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...That triggered the holding company’s default. The more than £16bn worth of Thames Water bonds sitting below the holding company are part of a so-called whole business securitisation....
...This summer, L’Oréal’s venture capital arm Bold invested in the start-up Debut, which specialises in “cell-free” ingredient manufacturing, leading a $34mn series-B round of funding....
...Anyway, back to the S&P report. They reckon that debt maturities of firms rated single-B or lower will be around $310bn in 2025, rising to $400bn in 2026....
...Three Nasdaq-listed companies, Nano Dimension, Ehang Holdings and Canaan, appear in the S&P data as having short interest that’s a multiple of the shares outstanding. This is hypothetically possible....
...His Berkshire Hathaway B class shares, at $420, offer a relatively cheaper entry....
...) big enough to make a meaningful impact on Berkshire’s earnings, (b) possible to reliably value, (c) have trustworthy and competent management, and (d) are available at a reasonable price....
...The S&P 500 closed at an all-time high on Friday after a blistering rally in tech stocks....
...State Street Global Advisors’ SPDR S&P 500 Ucits ETF has attracted €2.7bn in net inflows over the three months since its fee was cut to 0.03 per cent in November last year....
...Below is the trailing P/E ratio on the S&P 500: There are other signs of dizziness out there. Some individual stocks have gone bananas....
...Likewise, S&P Global Mobility surveys suggest stable EV loyalty, measured as the share of EV owners whose next car was an EV, especially for Teslas....
...The P/B ratio measures the market value relative to its book value....
...By this measure, model portfolio assets rose 48 per cent from $286bn to $424bn in the two years to June 2023, a period during which the S&P 500 was broadly flat....
...The rating agency in May cut SoftBank’s long-term credit rating from double B plus, its highest non-investment grade, to double B following record investment losses....
...Bluebell does not publicly disclose its holdings, but co-founder Giuseppe Bivona said BlackRock is one of the largest of its 10 to 15 concentrated positions....
...Experience-based spending — particularly travel — is holding up....
...“Shale has redrawn the map of world oil in a way most people don’t seem to understand,” said Daniel Yergin, vice-chair of S&P Global and a Pulitzer Prize-winning energy historian....
...S&P Global considers CVR an important part of its calculation of the conglomerate’s indebtedness....
...EchoStar subsequently proposed a series of “distressed exchanges” — a transaction that typically involves investors being asked to swap out some of their debt holdings for assets of lower value....
...The IEA forecasts crude consumption to increase by 1.3mn barrels per day this year while Opec this week maintained its growth estimates of 2.25mn b/d for 2024....
...The biggest holding in FTX’s brokerage accounts is the Grayscale Bitcoin Trust, which has more than doubled this year thanks to its narrower discount to NAV and Bitcoin’s rebound....
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
...The S&P 500 has hit multiple record highs over the past month, while the tech-dominated Nasdaq Composite was within touching distance of its own record this week....
...“They’ve been burning cash throughout the last year or so,” said Oliver Vande Stouwe, an analyst at S&P....
...According to S&P Global, in the first nine months of 2023 global private equity investments had an aggregate value of $365.3bn, a decline of 44 per cent year over year....
...You can get a deal done for a double-B senior loan at a 300-350bp spread all day long. That market’s wide open....
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