U.S. Treasury yields rose on Thursday as economic data did not upend expectations the Federal Reserve will begin a gradual decrease in interest rates next week, and as the European Central Bank cut rates but gave little clarity on future easing. U.S. producer prices increased slightly more than expected in August, but the trend remained consistent with subsiding inflation.
U.S. Treasury yields were roughly unchanged on Thursday after economic data cemented investor expectations the Federal Reserve will begin a gradual decrease in interest rates next week. U.S. producer prices increased slightly more than expected in August, but the trend remained consistent with subsiding inflation.
Doman Building Materials Group Ltd (CWXZF) : * Doman Building Materials Group Ltd (CWXZF). ANNOUNCES OFFERING AND PRICING OF $265 MILLION SENIOR NOTES. * Doman Building Materials Group Ltd (CWXZF) - TO SELL $265 MILLION AGGREGATE PRINCIPAL AMOUNT OF 7.50% SENIOR UNSECURED NOTES DUE 2029 Source text for Eikon: Further company coverage:
UBS Asset Management has been selling corporate bonds in its global portfolios during market rallies, a senior fund manager said, citing concerns that a slowing economy or the looming U.S. election could spark volatility and wipe out returns.
WSP Global Inc (WSPOF): * WSP ANNOUNCES PRIVATE OFFERING OF $1 BILLION AGGREGATE PRINCIPAL AMOUNT OF SENIOR UNSECURED NOTES Source text for Eikon: Further company coverage:
American Assets Trust Inc (AAT): * AMERICAN ASSETS TRUST, INC. ANNOUNCES PRICING OF $525 MILLION OF 6.150% SENIOR UNSECURED NOTES DUE 2034 Source text for Eikon: Further company coverage:
* FITCH RATINGS: PERU UNLIKELY TO MEET ITS REVISED 2024 FISCAL DEFICIT TARGET. * FITCH ON PERU: EXPECT FISCAL REVENUES TO RISE ON REBOUNDING GROWTH & SUPPORTIVE COPPER PRICES, BUT DO NOT FORESEE SPENDING CUTS TO MEET FISCAL TARGETS.
Phillips Edison & Co Inc (PECO): * PHILLIPS EDISON (PECO) & COMPANY ANNOUNCES PRICING OF OFFERING OF $350 MILLION AGGREGATE PRINCIPAL AMOUNT OF 4.950% SENIOR UNSECURED NOTES DUE 2035. * Phillips Edison & Co Inc (PECO) - NOTES PRICED AT 98.458% OF PRINCIPAL AMOUNT, MATURING JAN 15, 2035 Source text for Eikon: Further company coverage:
National Storage Affiliates Trust (NSA) : * NATIONAL STORAGE AFFILIATES TRUST ANNOUNCES ISSUANCE OF $350 MILLION OF SENIOR UNSECURED NOTES Source text for Eikon: Further company coverage:
MOODY'S- * MOODY'S ON KAZAKHSTAN SAYS SIGNIFICANT DETERIORATION IN REGIONAL GEOPOLITICS AND POTENTIAL FOR SECONDARY SANCTIONS CONTINUE TO BE KEY RISKS. * MOODY'S: ENHANCEMENT TO INSTITUTIONAL & POLICY FRAMEWORK, ECONOMIC DIVERSIFICATION AWAY FROM HYDROCARBONS TO ENHANCE KAZAKHSTAN'S RESILIENCE TO SHOCK. * MOODY'S: EXPECT KAZAKHSTAN'S ECONOMIC & DIVERSIFICATION PROSPECTS TO REMAIN STRONG.
Green Dot Corp (GDOT): * GREEN DOT CORPORATION ANNOUNCES COMPLETION OF $45 MILLION SENIOR UNSECURED NOTES OFFERING Source text for Eikon: Further company coverage:
S&P- * S&P- JORDAN UPGRADED TO 'BB-' ON ECONOMIC RESILIENCE; OUTLOOK STABLE. * S&P- ECONOMIC ACTIVITY IN JORDAN HAS PROVEN RESILIENT IN THE FACE OF PERSISTENT REGIONAL STRESS. * S&P- RAISED LONG-TERM RATINGS ON JORDAN TO 'BB-' FROM 'B+' AND ASSIGNED A STABLE OUTLOOK.
Americold Realty Trust Inc (COLD): * AMERICOLD ANNOUNCES PRICING TERMS FOR $500 MILLION SENIOR UNSECURED NOTES OFFERING Source text for Eikon: Further company coverage:
Fitch has changed its outlook on global reinsurers to neutral from improving, adding on Thursday it expected the sector to remain strong but that prices had probably passed their peak. Reinsurers, which insure insurers, have raised their rates in recent years in response to losses from the COVID-19 pandemic, wars and natural catastrophes.
Alliant Energy Corp (LNT): * INTERSTATE POWER AND LIGHT COMPANY PRICES DEBT OFFERING. * INTERSTATE POWER AND LIGHT COMPANY - PRICES $650 MILLION IN SENIOR DEBENTURES. * INTERSTATE POWER AND LIGHT COMPANY - PROCEEDS TO RETIRE $500 MILLION 3.25% DEBENTURES MATURING DEC 1, 2024 Source text for Eikon: Further company coverage:
Global property markets, rattled by the steepest rise in interest rates in a generation, will get little relief from the gradual easing of borrowing costs, with scant hope of a return to the free money that fuelled a boom.
Abu Dhabi National Oil Company, through debt unit ADNOC Murban, is set to launch the $4 billion, 3-part bond sale it was marketing earlier in the day, fixed-income news service IFR reported on Wednesday.
Abu Dhabi National Oil Company has tightened the price guidance on the three-tranche dollar bonds it began marketing on Wednesday by 25 basis points, fixed-income news service IFR reported.
Equinix Inc (EQIX): * EQUINIX ISSUES MORE THAN $750 MILLION IN GREEN BONDS TO DRIVE SUSTAINABILITY INITIATIVES Source text for Eikon: Further company coverage:
Pacific Gas and Electric Co: * PACIFIC GAS AND ELECTRIC FILES FOR OFFERING OF FLOATING RATE FIRST MORTGAGE BONDS & FIRST MORTGAGE BONDS; SIZE NOT DISCLOSED - SEC FILING Source text for Eikon: Further company coverage:
Moody's Ratings upgraded its outlook on global reinsurers to positive from stable owing to reinsurers' higher prices and more restrictive policies, along with healthy investment income, the ratings agency said in a statement on Tuesday.
Moody's upgraded its outlook on global reinsurers to positive from stable owing to reinsurers' higher prices and more restrictive policies, along with healthy investment income, the ratings agency said in a statement on Tuesday.
Abu Dhabi National Oil Company has hired banks ahead of a planned three-part bond sale, fixed income news service IFR reported on Monday. Acting through primary debt capital markets subsidiary ADNOC Murban, Abu Dhabi's flagship oil company has picked J.P. Morgan and Morgan Stanley as global coordinators to arrange investor meetings from Sept. 2, IFR said.
The bonds of the Maldives plunged to a record low on Friday following a second ratings downgrade since June and amid concerns over a potential default and escalating liquidity worries.
Ratings agency Fitch affirmed the United States of America's credit rating at "AA+" on Thursday, citing its structural strengths including high per capita income and financial flexibility. The ratings agency maintained the country's outlook at "stable".
Khazanah Naisonal Bhd, Malaysia's sovereign wealth fund, has raised a total of $1 billion from a five-year $500 million sukuk wakalah, or Islamic bond, and a 10-year conventional bond offering, according to term sheet reviewed by Reuters late on Wednesday. The sukuk was priced at a 4.484% yield, with the conventional bond at 4.759%, according to the sheet.
U-Haul Holding Co (UHAL): * U-HAUL HOLDING COMPANY ANNOUNCES $500 MILLION PRIVATE PLACEMENT OF SENIOR UNSECURED NOTES Source text for Eikon: Further company coverage:
The Mexican government has placed five new so-called Samurai bonds, yen-denominated debt instruments worth an estimated $1.05 billion, the Latin American country's finance ministry announced on Thursday. In a statement, the ministry said the issuance was concluded on Wednesday, with the new bonds featuring maturities of between 3-20 years.
SURGE ENERGY INC (ZPTAF): * SURGE ENERGY INC (ZPTAF). ANNOUNCES $175 MILLION SENIOR UNSECURED NOTE OFFERING. * SURGE ENERGY INC (ZPTAF) - PRICING OF C$175 MILLION PRIVATE PLACEMENT OFFERING OF SENIOR UNSECURED NOTES DUE 2029. * SURGE ENERGY INC (ZPTAF): NOTES WILL BEAR INTEREST AT A RATE OF 8.500% PER ANNUM AND MATURE ON SEPTEMBER 5, 2029 Source text for Eikon: Further company coverage:
Chinese property company Kaisa Group on Tuesday announced an offshore debt restructuring agreement with a key group of bondholders, swapping existing debt into new notes and shares in the company. The Shenzhen-based developer has been working to restructure its offshore debt since defaulting on $12 billion in offshore bonds in late 2021.
Fitch: * FITCH RATES CALIFORNIA'S $2.5B GOS 'AA'; OUTLOOK STABLE. * FITCH: ALSO AFFIRMED CALIFORNIA'S LONG-TERM ISSUER DEFAULT RATING AND GO BOND RATING AT 'AA' Source text for Eikon:
S&P lowered its outlook on Warner
Bros Discovery (WBD) on Friday to "negative" from "stable", citing declines in the media company's cable TV business due to a tough advertising market and cord-cutting. The ratings agency said the move reflected its expectation that Warner Bros Discovery's (WBD) debt levels would stay high as the traditional TV declines weigh on the company's cash flow.
The spate of regulatory investigations into wealth managers' cash sweep programs could hurt their credit ratings, Moody's warned on Thursday, underscoring the threat to the high-margin business for firms like Morgan
Stanley (MS) and Wells Fargo (WFC). WHY IT'S IMPORTANT.
BXP Inc (BXP): * BXP PRICES $850 MILLION OFFERING OF SENIOR UNSECURED NOTES. * BXP Inc (BXP) - BPLP INTENDS TO USE PROCEEDS FOR DEBT REPAYMENT. * BOSTON PROPERTIES INC: AGREED TO SELL $850.0 MILLION OF 5.750% SENIOR UNSECURED NOTES DUE 2035 Source text for Eikon: Further company coverage:
Logic suggests that U.S. companies will benefit when the Fed's interest rate-cutting cycle gets underway, because they will pay less to service their debt, but counterintuitively, they may not see much of a net benefit at all this time around. When the Fed raised rates between March 2022 and July 2023, corporate America's net interest payments actually fell.
Logic suggests that U.S. companies will benefit when the Fed's interest rate-cutting cycle gets underway, because they will pay less to service their debt, but counterintuitively, they may not see much of a net benefit at all this time around. When the Fed raised rates between March 2022 and July 2023, corporate America's net interest payments actually fell.
- Foreign investors were net buyers of Asian bonds for the third consecutive month in July, spurred by strong regional export growth and expectations of a September rate cut by the U.S. Federal Reserve.
Foreign investors were net buyers of Asian bonds for the third consecutive month in July, spurred by strong regional export growth and expectations of a September rate cut by the U.S. Federal Reserve.
Cousins Properties Inc (CUZ): * COUSINS PROPERTIES ANNOUNCES PRICING OF SENIOR NOTES OFFERING. * COUSINS PROPERTIES-COUSINS PROPERTIES LP PRICED OFFERING $500 MILLION PRINCIPAL AMOUNT OF 5.875%SENIOR UNSECURED NOTES DUE 2034 AT 99.708% PRINCIPAL AMOUNT Source text for Eikon: Further company coverage:
- Credit ratings agency Fitch downgraded Israel's credit rating to "A" from "A-plus" on Monday, citing worsening geopolitical risks as the war in Gaza drags on, and kept the rating outlook negative, meaning a further downgrade is possible.
UDR Inc (UDR): * UDR PRICES SENIOR UNSECURED NOTES DUE 2034. * UDR Inc (UDR) - HAS PRICED AN OFFERING OF $300 MILLION AGGREGATE PRINCIPAL AMOUNT OF 5.125% SENIOR UNSECURED NOTES DUE 2034.
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.