|Bid||4.4590 x 0|
|Ask||4.4610 x 0|
|Day's Range||4.4180 - 4.4770|
|52 Week Range||3.5530 - 4.8630|
|Beta (3Y Monthly)||0.57|
|PE Ratio (TTM)||14.87|
|Forward Dividend & Yield||0.23 (5.09%)|
|1y Target Est||N/A|
Moody's Investors Service ("Moody's") has today affirmed the Baa2 long-term issuer and senior unsecured ratings of Terega SA ("Terega"). A complete list of affected ratings can be found at the end of this press release. Affirmation of the ratings takes into account Moody's prior expectation of an increase in Terega's leverage following the start of regulation for gas storage in France, in 2018, and that the rating is currently well positioned in the Baa2 category, with headroom against the rating agency's ratio guidance.
(Bloomberg) -- Bond bankers from London to New York and Tokyo have never had such an abrupt transition from leisurely summer lunches to scarfing down sandwiches at their desks.September typically marks a return to busier issuance, but this year has been unprecedented as borrowing costs slide. Companies including Berkshire Hathaway Inc., Apple Inc., major Chinese conglomerate Dalian Wanda Group and Italian natural gas firm Snam SpA sold at least $150 billion-equivalent of bonds this week in dollars, euro and yen, the most ever in the first week of September.The rush is all the more striking after an especially slow August, when sales stagnated due to the U.S.-China trade war, slowing global economic outlook and turmoil in Hong Kong. Developments this week helped temper those concerns: China and the U.S. agreed to trade talks early next month, data bolstered confidence in the American economy and Hong Kong’s leader formally withdrew an extradition bill that had sparked weeks of protests.Read more about the bond bonanza in the U.S. hereFew are willing to forecast how long the binge may last, particularly given how President Donald Trump’s tweets have whipsawed financial markets in recent weeks. Protesters planned more gatherings in Hong Kong, and Fitch Ratings downgraded the city as an issuer of long-term, foreign currency debt for the first time since 1995, citing the political turmoil.But for now borrowers around the world are loading up on cheap money while they can.“The global primary pipeline has surged back to life, with investment-grade issuers looking to take advantage of low Treasury yields and tight spreads,” said Mark Reade, head of fixed-income research at Mizuho Securities Asia in Hong Kong. “Asian issuers are no exception, with regional sentiment having received an additional boost from confirmation of further U.S.-China trade talks in early October.”Here are some highlights around the world:In AsiaJapan had one of the busiest days ever for pricing of yen company bonds on Friday, with about 1.7 trillion yen ($16 billion) of domestic and global yen notes sold, after borrowing costs there dropped near a three-year low.Warren Buffett’s conglomerate Berkshire Hathaway Inc. priced a 430 billion yen six-part offering, the biggest yen bond sale by a non-Japanese borrower.In Hong Kong, after the city’s leader Carrie Lam formally withdrew the bill allowing extraditions to China earlier this week, local firms Wharf Real Estate Investment Co. and Far East Consortium International Ltd. rushed to sell debt.Average yields on investment-grade dollar bonds from Asia rose Thursday but remain close to their lowest in three years.Sales are rebounding after orders for Asia dollar bonds slumped to the lowest in 11 months in August.In the U.S.In the U.S., firms are borrowing $74 billion in the investment-grade bond market this week, the most for any comparable period since records began in 1972. Sales over three days this week nearly exceeded issuance in all of August.The frenzy included Walt Disney Co. and Coca-Cola Co.Investment-grade issuance is now down just about 2% from the same point last year. In June, the gap was closer to 13%.Companies now are by and large refinancing maturing debt, instead of funding big new capital projects.In EuropeNon-financial companies are on track to sell more than 20 billion euros of notes in Europe this week for the first time since March 2018.Oil-services giant Schlumberger Ltd. joined the rush on Friday with a three-part 1.5 billion-euro deal.Danaher Corp. sold the region’s second-biggest corporate deal this year on Tuesday, with a 6.25 billion-euro five-part sale to help fund the purchase of General Electric Co.’s bio-pharma business.Investment-grade borrowers, which had lagged their high-yield peers earlier this year, are now taking advantage of low Treasury yields to sell bonds, according to Anne Zhang, head of fixed income for Asia at JPMorgan Private Bank.(Adds August U.S. sales total in sixth bullet.)\--With assistance from Finbarr Flynn, Adrian Yim, Ayai Tomisawa, Neil Denslow, Molly Smith and Caleb Mutua.To contact the reporters on this story: Denise Wee in Hong Kong at firstname.lastname@example.org;Kyungji Cho in Seoul at email@example.com;Rebecca Choong Wilkins in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Andrew Monahan at email@example.com, ;Neha D'silva at firstname.lastname@example.org, Michael PattersonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- After August’s historic drop, it was starting to seem like Treasury yields could only fall. And then came Thursday, when an enormous surge reminded even well-entrenched bulls that the world’s biggest bond market isn’t a one-way street.Yields on two-year notes jumped as much as 14 basis points, which would be the largest full-day increase in a decade, before pulling back to 11 points. A popular iShares ETF tracking long bonds sank as much as 2.4%, the biggest intraday rout since the day after the 2016 U.S. presidential election. The sell-off was global, with German 30-year rates briefly turning positive after a month under zero, and yields in Australia and New Zealand climbing early in Asia on Friday.Optimism about the U.S.-China trade war -- spurred by the two nations agreeing to hold face-to-face talks next month -- are what initially got markets moving. But other catalysts were at play, too.Treasury yields hit their highs of the day after growth at U.S. service businesses beat estimates. A deluge of investment-grade corporate bonds sold by the likes of Apple Inc. and Walt Disney Co. flooded the market with supply, which tends to drive up yields. And a trio of central banks just refrained from sounding dovish, putting some investors on alert for policy surprises.“Treasuries are not a one-way trade, even as the trend is for lower yields,” said Scott Buchta, head of fixed income strategy at Brean Capital. “It’s a risk-on related move today given trade-talks are back on. But the backdrop of the high level of corporate issuance is also adding some volatility and putting upside pressure on Treasury yields.”Thursday’s moves contrast sharply with recent trends. Treasuries enjoyed a huge, yield-suppressing rally in August. U.S. debt returned 3.4%, the biggest monthly return since the depths of the 2008 financial crisis, according to a Bloomberg Barclays index. The iShares long-bond ETF, often called TLT, surged 11% for the biggest monthly gain since September 2011. The rate on 30-year Treasuries sank to a record low of 1.90% on Aug. 28.With a rally in Treasuries pushing the average investment-grade bond yield below 3%, companies are getting in while the getting is good. U.S. investment-grade sales through Wednesday amounted to $54 billion. In Europe, BT Group Plc, Continental AG and Snam SpA joined the barrage of new offering on Thursday, fanning what may be the busiest week for corporate issuance since March 2018.While most expect the European Central Bank and Federal Reserve to add more accommodation this month, investors were disappointed by the less-than-dovish messages just sent by central banks in Sweden, Canada and Australia. And resistance is growing among European policy makers to ECB President Mario Draghi’s bid to reactivate bond purchases.German 30-year bund yields rose 14 basis points, ending the day at minus 0.08%. That rout “is a message to the ECB countries who do not want to do quantitative easing,” said Andrew Brenner, head of international fixed income at NatAlliance Securities in New York. If they don’t do QE, “it’s going to get ugly.”Australia’s 10-year yield jumped as much as 10 basis points to 1.071% on Friday, which would be the steepest intraday advance since July 12. Yield on similar-maturity New Zealand debt rose six basis points to 1.122%.Still, investors might want to be skeptical that yield increases will continue. There’s a double whammy of news Friday: the monthly U.S. jobs report comes out and Fed Chairman Jerome Powell speaks about monetary policy, his last comments before the quiet period leading up to policy makers’ Sept. 18 decision.Rates futures traders are pricing in another quarter-point reduction at that meeting, and a total of about 60 basis points of easing by year-end.“I don’t see much risk of Treasury yields rising substantially from here,” said Thomas Urano, portfolio manager at Sage Advisory Services. “The reality is the major central banks are making capital readily available around the globe. The trade war is also undeniably causing a significant global slowdown, so yields will remain biased downward.”(Adds mention of Australia, N.Z. bonds in the second and 10th paragraphs.)\--With assistance from Dan Wilchins, Brian Smith, James Crombie, Hannah Benjamin and Elizabeth Stanton.To contact the reporter on this story: Liz Capo McCormick in New York at email@example.comTo contact the editors responsible for this story: Benjamin Purvis at firstname.lastname@example.org, Nick Baker, Mark TannenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of CDP RETI S.p.A. Paris, April 04, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of CDP RETI S.p.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Italy and China want to revive the spirit of the ancient Silk Road by deepening their trade and investment ties, Chinese President Xi Jinping said on Friday during a trip to Rome that has raised eyebrows in Washington. Xi is set to sign a deal on Saturday that will see Italy become the first member of the Group of Seven industrialised nations to join China's "Belt and Road" infrastructure project (BRI), which is inspired by the historic trade routes.
The ancient Silk Road was a network of trading routes that stretched from China to Italy, transporting goods, skills and ideas half way around the world. Jump forward two millennia and Italy now wants to play a pivotal role in the new Silk Road being created by Chinese President Xi Jinping. Prime Minister Giuseppe Conte plans to sign a preliminary accord when Xi visits Rome next week, hooking Italy up to the Belt and Road Initiative (BRI) - a colossal, multi-billion-dollar project designed to improve Beijing's trade reach.
Italy's ruling coalition parties have agreed that the CEOs of gas operators Snam and Italgas should stay in their roles, a government source said on Sunday, confirming newspaper reports. Italy has an elaborate spoils system, which gives ruling parties enormous powers to put their candidates in top positions in an array of companies, from state broadcaster Rai to some of the nation's leading enterprises. The government source said Snam CEO Marco Alvera and Italgas CEO Paolo Gallo looked set to remain in their posts.
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