|Bid||10.14 x 0|
|Ask||10.20 x 0|
|Day's Range||9.80 - 10.44|
|52 Week Range||7.50 - 8,389.00|
|Beta (3Y Monthly)||1.17|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 17, 2018 - Aug 20, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||45.00|
(Bloomberg) -- Tweets, trade and market volatility are failing to shake the U.S. investment-grade issuance market and borrowers are teeing up for another big round of debt sales this week. In high yield the turmoil has made buyers shy away and companies have shelved their issuance plans to post Labor Day, while the loan market anticipates a low-key week for new deals as the summer slowdown approaches.While no jumbo offerings like last week’s $13 billion Occidental Petroleum Corp. bond sale are expected, dealers are projecting $30 billion to price. Investment-grade borrowers have sold about $41 billion so far this month, fueled by lower rates and a drop in new issue supply this year.“I would love a quiet week where I could actually assess where spreads are and what’s priced in. I doubt we’ll get it,” said Scott Kimball, a portfolio manager at BMO Global Asset Management. “If things are calm you are going to see a pretty heavy issuance calendar particularly in the investment grade.”Macro markets are pointed lower Monday morning as unrest in Hong Kong weighs on investor sentiment. Nevertheless, Tenet Healthcare Corp. announced a $4.2 billion high-yield bond sale, the second largest speculative grade deal this year, even as investors backpedaled from riskier debt.Flight to SafetyInvestors seeking to minimize exposure to riskier assets yanked more than $4 billion from high-yield bond funds in the week ending Aug. 7 and forced U.S. Farathane LLC and Sirius Minerals Plc to halt their bond sales.That uncertainty is likely to spill into this week with some junk-rated companies that had been prepping to refinance holding off on their plans. Though market participants are not ruling out unexpected drive-by offerings should the market turn calmer for a couple of days.Read More: Investors Flee Junk Bonds in Droves as Trade War Batters MarketsThere are about 13 leveraged loan deals for $6.5 billion due this week. Loans with commitments due include U.S. Foods Holding Corp.’s $1.5 billion incremental loan for the acquisition of five operating companies of SGA’s Food Group, and Ancestry.com’s $1.15 billion loan for a dividend recap, one of the biggest dividend deals since Staples sold just over $1 billion for a distribution in April.Buy the Dip?The global retreat in the speculative-grade market amid escalating trade tensions has created a buying opportunity, according to BlackRock Inc. The widening high-yield spreads across the U.S., Europe and Asia over the week has caused further dislocation in the junk market across regions and ratings, creating “a tactical opportunity to earn a pickup in spread,” BlackRock’s Global Co-Head of Credit James Keenan wrote in a note last week.Read more: Junk Bonds Are Getting Hammered by Trump’s Trade Wars\--With assistance from Gowri Gurumurthy, Lara Wieczezynski, Natalie Harrison and Brian Smith.To contact the reporters on this story: Caleb Mutua in New York at email@example.com;Jeannine Amodeo in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Nikolaj Gammeltoft at email@example.com, Christopher DeRezaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Anyone researching Sirius Minerals Plc (LON:SXX) might want to consider the historical volatility of the share price...
Sirius Minerals opted to press on with a more complex and expensive funding package to develop its giant potash mine in Yorkshire to avoid a longer wait for government-backed financing, a source familiar with the deal told Reuters. Sirius had planned to secure a debt financing package for the $3 billion (£2.3 billion) Woodside project - one of the largest mines to be built in Britain for years - from the government, with the rest funded by the market. The mine has been touted by British Prime Minister Theresa May as the kind of project that fits "the northern powerhouse" -- a government scheme to boost investment and jobs in the north of England.
Sirius Minerals plc shares fell almost 8 percent on Wednesday after the company announced it had raised $425 million to finance the next stage of its polyhalite mine in North Yorkshire. Sirius's share price was down 7.7 percent at 16.08 pence by 0709 GMT after the company said it will issue 1.97 million new shares at 15 pence per new ordinary share, a discount of around 32 percent to Tuesday's closing price. It also issued a total of $644.2 million (£493.9 million) of convertible bonds due between 2023 and 2027, which will carry a yearly cash coupon of 5 percent and will be redeemed at maturity with a 10 percent yield.
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Plans for a giant fertiliser mine ...
Dim outlooks from Glencore and Whitbread added to woes as the main index closed down 0.3 percent. The FTSE 100 nevertheless managed to clock in a fourth consecutive month of gains. The domestically focused FTSE 250 lost 0.4 percent on Tuesday.
Polyhalite can be used as a fertiliser and has other potential industrial applications. Sirius has already inked several deals for fertiliser supply to Europe, South America, China and Africa. The financing will consist of a revolving credit facility of up to $2.5 billion, a $400 million equity raise, a $644 million convertible bond issue and a $500 million senior secured bond issue.
The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Wework, the giant co-working company ...