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LONDON (Reuters) - World stocks were on course to extend a five-day run of record highs on Thursday, while Bitcoin took a breather after its latest surge and Russia’s markets tumbled at the prospect of the harshest U.S. sanctions in years.
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 14, 2021. REUTERS/Staff/File Photo
For traders, it was hard keeping up. Europe’s STOXX 600 opened with a new all-time high as a flurry of positive earnings offset growing worries about a third wave of COVID infections on the continent.
Benchmark German bond yields fell from four-week highs on Thursday as the market turned its focus back to issuance with a long-dated bond sale by Ireland.
(Recasts, adds bond prices and investor and analyst comment)
SHANGHAI, April 15 (Reuters) - Chinese corporate dollar bond issuers are facing rising financing pressure after asset management giant China Huarong Asset Management Co delayed the release of its annual results, prompting broader concerns over issuers’ creditworthiness.
Investors are concerned that any debt restructuring by the company, which counts China’s Ministry of Finance as its biggest shareholder, could leave holders of its U.S. dollar bonds unprotected and force an expensive reassessment of long-standing government support for Chinese state-owned issuers.
Huarong, a manager of non-performing loans set up by the government two decades ago and one of China’s four biggest asset management companies (AMCs), has had its Hong Kong shares suspended since March 31 after it announced a delay in its earnings report due to a “relevant transaction” yet to be finalised.
Asian shares were on the backfoot on Thursday following mixed cues from Wall Street where a sharp sell-off in the largest bitcoin exchange Coinbase hit tech shares while the dollar index struggled near one-month lows.
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DUBAI (Reuters) - EIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said.
FILE PHOTO: General view of Aramco tanks and oil pipe at Saudi Aramco s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
The Washington, D.C.-based firm’s consortium will issue bonds to replace $10.5 billion in so-called staple financing that was arranged by Aramco for potential suitors to take the 49% stake, the sources said.