S&P Global Ratings revised its credit outlook for Japanese technology investor SoftBank
Group (SFTBF) to positive from stable after the initial public offering of British chip designer, Arm Holdings, its largest asset, last week. S&P said the listing has led to a substantial improvement in the liquidity of SoftBank's investment portfolio and that this is likely to endure for the next year or so.
Sunnova Energy International Inc (NOVA) : * SUNNOVA ANNOUNCES PROPOSED PRIVATE OFFERING OF $400 MILLION "GREEN BOND" * SUNNOVA ENERGY CORPORATION - INTENDS TO OFFER, SUBJECT TO MARKET CONDITIONS, $400 MILLION OF GREEN SENIOR NOTES DUE 2028 Source text for Eikon: Further company coverage:
Indian budget carrier Akasa Air has been forced to cut flights in the short-term after many of its pilots quit abruptly, sparking a legal dispute in court where the company has warned that further resignations may even force it to shut down.
Vietnam's finance ministry has issued a license to a credit rating agency co-owned by U.S. giant Moody's, the company said, allowing for the first time a U.S. firm to get involved in the rating of domestic issuers of corporate bonds.
Chinese electric vehicle maker Nio Inc (NIO) said on Wednesday it had raised $1 billion in a two-tranche convertible bond from which it intends to use the proceeds to pay down debt and strengthen its balance sheet. The company raised $500 million in a six-year put-four convertible bond and the same amount in a seven-year put-five bond. The bonds will be senior, unsecured notes.
Chinese electric vehicle maker Nio Inc (NIO) said on Wednesday it had raised $1 billion in a two-tranche convertible bond from which it intends to use the proceeds to pay down debt and strengthen its balance sheet. The company raised $500 million in a six-year put-four convertible bond and the same amount in a seven-year put-five bond. The bonds will be senior, unsecured notes.
S&P: * S&P SAYS SRI LANKA LOCAL CURRENCY RATINGS LOWERED TO 'SD' FROM 'CC/C' * S&P: ALSO LOWERED TO 'D' ISSUE RATING ON SRI LANKA'S OCTOBER 2023 LOCAL CURRENCY BOND. * S&P- AFFIRMED OTHER RATINGS ON SRI LANKA, INCLUDING 'SD' LONG-TERM FOREIGN CURRENCY RATING. * S&P SAYS LOWERED LOCAL CURRENCY LONG-TERM RATING ON SRI LANKA AFTER GOVERNMENT'S CONFIRMATION OF DOMESTIC DEBT RESTRUCTURING EXERCISE.
Alliant Energy Corp (LNT): * INTERSTATE POWER AND LIGHT COMPANY PRICES DEBT OFFERING. * Alliant Energy Corp (LNT)- INTERSTATE POWER AND LIGHT, SUBSIDIARY OF CO ANNOUNCED PRICING OF OFFERING OF $300 MILLION AMOUNT OF 5.700% SENIOR DEBENTURES Source text for Eikon: Further company coverage:
PennyMac Mortgage Investment Trust (PMT): * PENNYMAC MORTGAGE INVESTMENT TRUST ANNOUNCES PRICING OF PUBLIC OFFERING OF SENIOR NOTES. * PennyMac Mortgage Investment Trust (PMT) - PRICED AN UNDERWRITTEN PUBLIC OFFERING OF $50 MILLION AGGREGATE PRINCIPAL AMOUNT OF ITS 8.50% SENIOR NOTES DUE 2028 Source text for Eikon: Further company coverage:
S&P: * S&P SAYS CROATIA OUTLOOK REVISED TO POSITIVE ON MACROECONOMIC AND FISCAL RESILIENCE; 'BBB+/A-2' RATINGS AFFIRMED. * S&P SAYS FORECAST ECONOMIC GROWTH WILL BE FASTER IN CROATIA THAN IN MOST EUROZONE COUNTRIES, SUPPORTED BY TOURISM SECTOR, CONSUMPTION, & INVESTMENTS. * S&P SAYS EXPECT STRONG GROWTH OF TAX REVENUE TO REDUCE CROATIA'S FISCAL DEFICITS AND HELP GENERAL GOVERNMENT REDUCE LEVERAGE.
FITCH: * FITCH: DOWNGRADES SRI LANKA'S LONG-TERM LOCAL-CURRENCY IDR TO 'RD' * FITCH: DOWNGRADE OF SRI LANKA'S LTLC IDR REFLECTS PARTIAL COMPLETION OF EXCHANGE OF COUNTRY'S T-BONDS ON 14 SEPTEMBER AS PART OF A BROADER DDO. * FITCH: SRI LANKA'S LONG-TERM FOREIGN-CURRENCY IDR HAS BEEN AFFIRMED AT 'RD' Source text for Eikon:
- Moody's on Thursday cut China's crisis-hit property sector's outlook to negative from stable, citing economic growth challenges the ratings agency said would dampen sales despite government support.
Moody's on Thursday cut China's property sector's outlook to negative from stable, citing economic growth challenges, which the rating's agency said will dampen sales despite government support.
Mexico's proposed 2024 budget eases Pemex's liquidity stress but the state energy company's fundamentals remain weak, Moody's Investors Service said on Wednesday. "We assume these measures will help the company repay debt during 2024, avoiding a default, but do not address Pemex's structural liquidity pressures as incorporated in our negative outlook," the ratings agency said in a report.
Viasat Inc (VSAT): * VIASAT ANNOUNCES PROPOSED PRIVATE PLACEMENT OF $733.4 MILLION OF SENIOR NOTES. * VIASAT (VSAT)- INTENDS TO COMMENCE AN OFFERING OF $733.4 MILLION IN AGGREGATE PRINCIPAL AMOUNT OF SENIOR UNSECURED NOTES DUE 2031. * VIASAT (VSAT)- INTENDS TO USE NET PROCEEDS FROM OFFERING, TOGETHER WITH CASH ON HAND, TO REPAY BRIDGE FACILITY IN FULL Source text for Eikon: Further company coverage:
Vistra Corp (VST): * VISTRA PRICES PRIVATE OFFERINGS OF $650 MILLION OF SENIOR SECURED NOTES AND $1.1 BILLION OF SENIOR UNSECURED NOTES. * PRICING OF $650 MILLION AGGREGATE PRINCIPAL AMOUNT OF SENIOR SECURED NOTES DUE 2033 AT A PRICE TO PUBLIC OF 99.850% OF THEIR FACE VALUE.
American Tower Corp (AMT): * AMERICAN TOWER CORPORATION PRICES SENIOR NOTES OFFERING. * American Tower Corp (AMT) - 2028 NOTES WILL HAVE AN INTEREST RATE OF 5.800% PER ANNUM AND ARE BEING ISSUED AT A PRICE EQUAL TO 99.828% OF THEIR FACE VALUE. * American Tower Corp (AMT) - PRICING OF ITS REGISTERED PUBLIC OFFERING OF SENIOR UNSECURED NOTES DUE 2028 AND 2033 OF $750.0 MILLION AND $750.0 MILLION, RESPECTIVELY.
Vistra Corp (VST): * VISTRA ANNOUNCES PRIVATE OFFERINGS OF SENIOR SECURED NOTES AND SENIOR UNSECURED NOTES Source text for Eikon: Further company coverage:
Vistra Corp (VST): * Vistra Corp (VST): UNIT OF CO EXPECTS TO LAUNCH CONCURRENT PRIVATE OFFERINGS OF SENIOR SECURED NOTES DUE 2033 AND SENIOR UNSECURED NOTES DUE 2031 Further company coverage:
A look at the day ahead in U.S. and global markets from Mike Dolan. Both long-term borrowing rates and riskier growth stocks of the Big Tech universe have climbed in tandem this week, a peculiar coincidence in price trends that typically offset each other. Or it may just be a series of idiosyncratic news events.
The African Union plans to launch a new African credit rating agency next year to address the group's concerns that ratings given to countries on the continent are unfair, an official told Reuters.
US Foods Holding Corp (USFD): * US FOODS ANNOUNCES PRICING OF PRIVATE OFFERING OF $1.0 BILLION OF SENIOR UNSECURED NOTES. * US Foods Holding Corp (USFD): PRICING OF PRIVATE OFFERING OF $500 MILLION AGGREGATE PRINCIPAL AMOUNT OF ITS 6.875% SENIOR UNSECURED NOTES DUE 2028 BY ITS UNIT.
US Foods Holding Corp (USFD): * US FOODS ANNOUNCES PRIVATE OFFERING OF $1.0 BILLION OF SENIOR UNSECURED NOTES. * US FOODS HOLDING (USFD) - UNIT INTENDS TO USE NET PROCEEDS, WITH CASH ON HAND, TO FUND REDEMPTION OF ITS OUTSTANDING 6.250% SENIOR SECURED NOTES DUE 2025 Source text for Eikon: Further company coverage:
An agreement between El Salvador and a group of private local banks to reprofile its short-term debt has helped extend a stellar rally in its international bonds, which have returned more than 90% this year. The government announced this week that it accepted the proposal by eight private banks to extend the maturities of short term local bills into new two, three, five and seven year notes.
Seagate Technology Holdings PLC (STX) : * SEAGATE ANNOUNCES PRICING OF $1.3 BILLION OF EXCHANGEABLE SENIOR UNSECURED NOTES. * SEAGATE HDD CAYMAN - 2028 NOTES WERE PRICED AT 100% OF AGGREGATE PRINCIPAL AMOUNT AND WILL BEAR INTEREST AT A RATE OF 3.50% PER ANNUM Source text for Eikon: Further company coverage:
Gilead Sciences Inc (GILD): * PRICES $2 BILLION OF SENIOR UNSECURED NOTES. * PRICING OF NOTES CONSISTING OF $1 BILLION OF 5.250% SENIOR NOTES MATURING IN 2033 AND $1 BILLION OF 5.550% SENIOR NOTES MATURING IN 2053 Source text for Eikon: Further company coverage:
- Canada's Rogers Communications (RCIAF) said on Thursday it is pricing in a C$3 billion bond offering to repay short-term debt and other borrowings. Rogers is selling its Canadian dollar-denominated senior bond in four parts, the telecoms company said in a statement, adding that the longest tranche of the offering, due for 2033, is priced at C$1 billion of 5.9% senior bonds.
Canada's Rogers Communications (RCIAF) said on Thursday it is pricing in a C$3 billion bond offering to repay short-term debt and other borrowings. Rogers is selling its Canadian dollar-denominated senior bond in four parts, the telecoms company said in a statement, adding that the longest tranche of the offering, due for 2033, is priced at C$1 billion of 5.9% senior bonds.
Moody's has signalled that Turkey's reembrace of conventional economic policymaking since Tayyip Erdogan's May election win could soon start paying dividends in terms of a stronger credit rating, as long as it sticks with it.
Reinsurance rates are likely to continue to rise in 2024, though at a slower pace than in 2023, and prices will start to fall in 2025, Fitch Ratings analyst Robert Mazzuoli told Reuters on Thursday.
The Mexican government announced on Wednesday that officials from its civil aviation agency and its counterpart in the United States held a meeting to discuss the recovery of Mexico's airspace safety rating from its northern neighbor.
Black Hills Corp (BKH): * Black Hills Corp (BKH). ANNOUNCES PRICING OF $450 MILLION DEBT OFFERING. * BLACK HILLS - PRICING OF A REGISTERED PUBLIC DEBT OFFERING OF $450 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.15% SENIOR UNSECURED NOTES DUE MAY 15, 2034 Source text for Eikon: Further company coverage:
Seagate Technology Holdings Plc (STX) : * SEAGATE ANNOUNCES OFFERING OF EXCHANGEABLE SENIOR UNSECURED NOTES. * OFFER UP TO $1.3 BILLION IN AGGREGATE PRINCIPAL AMOUNT OF EXCHANGEABLE SENIOR NOTES DUE 2028 IN A PRIVATE PLACEMENT Source text for Eikon: Further company coverage:
- Mexican telecommunications giant America Movil is looking to increase the percentage of its debt held in pesos, Chief Financial Officer Carlos Garcia Moreno said on Wednesday. Speaking at an event with Mexican stock exchange BIVA in New York, Garcia Moreno said the company was looking to prioritize peso-denominated bonds over any other currency.
BHP Group Ltd (BHP): * BHP PRICES US BOND OFFER. * CONDUCTED A BOND OFFER AND SUCCESSFULLY PRICED US$4.75 BILLION OF SENIOR UNSECURED BONDS IN US MARKET Source text for Eikon: Further company coverage:
Telus Corp (TU): * TELUS ANNOUNCES THREE-TRANCHE NOTE OFFERING. * Telus Corp (TU) -PRICED $1.75 BILLION OF SENIOR UNSECURED NOTES IN 3 SERIES, FIRST WITH 10-YEAR MATURITY, SECOND WITH 30-YEAR MATURITY, THIRD WITH 7-YEAR MATURITY. * TELUS CORP SAYS 5.75% SUSTAINABILITY-LINKED NOTES, SERIES CAK DUE SEPTEMBER 8, 2033. * TELUS CORP SAYS 5.95% NOTES, SERIES CAL DUE SEPTEMBER 8, 2053.
Chile's Codelco raised $2 billion in a bond offering in New York on Tuesday, as the world's top copper producer seeks to fund an investment drive to revive flagging output. The company offered 10-year and 30-year notes. The 30-year, meanwhile, was for $700 million with a yield of 6.331%, or a spread of 195 basis points.
Credit ratings agency Fitch said on Tuesday it has placed Gabon on "rating watch negative", citing high political uncertainty in the Central African nation following a military coup last month.
Credit ratings agency Fitch said on Tuesday it has placed Gabon on "rating watch negative", citing high political uncertainty in the Central African nation following a military coup last month.
- A post Labor-day rush of bond issuance by U.S. investment-grade-rated companies added renewed pressure on long-end U.S. Treasuries, as some investors switch to buying top-rated corporate debt offering higher yields than those on government bonds. At least 21 investment-grade rated bond offerings are expected to price on Tuesday, according to International Financing Review data.
A post Labor-day rush of bond issuance by U.S. investment-grade-rated companies added renewed pressure on long-end U.S. Treasuries, as some investors switch to buying top-rated corporate debt offering higher yields than those on government bonds. At least 21 investment-grade rated bond offerings are expected to price on Tuesday, according to International Financing Review data.
* Demand a clear signal to banks to pay higher rates - fin min. * Biggest retail bond sale in Europe - Belgium debt agency. * Belgium cuts 2023 debt issuance. By Yoruk Bahceli.
* MOODY'S SAYS APAC LIFE INSURERS WILL STILL KEEP GUARANTEED RATES LOW DESPITE HIGHER INTEREST RATES Source text for Eikon: Further company coverage: [ ]
Credit rating agency Moody's raised its 2023 U.S. economic growth forecast on Friday but cut its estimate next year for China, saying that while the risk of a recession had fallen in the United States, China's challenges were mounting.
Credit rating agency Moody's raised its 2023 U.S. economic growth forecast on Friday but cut its estimate next year for China, saying that while the risk of a recession had fallen in the United States, China's challenges were mounting.
Mexican airline Aeromexico said on Thursday that flight reductions at Mexico City International Airport will impact passengers, workers and the attraction of new investments.
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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