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Tasos Vossos, Bloomberg News Skyscrapers in the skyline of the City of London, U.K., on Monday, March 8, 2021. Values in the U.K. capital should jump about 25% over the next five years, outpacing other European capitals, according to DWS researchers. Photographer: Jason Alden/Bloomberg , Bloomberg (Bloomberg) Buyers of newly-minted corporate bonds are already nursing losses as inflation fears send government bond yields climbing. About four fifths of high-grade non-financial corporate bonds priced in Europe this year are quoted below their issue price, based on data compiled by Bloomberg. Last Friday, the share of post-issue losers stood at under 50%. This bleak statistic underscores the damaging effect on credit investors of the so-called reflation trade bets on rapid economic recovery and an associated pickup in inflation prompting many to seek shelter from further sovereign debt sell-offs. ....
Bidenâs $86 Billion Pension Rescue Set to Boost Corporate Bonds May 14 2021, 5:45 AM May 13 2021, 7:59 PM May 14 2021, 5:45 AM (Bloomberg) U.S. President Joe Bidenâs pension bailout might do more than just support troubled retirement plans. It could also spur tens of billions of dollars in demand for corporate bonds with the lowest investment-grade ratings, according to Citigroup Inc. (Bloomberg) U.S. President Joe Bidenâs pension bailout might do more than just support troubled retirement plans. It could also spur tens of billions of dollars in demand for corporate bonds with the lowest investment-grade ratings, according to Citigroup Inc. ....
IBM Downgraded by S&P as Deal Spree Clouds Ability to Cut Debt The credit rater expects IBM to pursue additional takeovers to bolster its hybrid cloud and artificial intelligence capabilities. Bloomberg | May 06, 2021 Molly Smith and Molly Schuetz (Bloomberg) International Business Machines Corp. was downgraded by S&P Global Ratings because an acquisition spree adds doubt to the company’s timeline for reducing debt. S&P cut IBM one notch to A- with a stable outlook, according to a report Thursday. The credit rater expects IBM to pursue additional takeovers to bolster its hybrid cloud and artificial intelligence capabilities. Coupled with the planned spinoff of its managed infrastructure services business, there’s uncertainty IBM can reduce leverage to a certain level in the next year or two, S&P said. ....
May 05 2021, 10:23 AM May 04 2021, 11:06 PM May 05 2021, 10:23 AM (Bloomberg) NXP Semiconductors NV sold $2 billion of bonds to help finance the development of semiconductors that reduce energy consumption in products like power adapters and electric vehicles. (Bloomberg) NXP Semiconductors NV sold $2 billion of bonds to help finance the development of semiconductors that reduce energy consumption in products like power adapters and electric vehicles. The chipmaker issued bonds in two parts, according to a person with knowledge of the matter, who asked not to be identified as the details are private. The longer portion of the deal, a 20-year security, yields 1.15 percentage points above Treasuries, down from the initially targeted 1.5% premium, the person said. That equates to about 3.30%. ....