Hints and tips:
...“CVR Energy is a cash cow,” said Nick Moglia, a credit analyst with CreditSights....
...“CVR is the key thread holding what’s left of his empire together,” Nathan Anderson, who leads Hindenburg, told the FT earlier this year....
...But now Russia lacks key imports, not the means to pay. In sum, as reserve managers ponder how to defend their reserves from sanctions, they could seek to avoid US country risk more than the dollar....
...Let us know what you think at imani.moise@ft.com and sid.v@ft.com. A programming note: FintechFT will take a one-week break in observance of the Easter holiday. The next issue will be April 25....
...One is some lousy credit growth....
...Packaged with the watch is the Ledger Nano X, a limited-edition crypto key that will only be available with the watch....
...One key piece of context is the calm that has prevailed in fixed income markets even as fear took hold of equities....
...Players of Fortnite, developed by Epic, were able to purchase an in-game currency known as “V-bucks” online, but these credits would not show up when playing on the iPhone....
...The bank has struggled to meet key profitability targets since the financial crisis....
...It has had to raise more than $1bn from its existing investors and tap credit lines from banks to shore up its financial position....
...While the scientists were only able to count all antibodies, not the gold standard neutralising antibodies, she said the correlation was strong enough to bolster the theory....
...The country, which once struggled with Marcos-era debt repayments, has bagged investment-grade ratings from credit watchers....
...After such strong reads from the first two releases (three if we count Russia’s Sputnik V), the disappointing AZN figures were perhaps bound to prompt downward pressure on the company’s shares....
...In its filing with securities regulators, Tesla said its board had authorised purchases of gold and other digital assets....
...A key aspect of the coming recovery is whether the bounce in the next few months is sustained and soaks up enough unemployed workers....
...Scenario analysis suggests credit concerns are overdone....
...But the turmoil inflicted by Covid-19 has unsettled even the gold standard of quant funds....
...With gold prices +17% YTD at near seven-year highs, investors may imagine that gold stocks have rallied hard. And yet the GDX global gold miner index is up just +21%....
...And now a fifth expect a “V-shaped” economic recovery, up from a 10th in the previous month....
...Key takeaways from the conference call: COVID-19 impacted demand temporarily in March, but has now recovered back to normal levels in key markets....
...The Fed’s purchase of investment grade credit will allow investors to move towards selected corporate credit with confidence....
...Key price target and rating changes. We downgrade British Land, Landsec and Merlin to Equal-weight, and also resume coverage of Covivio at Equal-weight....
...Oil fell another 6% while HY credit spreads jumped 65bps to 740 and our credit basket (.UBSMSPRD) fell 3% and is down 13% since 19-Feb....
...2020 is likely to be a year of change — from holders of key posts at major central banks to the EU leadership and the US presidency....
...Idexx said in October that the animal health market had experienced a “V-shaped recovery”....
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