills expects a quarter-over-quarter GDP contraction in the second quarter, before the economy starts to recover.
* FITCH RATINGS: CHINA 2022 GROWTH FORECAST CUT AMID COVID-19 OUTBREAKS. * FITCH - HAS CUT ITS FORECAST FOR CHINA'S 2022 GDP GROWTH TO 4.3%, FROM 4.8% * FICH- REVISED CHINA 2023 GROWTH FORECAST SLIGHTLY HIGHER TO 5.2%, FROM 5.1% * FITCH - CHINA'S ESTIMATE BUDGET DEFICIT WILL WIDEN TO 5.8% OF GDP THIS YEAR, FROM 4.4% IN 2021.
Moody's affirmed its A2 issuer rating for Mexico's Arca Continental, while its outlook for the bottler remained negative, the ratings agency said in a statement Monday. Moody's said the negative outlook for Arca reflected its negative rating outlook for the Mexican government.
- Yields on euro investment-grade corporate bonds have climbed to their highest in over eight years, a widely-followed index showed on Friday. Surging bond yields this year also means that there are no more non-financial corporate bonds left trading with negative yields, BofA said on Friday, down from a peak of nearly 900 billion euros last year.
* Euro investment-grade bond yields highest since Jan 2014. * No more negative-yielding corporate debt left - BofA. * European issuance slumps to lowest since 2017 - Refinitiv. By Yoruk Bahceli. Yields on euro investment-grade corporate bonds have climbed to their highest in over eight years, a widely-followed index showed on Friday.
UK Housebuilder Miller Homes is offering investors a higher yield as it tries to place Europe's first junk bond deal in more than 10 weeks, two investors said on Thursday. The company is offering an 8%-8.25% yield on a seven-year senior secured sterling bond callable after three years, the investors said, citing a memo sent by lead managers.
Carvana Co (CVNA): * ANNOUNCES UPSIZE AND PRICING OF SENIOR UNSECURED NOTES OFFERING. * PRICED PRIVATE PLACEMENT OF $3.275 BILLION IN AGGREGATE PRINCIPAL AMOUNT OF ITS 10.2500% SENIOR UNSECURED NOTES DUE 2030. * GIVEN INCREASE IN PRINCIPAL AMOUNT OF NOTES, CARVANA IS NO LONGER PURSUING AN OFFERING OF SERIES A PERPETUAL PREFERRED STOCK.
China Evergrande Group's (EGRNF) flagship unit Hengda Real Estate Group Co Ltd said its creditors have approved a six-month extension of a 574 million yuan coupon payment for an onshore bond that was due on Wednesday. It is the latest of several payment extensions for Evergrande's onshore bonds.
Carvana Co (CVNA): * Carvana Co (CVNA). ANNOUNCES SENIOR UNSECURED NOTES OFFERING TO FINANCE ADESA U.S. AUCTION ACQUISITION. * Carvana Co (CVNA) - IT IS PLANNING TO OFFER $2.275 BILLION SENIOR UNSECURED NOTES DUE 2030 Source text for Eikon: Further company coverage:
S&P: * S&P SAYS UNITED KINGDOM 'AA/A-1+' RATINGS AFFIRMED; OUTLOOK STABLE. * S&P, ON UK, SAYS UPWARD PRICE PRESSURES, AGGRAVATED BY FALLOUT FROM RUSSIA'S MILITARY INTERVENTION AGAINST UKRAINE, ARE DRIVING REAL INCOMES LOWER. * S&P ON UNITED KINGDOM SAYS THE STABLE OUTLOOK REFLECTS BALANCED RISKS TO THE U.K.'S CREDITWORTHINESS OVER THE NEXT 24 MONTHS.
S&P: * S&P SAYS ITALY 'BBB/A-2' RATINGS AFFIRMED; OUTLOOK POSITIVE. * S&P SAYS POSITIVE OUTLOOK ON ITALY REFLECTS COMPREHENSIVE PRO-GROWTH REFORMS ITALIAN AUTHORITIES ARE IMPLEMENTING UNDER PNRR. * S&P ON ITALY SAYS AS CONSEQUENCE OF RUSSIA-UKRAINE WAR, HAVE REVISED DOWN GDP GROWTH PROJECTION FOR 2022 TO 3.1% FROM 4.4%
BlackRock Capital Investment Corp (BKCC) : * BLACKROCK CAPITAL INVESTMENT CORPORATION ENTERED INTO A MASTER NOTE PURCHASE AGREEMENT FOR $92,000,000 SENIOR UNSECURED NOTES DUE 2025 Source text for Eikon: Further company coverage:
Keurig Dr Pepper Inc (KDP): * KEURIG DR PEPPER ANNOUNCES EARLY TENDER RESULTS AND UPSIZING OF TENDER OFFERS FOR OUTSTANDING SERIES OF ITS SENIOR UNSECURED NOTES. * AMENDED TENDER OFFERS TO INCREASE MAXIMUM AMOUNTS, BY APPROXIMATELY $520 MILLION IN TOTAL AGGREGATE PURCHASE PRICE Source text for Eikon: Further company coverage:
Jabil Inc (JBL): * JABIL ANNOUNCES PRICING OF INAUGURAL GREEN BOND OFFERING OF $500 MILLION AGGREGATE PRINCIPAL AMOUNT OF 4.250% SENIOR NOTES DUE 2027 Source text for Eikon: Further company coverage:
VICI Properties Inc (VICI): * VICI PROPERTIES ANNOUNCES PRICING OF PUBLIC OFFERING OF $5.0 BILLION OF SENIOR UNSECURED NOTES. * VICI Properties Inc (VICI) - NOTES CONSIST OF $500.0 MILLION OF 4.375% SENIOR UNSECURED NOTES DUE 2025, $1.25 BILLION OF 4.750% SENIOR UNSECURED LONG NOTES DUE 2028.
Landsea Homes Corp (LSEA): * Landsea Homes Corp (LSEA)- ON APRIL 13 CO AND CERTAIN UNITS ENTERED INTO THAT CERTAIN THIRD AMENDMENT AGREEMENT WITH WESTERN ALLIANCE BANK. * Landsea Homes Corp (LSEA)- AMENDMENT PROVIDES ADDITIONAL DEBT CAPACITY FOR INDEBTEDNESS EVIDENCED BY UNSECURED BONDS IN AN AMOUNT NOT TO EXCEED $500,000,000 Further company coverage:
Vermilion Energy Inc (VET): * Vermilion Energy Inc (VET). ANNOUNCES PROPOSED ISSUANCE OF US$400 MILLION SENIOR UNSECURED NOTES Source text for Eikon: Further company coverage:
* FITCH RATINGS: INDIAN GASOLINE AND GASOIL PRICES TO TRACK CRUDE OIL OVER THE LONG TERM. * FITCH- CORRELATION OF INDIA'S RETAIL FUEL PRICES WITH 15-DAY ROLLING AVERAGE OF CRUDE OIL PRICES HAS REMAINED HIGH AT 93% SINCE ONSET OF COVID-19. * FITCH- EXPECT PRIVATE FUEL RETAILERS IN INDIA TO INCREASE EXPORTS AT BETTER MARGINS DURING TIMES WHEN DOMESTIC MARGINS ARE UNDER PRESSURE.
Saratoga Investment Corp (SAR): * Saratoga Investment Corp (SAR). ANNOUNCES OFFERING OF NOTES AND BBB+ INVESTMENT GRADE RATING FROM EGAN-JONES RATINGS COMPANY Source text for Eikon: Further company coverage:
Global ratings agency Moody's on Monday downgraded Sri Lanka's rating to 'Ca' from 'Caa2', citing the country's decision to suspend certain external debt repayments. The agency maintained Sri Lanka's outlook at stable.
MOODY'S: * MOODY'S DOWNGRADES SRI LANKA'S RATING TO CA; OUTLOOK STABLE. * MOODY'S SAYS DOWNGRADED GOVERNMENT OF SRI LANKA'S LONG-TERM FOREIGN CURRENCY ISSUER AND SENIOR UNSECURED DEBT RATINGS TO CA FROM CAA2. * MOODY'S SAYS DECISION TO DOWNGRADE SRI LANKA'S RATINGS DRIVEN BY AUTHORITIES' ANNOUNCEMENT OF DEBT SERVICING SUSPENSION ON EXTERNAL PUBLIC DEBT REPAYMENTS.
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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