(Bloomberg) -- The European Investment Bank plans to harness the power of blockchain to sell bonds, potentially boosting use of the digital-ledger technology as a tool for the region’s debt market.The European Union’s investment arm hired Goldman Sachs Group Inc., Banco Santander SA and Societe Generale AG to explore a so-called digital bond in euros, which would be registered and settled using blockchain, according to information from a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it.Investor meetings for the inaugural sale will start April 15 and continue for some weeks, the person said.The EIB has often been at the forefront of innovation in Europe’s debt capital markets, being among the first to issue green and sustainability bonds, as well as debt benchmarked against a new euro short-term rate called ESTR. The move comes after European Central Bank President Christine Lagarde said the institution she leads could launch a digital currency around the middle of this decade.A spokesperson for the EIB declined to comment further when contacted by Bloomberg News.Not MainstreamA number of issuers globally including the World Bank, China Construction Bank Corp., JPMorgan Chase & Co. and National Bank of Canada have been experimenting with blockchain-based issuance in the past few years, but its use in debt markets is still far from mainstream.The technology used for verifying and recording transactions that’s at the heart of cryptocurrencies has faced hurdles to wider adoption, and the pandemic has caused delays in some projects.Blockchain has a longer history in loans and Germany’s Schuldschein debt market. Automaker Daimler AG was the first to sell a 100 million euros ($119 million) of Schuldschein using blockchain in 2017. Telefonica SA’s German unit also used blockchain in early January to raise a 200 million-euro loan.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Grab Holdings Inc., Southeast Asia’s most valuable startup, is going public in the U.S. through the largest-ever merger with a blank-check company.The Singapore-based startup is set to have a market value of about $39.6 billion after the combination with Altimeter Growth Corp., the special purpose acquisition company of Brad Gerstner’s Altimeter Capital Management, the firms said in a statement Tuesday. Grab is raising more than $4 billion from investors including BlackRock Inc., Fidelity International and T. Rowe Price Group Inc. as part of the biggest U.S. equity offering by a Southeast Asian company.The deal would make the ride-hailing and food-delivery giant the first Southeast Asian tech unicorn to go public through a SPAC and give it funds to expand. Grab is trying to take advantage of a U.S.-led SPAC listing boom even though it’s showing signs of slowing amid increased scrutiny by regulators.“This is definitely one of the best internet companies,” Gerstner said in an interview. “The runway ahead is very long and very wide for Grab if they continue to execute.”The combined entity’s stock will trade on the Nasdaq in the coming months under the ticker GRAB. Altimeter Capital, which orchestrated the initial public offering of Altimeter Growth in September, is putting $750 million into the company, about a fifth of the fresh funds raised.That, together with a three-year lockup period for its sponsor shares, indicates Altimeter’s long-term commitment to the company, Grab Chief Executive Officer Anthony Tan said. Altimeter, which manages $15 billion of assets, has also committed as much as $500 million to a contingent investment to be equal to the total amount of redemptions by Altimeter Growth’s shareholders.“From sovereign wealth funds to mutual funds, it is world-class investors who are investing in us,” Tan said in an interview. “The world is seeing the potential of Southeast Asia and how exciting this region is.”Shares in Altimeter Growth fell 6.5% Tuesday morning in New York, bringing gains for this year to 2.3%. Grab, the market leader in Southeast Asia for so-called super apps for consumer services, expects its addressable market to expand to more than $180 billion by 2025 from $52 billion in 2020. Its total gross merchandise volume last year was $12.5 billion, more than doubling from 2018 even as competition from arch rival Gojek intensified and the coronavirus pandemic restricted people’s movements.The deal marks a remarkable turn for Grab. Under pressure from SoftBank Group Corp. and other investors, the company had been negotiating a possible merger with Indonesia’s Gojek for most of 2020. But the talks ultimately collapsed around December and Gojek began talks with Tokopedia, another local internet giant.Tan and Gerstner, both Harvard Business School graduates, began talking about a deal early this year after being introduced by common friends. Only about three months later, they reached an agreement for the record transaction.Gerstner is no stranger to Southeast Asia, having invested in Singapore-based gaming and e-commerce leader Sea Ltd. The Tencent Holdings Ltd.-backed company has emerged as a stock-market sensation since going public in New York in 2017. Among companies valued at $100 billion or more, the stock is the No. 1 Asian performer since the start of last year and trails only Tesla Inc. globally.“The U.S. and China have been big investment markets for 20 years and before Sea, Southeast Asia wasn’t really on many investors’ radar screens,” said Gerstner, who has been following Grab since its 2018 acquisition of the regional business of Uber Technologies Inc., another company he’s backed. “Now you have a second business with a $40 billion market cap which is going to be listed on the Nasdaq. This is a huge moment for global investors realizing the renaissance that’s occurring in Southeast Asia technology market.”Tan founded Grab in his native Malaysia as a taxi-hailing app in 2012 with Hooi Ling Tan, a Harvard classmate. They kicked off operations in Kuala Lumpur as what was then known as MyTeksi, allowing users to book cabs.Grab later relocated to Singapore before expanding as a ride-hailing app from Indonesia to Vietnam, the Philippines, Cambodia and Myanmar. With more than $10 billion raised from investors led by SoftBank over eight funding rounds, Grab became Southeast Asia’s largest ride-hailing provider before expanding into food delivery, digital payments and financial services across eight countries in the region.Working toward profitability, Grab said its mobility-services business is making money in all its markets, while food delivery is in the black in five of six markets. The company said it had about 72% of Southeast Asia’s ride-hailing market, 50% of online food delivery and 23% of digital wallet payments last year. Grab was previously valued at about $16 billion, a person with knowledge of the matter said.Among companies participating in the cash injection, a so-called private investment in public equity, or PIPE, are Singapore’s state-owned investor Temasek Holdings Pte, Janus Henderson Group Plc and Nuveen LLC. The expected market value also reflects the PIPE and SPAC proceeds of $4.5 billion as well as a $2 billion term loan, according to Grab.Evercore Inc., JPMorgan Chase & Co. and Morgan Stanley advised Grab in the deal.(Updates with shares in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Our call of the day from Bank of America narrows down where investors see the most risk these days. Fingers are pointing at the world's most popular cryptocurrency.
GBP/USD settled below the support at 1.3710.
(Bloomberg) -- Stock investors in China are ignoring a spate of recent bullish earnings as worries about further liquidity tightening continue to weigh on market sentiment.A 1200% jump in Tesla Inc.-supplier Sichuan Yahua Industrial Group Co.’s first-quarter earnings guidance was followed by a slump of as much as 7.7% in its shares on Tuesday. In the previous session, Suofeiya Home Collection Co. plunged the 10% daily limit after the furniture maker forecast a turnaround to profit. Wanhua Chemical Group Co. also saw its stock lose 6.4% amid a broad selloff in materials shares, even after the company said earnings likely more than quadruped in the first quarter.“The market has reacted negatively to positive earnings because with sentiment as weak as it is right now, funds are not willing to wait around for more good news to come,”said Yan Kaiwen, an analyst at China Fortune Securities Co. “They are opting to cash out sooner while the fundamentals still look good, rather than later.”Analysts widely expected Chinese companies to report a strong rebound in earnings from last year’s low base. The broad market rally from pandemic lows to a 13-year high in February meant that many of these positives were already priced in. The solid scorecards are now providing traders with a chance to sell, as sentiment remains weak since the CSI 300 Index entered a correction last month on concerns over rich valuations and tightening of liquidity by authorities.Measures to reduce cash circulating in the economy have started to show their effect, with the increase in aggregate social financing, the broadest measure of credit, missing expectations last month. The figures were released after the central bank asked banks in late March to curtail loan growth for the rest of this year following a surge in the first two months that stoked bubble risks.The CSI 300 Index fell for a third day on Tuesday, losing 0.2% to close at its lowest level since March 25.READ: China Stocks Rebound Seen Fleeting as Liquidity Fears Linger On(Adds CSI’s move in the last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Online travel platform Trip.com Group Ltd. has raised about HK$8.5 billion ($1.1 billion) in its Hong Kong second listing after pricing the shares at HK$268 each.The company sold 31.6 million shares in the Hong Kong offering, according to a statement on Tuesday. The price represents a discount of about 2% to Trip.com’s closing price of $35.20 on Monday on the Nasdaq.One of Trip.com’s American depositary shares is equivalent to one ordinary share. The shares are due to start trading in Hong Kong on April 19.Trip.com’s U.S. shares have risen about 4% this year, giving the firm a market capitalization of $21 billion. It is part of a wave of U.S.-listed Chinese companies seeking a trading foothold in Hong Kong which has seen some of the country’s biggest tech giants such as Alibaba Group Holding Ltd. and JD.com Inc. raise over $36 billion since late 2019, data compiled by Bloomberg show.The second listings act as a way to hedge against the risk of being kicked off U.S. exchanges as a result of rising Sino-U.S. tensions, as well as to bring in more Asia-based investors. The U.S. Securities and Exchange Commission has said it will start implementing a law passed last year requiring overseas companies to let American regulators inspect their audits or face delisting.Recent second listings from the likes of Baidu Inc. and Bilibili Inc. fared less well than ones last year as they got caught up in a broader selloff of technology shares as investors rotated into sectors expected to benefit from a recovery of global growth. But tech names have since staged a comeback, with the Nasdaq Composite Index rising from lows hit at the beginning of March.JPMorgan Chase & Co., China International Capital Corp. and Goldman Sachs Group Inc. are joint sponsors for Trip.com’s listing.(Updates with company confirmation throughout the story.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Abu Dhabi sovereign wealth fund Mubadala Investment Co. said it’s “close” to an initial public offering of Emirates Global Aluminium PJSC as it studies other major deals including a role in a consortium investing in Saudi Aramco’s oil pipelines.“We’ve been thinking about this for a couple of years and waiting for the right time for that business to be IPO’d,” Chief Executive Officer Khaldoon Al Mubarak said on Monday when asked about EGA, the Middle East’s biggest producer of aluminum. “We’re very close now.”Coming off its busiest year ever, the $232 billion fund has shown little sign of slowing down in 2021, striking deals ranging from purchasing a Brazilian refinery to investing in convertible bonds of messaging app Telegram.EGA, which is equally owned by Mubadala and Investment Corp. of Dubai, has smelters in Abu Dhabi and Dubai and a bauxite mine in Guinea. Its revenue in 2020 was $5.1 billion and it made earnings before interest, tax, depreciation and amortization of $1.1 billion.The company had planned an IPO in 2018 or 2019 but it was pulled after then-U.S. President Donald Trump imposed tariffs on aluminum imports from the United Arab Emirates. His successor Joe Biden said in February that he would keep the U.S. restrictions in place, reversing Trump’s last-minute move to grant the UAE relief from the duties.“We will decide, obviously, when the appropriate market conditions are there, but the company is certainly in a very strong position and I think is well placed for an IPO,” Al Mubarak said during a virtual conference.EIG TalksMubadala is meanwhile considering other deals. It hasn’t yet decided whether to join a group led by EIG Global Energy Partners LLC that agreed on a $12.4 billion deal with Aramco.The wealth fund has teams studying the opportunity and looking at possible returns on investing in neighboring Saudi Arabia, according to Al Mubarak. It’s previously said that it was in talks with EIG.According to an announcement last Friday, the investors will buy 49% of Aramco Oil Pipelines Co., a recently-formed entity with rights to 25 years of tariff payments for crude shipped through the Saudi Arabian firm’s network. Aramco will own the rest of the shares and retain full ownership of the pipelines themselves.Read more: Mubadala Discusses GlobalFoundries IPO at $20 Billion Value Mubadala has also made no decision about a share sale of its wholly-owned chipmaker GlobalFoundries, according to Al Mubarak. Earlier this month, Bloomberg reported that the wealth fund had started preparations for a U.S. IPO that could value the business at about $20 billion.“GlobalFoundries is a strong, well-run business,” Al Mubarak said. “We have not taken a view or a decision yet.”India PushAfter an initial pause after the pandemic first hit, the wealth fund doubled down and invested more in 2020 than in any previous year, the CEO said.India emerged as one key destination for Mubadala’s money, with its investments there in 2020 eclipsing the combined total of the preceding 19 years, Al Mubarak said.The wealth fund invested $1.2 billion in Reliance Industries Ltd.’s digital upstart Jio Platforms Ltd. in 2020, a deal that gave Mubadala a 1.85% stake in the venture.“Clearly, we were underweight in terms of India” and “over the last many years we didn’t invest as much as we should,” the CEO said. “That’s changing, and as far as we’re concerned in Mubadala, we’re certainly giving it a very particular focus.”(Updates with details on EGA in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Bitcoin has picked up a tail wind in the lead up to Coinbase's stock listing on Nasdaq
The full-size luxury EQS sedan will launch on Thursday and could completely change the public perception of Mercedes, Deutsche Bank analysts said.
China's Xiaomi held on to its pole position in the world's second-largest smartphone market throughout 2020.
‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage. The costs of homeownership are rising quickly across the country, so you’re not alone in feeling burdened.
The investing game is rarely plain sailing. While no doubt investors would like the choices that make up their portfolio to always go up, the reality is more complicated. There are periods when even shares of the world’s most successful companies have been on a downward trajectory for one reason or another. While it’s no fun watching a stock you own drift to the bottom, any savvy investor knows that if the company’s fundamentals are sound to begin with, the pullback is often a gift in disguise. This is where the chance for strong returns really comes into play. “Buy the Dip” is not a cliché without reason. With this in mind, we scoured the TipRanks database and picked out 3 names which have been heading south recently, specifically ones pinpointed by those in the know as representing a buying opportunity. What’s more, all 3 are rated Strong Buys by the analyst consensus and projected to rake in at least 70% of gains over the next 12 months. Here are the details. Flexion Therapeutics (FLXN) Let’s first take a look at Flexion, a pharma company specializing in the development and commercialization of therapies for the treatment of musculoskeletal pain. The company has two drugs currently in early-stage clinical trials but one which has already been approved by the FDA; Zilretta is an extended-release corticosteroid for the management of osteoarthritis knee pain. The drug was granted regulatory approval in 2017, and Flexion owns the exclusive worldwide rights. FLXN stock has found 2021 hard going and is down by 30% year-to-date. However, the “recent weakness,” says Northland analyst Carl Byrnes has created a “unique buying opportunity.” Like many biopharmas, Flexion’s marketing efforts took a hit during the height of the pandemic last year, as shutdowns and restrictions impacted its operations. However, Byrnes anticipates Zilretta to exhibit “stellar growth in 2021 and beyond.” “We remain highly confident that the demand for ZILRETTA will continue to strengthen, bolstered by product awareness and positive clinical experiences of both patients and HCP, augmented by improvements in HCP interactions and deferral of total knee arthroplasty (TKA) surgical procedures,” the analyst said. Byrnes expects Zilretta’s 2021 sales to surge by 45% year-over-year to $125 million, and then increase by a further 50% to $187.5 million the following year. That revenue growth will go hand in hand with massive share appreciation; Byrne’s price target is $35, suggesting upside of ~339% over the next 12 months. Needless to say Byrne’s rating is an Outperform (i.e. Buy). (To watch Byrnes’ track record, click here) Barring one lone Hold, all of Byrne’s colleagues agree. With 9 Buys, FLXN stock boasts a Strong Buy consensus rating. While not as optimistic as Byrne’s objective, the $20.22 average price target is still set to yield returns of an impressive 153% within the 12-month time frame. (See FLXN stock analysis on TipRanks) Protara Therapeutics (TARA) Staying in the pharma industry, next up we have Protara. Unlike Flexion, the cancer and rare disease-focused biotech has no therapies approved yet. However, the picture should soon become clear regarding the timing of a BLA (biologics license application) for TARA-002, the company’s investigational cell therapy for a rare pediatric indication - lymphatic malformations (LM). TARA-002 is based on the immunopotentiator OK-432, currently approved as Picibanil in Japan and Taiwan for the treatment of multiple cancer indications as well as LM. Currently, Protara is seeking to get the FDA’s acceptance that TARA-002 is comparable to OK-432. If everything goes according to plan, the company anticipates potential BLA filing in H2:2021 and potential approval in H1:2022. Protara shares have tumbled 40% year-to-date. That said, Guggenheim analyst Etzer Darout believes the stock is significantly undervalued. “We estimate risk-adjusted peak sales of ~$170M (75% PoS) in the US alone (biologics exclusivity to 2034-2035),” the 5-star analyst said. “The company has outlined a ‘no additional study scenario’ that estimates a US launch in 2022 and an ‘additional registration study’ scenario that estimates a 2023 launch and we see current levels as a buying opportunity ahead of regulatory clarity on LM.” Furthermore, Tara is expected to submit an IND (investigational new drug) for a Phase 1 trial for TARA-002 in 2H21 for the treatment of non-muscle invasive bladder cancer (NMIBC). Darout notes 80% (~65K) of all newly diagnosed bladder cancer patients suffer from this specific condition including ~45% “that are high grade with high unmet need.” The company also owns IV Choline, a Phase 3-ready asset, for which the FDA has already granted both Orphan Drug Designation and Fast Track Designation for IFALD (intestinal failure-associated liver disease). Based on all of the above, Darout rates TARA a Buy and has a $48 price target for the shares. The implication for investors? Upside of a strong 225%. (To watch Darout’s track record, click here) Overall, with 3 recent Buy ratings under its belt, TARA gets a Strong Buy from the analyst consensus view. The stock is backed by an optimistic average price target, too; at $43.67, the shares are anticipated to appreciate by ~198% in the year ahead. (See TARA stock analysis on TipRanks) Green Thumb Industries (GTBIF) Last but not least is Green Thumb, a leading US cannabis MSO (multi state operator). This Chicago-based company is one of the stalwarts of the rising cannabis sector, boasting the second highest market-cap in the industry and exhibiting impressive growth over the last year. In 2020, revenue increased by 157% from 2019, to reach $556.6 million. That said, despite delivering another excellent quarterly statement in March, and being well-positioned to capitalize on additional states legalizing cannabis, the stock has pulled back recently after the company was hit by a damning Chicago Tribune article. According to Chicago Tribune, the company is being investigated by the fed over "pay to play" payments regarding the procurement of cannabis licenses in Illinois. Countering the claims, GTBIF management said the allegations are unfounded and that there is no factual evidence to support them. Furthermore, the company pointed out it has not even been contacted by the authorities regarding the matter. Who to believe, then? It’s an easy choice, according to Roth Capital’s Scott Fortune. “We believe these tenuous claims create an opportunity to own the best-in-class operator currently off 25% from recent highs,” the 5-atar analyst opined. “In our view, the GTI business and track record of execution is not at risk in terms of the seemingly baseless accusations. We will continue to monitor any new additional incremental evidence potentially surfacing but believe the allegations are unfounded. We believe the upside opportunity remains compelling at these levels.” Going by Fortune’s $45 price target, shares will be changing hands for a 70% premium a year from now. Fortune’s rating remains a Buy. (To watch Fortune’s track record, click here) The negative news has done little to dampen enthusiasm around this stock on Wall Street. The analyst consensus rates GTBIF a Strong Buy, based on a unanimous 12 Buys. The average price target, at $47.71, suggests an upside of 79% over the next 12 months. (See GTBIF stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
The crypto markets are very young, and we expect many more companies to compete for the profits Coinbase (COIN) enjoys today. As the cryptocurrency market matures, we expect Coinbase’s transaction margins to drop precipitously. The race-to-zero phenomenon that took place in late 2019 with stock trading fees will likely make its way to the crypto trading space.
Nasir Jones’ QueensBridge Venture Partners invested in 2013. A source familiar with the matter confirmed QueensBridge is still on the Coinbase cap table.
The S&P 500 just had its best 12-month performance ever. But the bull market may be entering a new phase as it turns two-years-old — an investing regime that requires a bit more defense.
(Bloomberg) -- China’s yuan is unlikely to escape its current bout of weakness, even with help from U.S. Treasury Secretary Janet Yellen.While Yellen’s decision not to name China as a currency manipulator removes a flash point, analysts say that tension between the two countries have moved to strategic issues such as technology leadership. The yuan is also weighed down by other factors including slowing capital flows and a narrowing yield spread with the dollar.“It takes away one source of pressure, but other areas of tensions with the U.S. remain,” said Dariusz Kowalczyk, chief China economist at Credit Agricole CIB. “The headline will likely provide only temporary support, given that other factors are in the driver’s seat for now.”The onshore yuan was steady at 6.5477 to the dollar as of 5:30 p.m. Shanghai time. China hasn’t used its exchange rate as a tool to address external influences such as trade disputes, Zhao Lijian, a spokesperson with the Ministry of Foreign Affairs said at a briefing on Tuesday. The semiannual U.S. foreign-exchange report is expected this month. Here are more views on the development:Tariffs Remain“The event doesn’t suggest any improvement in China-U.S. bilateral relationship and/or a lowering of bilateral tariffs,” said Becky Liu, head of China macro strategy at Standard Chartered Plc in Hong Kong. “It simply reflects a changed strategy of the new U.S. administration –- that is, by working with U.S. allies to contain China in joint efforts instead of dealing with China matters bilaterally.”The U.S. still has tariffs placed on China that have already kicked in and are unlikely to be lifted in the near term, said Tommy Xie, head of Greater China research at Oversea-Chinese Banking Corp. “Things are still overshadowed by the upcoming U.S. bill on strategic competition, which will be considered on April 21,” he said.Less Confrontation“The tag was announced the previous time due to political tensions even though China didn’t meet the criteria of a currency manipulator,” said Xing Zhaopeng, senior China strategist at Australia & New Zealand Banking Group Ltd. “It doesn’t make sense for the U.S. to keep challenging China on the issue of foreign exchange unilaterally, rather the U.S. is showing it prefers to address individual topics separately rather than a full-scale confrontation. The currency problem is no longer a core issue of U.S.-China relations.”“It shows that interaction between China and the U.S. is becoming more rational and more compliant with market rules, which is good for yuan in the short-term,” said Ji Tianhe, head of FXLM strategy at BNP Paribas SA in Beijing. “But it doesn’t affect the overall trend in the second and third quarters. This can be read as the currency exchange-rate issue is no longer the core issue of the Sino-U.S. conflict.”“It can reduce volatility in the currency and make it better for financial markets,” said David Loevinger, an analyst at TCW Group Inc. in Los Angeles, and a former China specialist at the U.S. Treasury. “This administration is much more focused in a constant set of rules. The U.S. Treasury has set the criteria and China doesn’t meet the criteria.”No Positive EffectTensions only add pressure on the yuan if they flare up but won’t positively influence the currency if they simmer, according to Gao Qi, a currency strategist at Scotiabank. “The yuan is likely to range-trade while following a broad dollar movement as U.S.-China tensions stay under control for now,” he said.“Meanwhile, a forming golden cross may indicate some upside potential for” USD/CNH, he said, referring to the 50-day moving average indicator rising over the 100-day moving average.Pressure From Yields“The yuan is under pressure due to the higher Treasury yields -- we have calculated that renminbi spot is the most correlated currency in the world with the level of the 10-year UST yield, and we continue to expect the yield to trend higher,” Credit Agricole’s Kowalczyk said.“The yuan is also suffering from a decline in foreign interest in Chinese bonds, and CGBs in particular. We expect foreign inflows to be much lower this and next year than what we had anticipated,” due to FTSE Russell’s decision to extend the inclusion of Chinese bonds to a three-year period from 12 months, he said.(Adds comment from Chinese official in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The oil reserves of international oil companies have collapsed over the last 5 years, and now the stability of the entire oil market is under threat
The previously unpublished ED analysis, obtained by Yahoo Finance, reveals how many student loan borrowers would benefit from various levels of forgiveness, specifically borrowers in default.
Topps on Monday unveiled its first non-fungible token plans for Major League Baseball. The move comes after a week after announcing a SPAC merger with Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS) to bring the iconic trading card company. What Happened: Topps will debut its first Major League Baseball card NFT collection on April 20. The company will release a series of NFT cars featuring the 2021 Topps Series 1 cards featuring iconic throwback card templates and anniversary sets. This will mark the first time a Topps set will live on the blockchain. Collectors can purchase standard packs that contain six digital cards for $5. The standard packs will be limited to 50,000 copies. There will be 24,090 premium packs released. Each premium pack will contain 45 digital cards and be priced at $100. The digital MLB NFTs will have different rarity levels including a Legendary Limited Edition 1 of 1 Platinum Anniversary parallel that will be randomly inserted into premium packs. "Our MLB blockchain NFT series debut marks a historic moment in the modern evolution of collecting for both traditional and new collectors," said Topps VP & General Manager Tobin Lent. Related Link: WWE Launches Undertaker NFTs With Extra Perks: What Investors And Wrestling Fans Should Know Why It’s Important: Topps is launching the NFTs with a partnership with Major League Baseball and Major League Baseball Players Inc. The pack releases will be similar to NBA Top Shot, which has been one of the most successful NFT series in 2021. Topps has trading card partnerships with MLB, NHL, several soccer leagues and the Walt Disney Co (NYSE: DIS). Topps previously released NFTs of Garbage Pail Kids and Godzilla. In its investor presentation, Topps said it has a robust pipeline of NFTs coming in 2021. Price Action: Shares of Mudrick Capital Acquisition Corporation II are up 2% to $11.10 in premarket trading Monday. See more from BenzingaClick here for options trades from BenzingaSPACs Attack Weekly Recap: 6 Deals, Rumors And Headline NewsExclusive: Gary Vee On Sports Cards Investment Options, What's Ahead For NFTs© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- The Permian Basin, the U.S.’s most prolific shale patch, will produce crude oil at levels not seen since the start of the pandemic in the latest sign the global economy is heating back up.Higher prices are buoying drillers’ confidence. Benchmark Nymex oil gained nearly 35% in the past four months after OPEC and its alliance cut production to strike a balance between demand and supply. The fossil fuel is also getting a bump as Covid-19 vaccinations progress and Americans travel again, boosting gasoline consumption.Output in the basin will reach 4.466 million barrels a day in May, the most in a year, and rig counts have touched a one-year high, according to the latest data from the Energy Information Administration. Total American crude production peaked at over 13 million barrels a day last year before the global pandemic crushed oil prices, forcing scores of drillers to file for bankruptcy and shutter wells.The increase is also coming from explorers who are trying to complete the drilling and finishing of wells that were disrupted by the extreme cold weather that swept across the U.S. south last month, while trying to meet targets for this quarter, said Artem Abramov, head of shale research for Rystad Energy. The company’s own supply estimates for next month are slightly higher than the government’s forecasts.Before the interruptions in February, output in the Permian was recovering, with drillers finishing wells at 57% of their pre-pandemic speed, or about 250 a month. The patch should return to a path of increasing output if producers can sustain the current momentum, BNEF analyst Tai Liu said in a note to clients last week.But growth across the U.S. shale patches will likely be kept in check by producers seeking to limit spending in tune with promises to shareholders to boost dividends instead of supply.“It would be very hard for the US oil and gas industry to get back to over 13 million barrels a day. I don’t think that’s going to happen,” Occidental Petroleum Corp. Chief Executive Officer Vicki Hollub said at a conference last week. “Too much investment would be required.”The EIA also said in its Drilling Productivity report Tuesday that most other major oil producing regions would see a decline in output for May compared with the prior month. Production in the Bakken, for example, is forecast to decline by 12,000 barrels a day to 1.105 million next month.(Updates with more data from EIA report in final paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.