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...The move to raise $500m in art-backed securities comes at a moment of deep distrust of Drahi in the bond market, however....
...Sparta, which also wants a review to look at a sale, might fare better with bidders. But there is little reason to think a deal will be struck now, after last year’s interest faltered....
...“A frothy market, particularly on the equity side, will present an opportunity for many companies to access a free lunch,” said John McClain, a portfolio manager at Brandywine Global Investments....
...Buyers of convertible bonds are typically specialised hedge funds. They have strategies around purchasing the bonds and selling the underlying stock short in order to lock in small, risk-free returns....
...Indeed, over the last twenty years, issuing above 10% has certainly been rare with issuance of only 14 bonds by 8 distinct issuers....
...Surely in our no-landing global economic environment there’s plenty of free operating cash flow to go round, right? Gulp....
...Demand for short-term bonds issued by Egypt at double-digit interest rates has surged since last month’s financial rescue, and a large devaluation in Egypt’s pound, staved off a debt crisis that only weeks...
...This month’s bond rally will have improved things, but here is a chart from Apollo’s latest US bank outlook showing the damage....
...Last year, it launched a $50mn emissions reduction-linked bond, which funded a water purification project in Vietnam. Both bonds were issued at a discount to par to attract investors....
...“For the last six months at least, clients have been coming to us asking ‘Where do I get into the bond market? When do I get into the bond market.’...
...Yes, there’s no free lunch; I can’t guarantee you’re going to win....
...Bonds....
...Meetings with such figures in recent months have delighted Milei’s domestic base, as have fiery speeches defending free market ideals at the World Economic Forum in January and at the Conservative Political...
...last night, and said they, too, expected positive free cash flow next year (not true free cash flow, of course)....
...Treasury clearing volumes grew 31 per cent last year at FICC to an average of $7tn daily, it said on Tuesday....
...Investor who came in expecting a bump-free glide towards the global EV mass market should have sold already, while bargain hunters attracted by last year’s slump will probably have been stopped out by this...
...And while last year’s $4bn of blue bond issuance was a small fraction of the GSSS bond market, it still easily exceeded the blue bond issuance of all previous years combined....
...It will come as no surprise that Altice’s ability to transfer assets at this scale arose from its loose debt documents....
...Aspell, whose son works at an airline, can fly for free on that carrier....
...Goldman Sachs predicts the US will issue a record $1.4tn of coupon-bearing notes and bonds this year, on net. That’s up from $391bn last year. Is this reason to fret about fiscal folly?...
...(The bonds were trading at 89c on the dollar at the end of February, according to Finra data.) Whoops!...
...These companies have such strong balance sheets and have so much free cash flow that they don’t need to issue [convertible bonds]....
...Sanchez Balcazar, head of global bonds at Pictet Asset Management....
...However riskier corporate bond flows spiked to $29.1bn in the quarter....
...Register for free today to attend online or in-person at The Biltmore Mayfair, London. Five more top stories 1....
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