S&P Global Ratings will lower its ratings starting point for Mexican non-bank financial institutions to BB-minus from BB, citing financing risks, the ratings agency said on Tuesday. The situation for the institutions is becoming "more difficult" after the announcement last week that Mexican leasing firm Unifin would miss principal and interest payments, S&P said.
Ameren Corp (AEE): * AMEREN ILLINOIS ANNOUNCES PRICING OF FIRST MORTGAGE BONDS DUE 2032. * Ameren Corp (AEE) - UNIT OF CO ANNOUNCED PRICING OF PUBLIC OFFERING OF $500 MILLION 3.85% FIRST MORTGAGE BONDS DUE 2032 AT 99.827% OF THEIR PRINCIPAL AMOUNT Source text for Eikon: Further company coverage:
Agree Realty Corp (ADC): * AGREE REALTY ANNOUNCES PRICING OF $300 MILLION OF 4.800% SENIOR UNSECURED NOTES DUE 2032. * Agree Realty Corp (ADC) - AGREE LIMITED PARTNERSHIP PRICED A PUBLIC OFFERING OF $300 MILLION OF 4.800% SENIOR UNSECURED NOTES DUE 2032.
Royal Caribbean Cruises Ltd (RCL): * ROYAL CARIBBEAN GROUP ANNOUNCES UPSIZING AND PRICING OF $1,250,000,000 SENIOR UNSECURED NOTES TO REFINANCE NEAR TERM DEBT MATURITIES. * ROYAL CARIBBEAN GROUP - PRICED PRIVATE OFFERING OF $1.25 BILLION OF 11.625% SENIOR UNSECURED NOTES DUE 2027. * ROYAL CARIBBEAN GROUP - NOTES WILL MATURE ON AUGUST 15, 2027 Source text for Eikon: Further company coverage:
Royal Caribbean Cruises Ltd (RCL): * ROYAL CARIBBEAN GROUP ANNOUNCES PROPOSED OFFERING OF SENIOR UNSECURED NOTES TO REFINANCE NEAR TERM DEBT MATURITIES. * ROYAL CARIBBEAN GROUP - HAS COMMENCED A PRIVATE OFFERING OF $1 BILLION OF SENIOR UNSECURED NOTES DUE 2027. * ROYAL CARIBBEAN GROUP - INTENDS TO USE PROCEEDS FROM SALE OF NOTES TO REPAY PRINCIPAL PAYMENTS ON DEBT MATURING IN 2022 AND/OR 2023.
- Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to 'D', representing default, following missed interest and principal payments. The South Asian nation, which had defaulted on a bond payment earlier this year and has $12 billion in overseas debt with private creditors, has been battling the worst financial crisis in its independent history.
Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to 'D', representing default, following missed interest and principal payments. The South Asian nation, which had defaulted on a bond payment earlier this year and has $12 billion in overseas debt with private creditors, has been battling the worst financial crisis in its independent history.
China's central bank unexpectedly cut key interest rates for the second time this year and withdrew some cash from banking system on Monday, in an attempt to revive credit demand to support the COVID-hit economy.
Global rating agencies S&P and Fitch on Friday lowered Ukraine's foreign currency ratings, saying they consider the country's debt restructuring as distressed.
Cerevel Therapeutics Holdings Inc (CERE) : * CEREVEL THERAPEUTICS ANNOUNCES PRICING OF $254 MILLION PUBLIC OFFERING OF COMMON STOCK AND CONCURRENT $300 MILLION PRIVATE OFFERING OF CONVERTIBLE SENIOR NOTES. * CEREVEL THERAPEUTICS (CERE) - PRICING OF PREVIOUSLY ANNOUNCED UNDERWRITTEN PUBLIC OFFERING OF 7,250,000 SHARES OF ITS COMMON STOCK AT A $35.00 PER SHARE Source text for Eikon: Further company coverage:
Texas Instruments Inc (TXN): * TEXAS INSTRUMENTS PRICES $700 MILLION OF INVESTMENT GRADE NOTES. * TEXAS INSTRUMENTS (TXN) - PRICED $400 MILLION OF 3.650% SENIOR UNSECURED NOTES DUE AUGUST 16, 2032. * TEXAS INSTRUMENTS (TXN) - PRICED $300 MILLION OF 4.100% SENIOR UNSECURED NOTES DUE AUGUST 16, 2052 Source text for Eikon: Further company coverage:
Fitch: * FITCH DOWNGRADES GHANA TO 'CCC' * FITCH SAYS DOWNGRADED GHANA'S LONG-TERM FOREIGN-CURRENCY ISSUER DEFAULT RATING TO 'CCC' FROM 'B-' * FITCH SAYS DOWNGRADE REFLECTS DETERIORATION OF GHANA'S PUBLIC FINANCES, WHICH HAS CONTRIBUTED TO A PROLONGED LACK OF ACCESS TO EUROBOND MARKETS. * FITCH SAYS ESTIMATES THAT GHANA FACES USD2.75 BILLION OF EXTERNAL DEBT SERVICING IN 2022.
Meta Platforms Inc (META): * Meta Platforms Inc (META) - ON AUGUST 9, ENTERED INTO AN INDENTURE AND A SUPPLEMENTAL INDENTURE WITH U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE. * Meta Platforms Inc (META) - PURSUANT TO INDENTURE COMPANY ISSUED $2.75 BILLION AGGREGATE PRINCIPAL AMOUNT OF ITS 3.500% SENIOR UNSECURED NOTES DUE 2027.
- Facebook-parent Meta Platforms Inc (META) said on Tuesday it had raised $10 billion in its first-ever bond offering, as it looks to fund share buybacks and investments to revamp its business.
Facebook-parent Meta Platforms Inc (META) said on Tuesday it had raised $10 billion in its first-ever bond offering, as it looks to fund share buybacks and investments to revamp its business.
Ecuador's capacity to meet its external debt obligations has not been affected by a Luxembourg court's decision to freeze the country's assets amid a dispute with oil company Perenco, the economy ministry said on Tuesday. Ecuador has "promptly complied" with interest and amortization payments on bonds for $185.7 million, which were due on July 31, the ministry said in a statement.
Alliant Energy Corp (LNT): * WISCONSIN POWER AND LIGHT COMPANY PRICES PUBLIC OFFERING OF GREEN BONDS. * WISCONSIN POWER AND LIGHT COMPANY- PRICING OF PUBLIC OFFERING OF $600 MILLION 3.950% DEBENTURES. * WISCONSIN POWER AND LIGHT COMPANY - DEBENTURES WILL BE DUE ON SEPTEMBER 1, 2032 Source text for Eikon: Further company coverage:
Fitch Ratings: * FITCH RATINGS SAYS EMEA LODGING TO BE BETTER THAN FORECAST IN 2022 BUT WORSE IN 2023. * FITCH ON EMEA LODGING SAYS ADJUSTMENT TO UNSUSTAINABLY HIGH PRICES TOGETHER WITH INFLATION PRESSURE ARE LIKELY TO DELAY MARGIN RECOVERY IN 2023.
Synovus Financial Corp (SNV): * SYNOVUS ANNOUNCES PRICING OF $350 MILLION SENIOR NOTES OFFERING. * Synovus Financial Corp (SNV) - PRICING OF UNDERWRITTEN PUBLIC OFFERING OF $350 MILLION OF SENIOR NOTES DUE 2025. * Synovus Financial Corp (SNV) - NOTES WILL BEAR INTEREST AT A RATE OF 5.200% AND WILL BE ISSUED AT A PRICE EQUAL TO 99.890% OF THEIR PRINCIPAL AMOUNT Source text for Eikon: Further company coverage:
Facebook-parent Meta Platforms Inc (META) is set to raise $10 billion in its first-ever bond offering on Thursday, as it looks to fund share buybacks and investments to revamp its business, according to two sources close to the deal. The offering, which included bonds with maturities ranging from five years to 40 years, received over $30 billion of orders from investors, the sources said.
Synovus Financial Corp (SNV): * SYNOVUS ANNOUNCES SENIOR NOTES OFFERING. * Synovus Financial Corp (SNV) - ANNOUNCED AN UNDERWRITTEN PUBLIC OFFERING OF SENIOR NOTES DUE 2025 Source text for Eikon: Further company coverage:
Meta Platforms Inc (META): * Meta Platforms Inc (META) - ON AUGUST 4, 2022, META PLATFORMS, INC. COMMENCED AN OFFERING OF SENIOR UNSECURED NOTES. * Meta Platforms Inc (META) - META INTENDS TO USE THE NET PROCEEDS FROM THE OFFERING FOR GENERAL CORPORATE PURPOSES Further company coverage:
-Facebook-parent Meta Platforms Inc (META) is set to raise $10 billion in its first-ever bond offering on Thursday, as it looks to fund share buybacks and investments to revamp its business, according to two sources close to the deal. The offering, which included bonds with maturities ranging from five years to 40 years, received over $30 billion of orders from investors, the sources said.
Facebook-parent Meta Platforms (META) said on Thursday it would make its first-ever bond offering, at a time when the social media company is making massive investments to fund its metaverse projects. Meta did not disclose the size of the offering, but said it would use the proceeds for capital expenditures, share repurchases, acquisitions or investments.
A roaring rebound in U.S. corporate bonds is being met with skepticism by some investors, who believe the gains may be short-lived as recession fears dampen the outlook for the $10 trillion market.
- Shares of Credit Suisse fell more than 6% on Tuesday after ratings agencies Moody's and S&P's "negative" outlook on the Swiss bank, days after it appointed a new top boss to help it recover from a string of scandals and losses.
Ecuador is expected to deal quickly with Anglo-French oil company Perenco's efforts to enforce a multi-million dollar award payment as delaying could cast a shadow over international bond payments down the line, analysts said.
Ecuador is expected to deal quickly with Anglo-French oil company Perenco's efforts to enforce a multi-million dollar award payment as delaying could cast a shadow over international bond payments down the line, analysts said.
Curtiss-Wright Corp (CW): * CURTISS-WRIGHT PRICES $300 MILLION DEBT OFFERING. * CURTISS-WRIGHT (CW) - PRICED PRIVATE PLACEMENT DEBT OFFERING OF $300 MILLION FOR SENIOR NOTES CONSISTING OF $200 MILLION 4.49% NOTES DUE 2032. * CURTISS-WRIGHT (CW) - PRICED PRIVATE PLACEMENT DEBT OFFERING OF $300 MILLION FOR SENIOR NOTES CONSISTING OF $100 MILLION 4.64% NOTES DUE 2034 Source text for Eikon: Further company coverage:
* S&P SAYS RWANDA 'B+/B' RATINGS AFFIRMED; OUTLOOK REMAINS NEGATIVE. * S&P SAYS RWANDA'S ECONOMIC RECOVERY FACING HEADWINDS WITH EXTERNAL PRESSURES AND RISING GLOBAL INFLATION POSING RISKS TO THE ECONOMY AND POLICYMAKING. * S&P SAYS FISCAL AND EXTERNAL DEFICITS FOR RWANDA WILL ONLY GRADUALLY MODERATE OVER THE NEXT THREE YEARS, LEAVING PUBLIC AND EXTERNAL DEBT ELEVATED Source text for Eikon:
Ratings agency S&P affirmed Uniper's long-term credit rating at BBB- with a negative outlook on Friday, fulfilling one of the conditions for Germany's 15 billion-euro bailout package of the gas importer. The package, among the biggest in German corporate history, still needs approval from the European Commission and the backing of Uniper shareholders.
Integra Resources Corp (ITRG): * INTEGRA SIGNS AGREEMENT FOR US$20 M CONVERTIBLE DEBENTURE WITH BEEDIE CAPITAL, ANNOUNCES CONCURRENT OVERNIGHT MARKETED PUBLIC OFFERING OF UP TO US$10 M WITH LEAD ORDER FROM BEEDIE CAPITAL. * Integra Resources Corp (ITRG) - UPON COMPLETION OF OFFERING, BEEDIE CAPITAL WOULD APPROXIMATELY OWN PRO-FORMA 8% OF INTEGRA ON A NON-DILUTED BASIS.
General Motors Co (GM): * GENERAL MOTORS OFFERS SENIOR UNSECURED NOTES. * GM-TO USE NET PROCEEDS FROM SALE OF NOTES TO FINANCE,REFINANCE, IN WHOLE OR IN PART, ELIGIBLE PROJECTS DESCRIBED IN GM'S SUSTAINABLE FINANCE FRAMEWORK Source text for Eikon: Further company coverage:
Global ratings agency S&P on Thursday revised Pakistan's outlook to "negative" from "stable", citing growing risks from higher commodity prices and the country's weakening currency.
S&P : * S&P SAYS PAKISTAN OUTLOOK REVISED TO NEGATIVE ON WEAKENING EXTERNAL POSITION; 'B-' RATING AFFIRMED. * S&P SAYS PAKISTAN'S EXTERNAL POSITION IS WEAKENING DUE TO HIGHER COMMODITY PRICES, RUPEE DEPRECIATION, AND TIGHTER GLOBAL FINANCIAL CONDITIONS.
Ukraine's government has ordered state-owned energy company Naftogaz to begin a second round of talks with its bondholders on restructuring the company's debt, a government source said on Tuesday. Naftogaz is close to default because a deadline for payments on its international bonds is due to pass later on Tuesday.
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them scrambling to impress investors still vocal on sustainability.
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them scrambling to impress investors still vocal on sustainability.
Atlantia SpA (ATASF): * ATLANTIA: S&P UPGRADES ATLANTIA'S CREDIT RATING TO BB+ WITH STABLE OUTLOOK AND RAISED ADR'S RATING TO BBB WITH STABLE OUTLOOK. * ATLANTIA SAYS S&P HAS ALSO UPGRADED THE RATING OF AEROPORTI DI ROMA FROM BBB- TO BBB WITH A STABLE OUTLOOK Further company coverage:
A number of industrial companies in Germany are cutting production in reaction to soaring energy prices, a survey by the country's Chambers of Industry and Commerce showed on Sunday. The survey of 3,500 companies in Europe's largest economy found that 16% are scaling back production or partially discontinuing business operations.
Fitch: * FITCH DOWNGRADES UKRAINE TO 'C' * FITCH SAYS HAS DOWNGRADED UKRAINE'S LONG-TERM FOREIGN-CURRENCY ISSUER DEFAULT RATING TO 'C' FROM 'CCC' * FITCH ON UKRAINE SAYS INFLATION IS PROJECTED TO REMAIN HIGH IN 2023, AVERAGING 20%, PARTLY DUE TO HRYVNIA DEPRECIATION.
* MOODY'S AFFIRMS PARAGUAY'S BA1 RATINGS; CHANGES OUTLOOK TO POSITIVE FROM STABLE. * MOODY'S SAYS EXPECTS PARAGUAY TO MAINTAIN ITS PRUDENT FISCAL POLICY STANCE, ENSURING THE DEBT BURDEN REMAINS MODERATE. * MOODY'S SAYS AMONG KEY DRIVERS FOR PARAGUAY'S POSITIVE OUTLOOK ARE STRUCTURAL AND FISCAL REFORMS THAT WILL SUPPORT INSTITUTIONAL STRENGTH, GOVERNANCE Source text for Eikon:
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.
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