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Margins widen as lenders weigh up AI disruption to portfolio companies
◆ What strikes on energy infrastructure in the Middle East mean for emerging market bonds ◆ Why issuing in dollars has become so dicey for supranationals and agencies ◆ Europe’s advantage in the private credit meltdown
A slow destruction of misallocated investment is more likely than a sudden stop
Investors confident software fears are overblown
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United Parcel Service, the US logistics group, has become the first company to issue Euro-commercial paper in renminbi. The Rmb1.26bn ($199m) of paper was placed in London, as UPS looked to the City’s nascent offshore renminbi market to help diversify its sources of funding for potential business in China.
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Korea Gas Corporation this week sold its first euro-denominated debt issue, a privately placed medium term note. The instrument is increasingly favoured by Korean borrowers.
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Iberdrola provided a light amid the growing gloom in Spain this week. The electric utility firm printed a constant maturity swap steepener, taking advantage of an investor attracted by the possibility for leverage given prevailing low 10 year swap rates.
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Italy’s Snam is set to provide corporate investors with fresh blood in the debt markets over the coming 12 months as it refinances up to €8bn of an €11bn syndicated loan signed on Thursday that supports its separation from parent company, Eni.
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Snam, the Italian natural gas infrastructure company, is to launch an €8bn Euro-medium term note programme as it prepares for life as a separate entity from parent Eni.
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Carmakers used debuts in new currencies to help them near a record month for medium term note issuance — even though May is only half gone.