Hints and tips:
...Frankfurt-based asset manager Deka, which is a top 10 shareholder in Munich Re and a top 20 shareholder in BASF according to data from S&P Global, last year adopted a similar voting policy to ISS....
...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....
...A discount on the bonds lifted the yield on the single-B rated notes to 11 per cent, according to people briefed on the matter....
...Iceland plans to put the new funding towards decarbonising sectors of its economy which still rely on fossil fuels, including transportation and the chemicals sector....
...Walt Hart, a lead chemicals researcher at S&P, said ethylene use rates, the amount converted to new materials such as plastic, had fallen to their lowest level in four decades because of “a gross overbuild...
...His Berkshire Hathaway B class shares, at $420, offer a relatively cheaper entry....
...We’ve divided the issuers up by their primary exchange and overlaid short-interest data from S&P Global, accurate to February 23....
...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....
...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....
...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....
...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....
...(b) Returns implied by the stock market equal only est. half of Citi’s target. For those looking for a “margin of safety” for an investment—we believe Citi looks like a stock to own....
...Hovenkamp: Chemicals in the mid-century. Even still today, things like high-fructose corn syrup. Heavy industry, early in the 20th century....
...“They’ve been burning cash throughout the last year or so,” said Oliver Vande Stouwe, an analyst at S&P....
...As the TSE’s chief executive, Hiromi Yamaji, told Nikkei Asia earlier this year: “Instead of taking the rigid approach of saying those with P/B ratios below 1 have failed, it makes more sense to urge every...
...The downgrade from double B plus, S&P’s highest non-investment grade, to double B came after SoftBank’s tech-heavy Vision Funds this month posted record annual investment losses of $39bn....
...Those that have complied tend to be the weakest companies, with p/b ratios below 0.5; many stronger companies apparently feel like they can get away with it....
...The perimeter of the financial junkyard is defined by a rating of BB+ from Fitch and S&P, and Ba1 from Moody’s....
...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....
...And we should mention that Nikkei Inc, which calculates and publishes the index, owns the Financial Times. Japan’s market bubble burst in the 1980s and has had a slow time recovering....
...Grabinski calculates that on a trailing 12-month basis, S&P cost growth has outstripped revenue growth for the fourth month in a row....
...There’s a lot of companies in the double-B category that were downgrades from triple-B. They’re better companies. It’s a different high-yield than, say, 10 years ago ....
...S&P downgraded its rating based on the increased debt size after the deal. It described the deal as “notable” for Nasdaq, although “not transformational”....
...S&P has rated the bonds single-B minus, among the riskiest ratings it assigns....
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