Markets

Saudi Aramco plans to raise billions by issuing international bonds, as low oil prices and a grim demand outlook loom over its finances

Saudi Aramco, the world’s biggest oil company, will issue a multi-tranche international bond, according to a filing with the national stock exchange. The company has hired Citi, Goldman Sachs International, HSBC, JP Morgan, Morgan Stanley and NCB Capital to underwrite the sale. Aramco did not specify how large the dollar-denominated […]
Saudi Aramco plans to raise billions by issuing international bonds, as low oil prices and a grim demand outlook loom over its finances
Markets

Corporate restructuring needs could surpass 2008 levels amid a surge in junk debt, BlackRock says

The scale of corporate restructuring could surpass financial-crisis highs on a swelling pile of junk-rated debt,BlackRock said Monday. Sub-investment grade debt outstanding ballooned to $US5.3 trillion since 2007. The coronavirus pandemic only exacerbated the growth, as the Federal Reserve’s bond purchases revived the credit market and companies rushed to raise […]
Corporate restructuring needs could surpass 2008 levels amid a surge in junk debt, BlackRock says
Markets

BlackRock says European stocks will beat their US peers going forward due to superior virus response

BlackRock upgraded European equities to “overweight” from “underweight” in its mid-year outlook, citing the region’s strong policy and public health response to the coronavirus pandemic. The firm also downgraded US stocks to “neutral” from “overweight,” as surging coronavirus case counts and fading stimulus measures pose a risk to the market’s […]
BlackRock says European stocks will beat their US peers going forward due to superior virus response
Markets

Fed’s Powell says bank’s corporate-credit ETF purchases will give way to individual bond buying

The Federal Reserve’s corporate-credit relief will move from exchange-traded fund purchases to taking in individual bonds, chairman Jerome Powell said Wednesday. Targeted bond purchases are “a better tool for supporting liquidity and market functioning,” Powell told the House Financial Services Committee. The statement follows the central bank announcing Monday it […]
Fed’s Powell says bank’s corporate-credit ETF purchases will give way to individual bond buying
Markets

US investment-grade debt issuance tops $1 trillion on back of Fed purchases

US investment-grade bond issuance topped $US1 trillion on Tuesday as the corporate-credit market rebounds from March lows. High-grade issuance on Tuesday reached $US11.2 billion across 11 deals, Bank of America strategists said in a note. Year-to-date bond offerings trounce last year’s pace, as companies issued roughly $US1.14 trillion in investment-grade […]
US investment-grade debt issuance tops $1 trillion on back of Fed purchases