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☆ Adani Transmission to announce debt refinancing plans in a few weeks - source
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Feb 21 (Reuters) - Adani Transmission (ADAI.NS) will announce debt refinancing plans in a few weeks, executives said on Tuesday in an investor call, according to a source with direct knowledge of the matter. The company, a unit of embattled Indian conglomerate Adani Group (ADEL.NS), has no plans to raise additional debt for capital expenditure, which it plans to cover with operating cash inflows, the executives said, according to the source. Seven listed companies of Adani have together lost some $125 billion in market value since then. Dollar bonds that Adani firms issued have dropped sharply in value over the past few weeks, although they have pared back some losses in recent days. Adani Transmission dollar bonds due in 2026 hit a record low of about 75 cents on the dollar earlier this month.

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

One U.S. holder of Adani bonds looked to buy more this week but said his trade orders were not being executed because of lack of available paper. Another U.S. based emerging markets focused money manager who held Adani bonds said he was sitting tight on his position. Indian companies have not been prolific issuers of U.S. dollar bonds and Adani's bonds with secured assets were seen as providing direct, quality exposure to the fast-growing economy. Another source, a U.S. based hedge fund manager, said he was looking to short Adani's dollar bonds after the Hindenburg report but was finding it difficult to borrow bonds to sell. Bid-offer spreads, a measure of liquidity, widened significantly after the Hindenburg report, Tradeweb data showed.

☆ Italian prosecutors drop Congo case against Eni CEO
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

MILAN, Feb 8 (Reuters) - Milan prosecutors do not plan to pursue a case against the head of Italian energy group Eni (ENI.MI) over oil permits granted in Congo Republic, they said on Wednesday. The magistrates formally requested the dismissal of a charge against Eni CEO Claudio Descalzi for alleged failure to declare a conflict of interest. They also asked that charges of alleged undue inducement be dropped against Descalzi's wife, Marie Madeleine Ingoba, and six other people including former Eni executives. "Eni CEO's non-involvement in the allegations made long ago by the public prosecutor is now confirmed," the company added. Eni has said it had no role in the allocation of licences or in the Congo Republic government's choice of local partner.

☆ U.S. recession still likely despite resilient economic data - PIMCO
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Feb 8 (Reuters) - U.S. bond manager Pacific Investment Management Company (PIMCO) is sticking to its previous forecast that the U.S. economy is headed toward a recession, despite recent data indicating economic resilience. Tiffany Wilding, PIMCO North American economist, said the strong economic data suggests a recession may come later than previously expected, but remains likely. PIMCO, which manages $1.7 trillion in assets, said last month it would focus on high-quality bonds this year due to their higher returns and the protection they offer should the global economy economic downturn be deeper than anticipated. That rally, however, stumbled last week as the jobs data raised the prospect of more interest rate hikes by the Fed. "Although market-based measures of financial conditions have eased somewhat recently, financial conditions are still tight by historical standards," Wilding said.

☆ Jobs report jolts Wall Street bulls as inflation fears return
▼ + stars: | 2023-02-03 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

The S&P 500 (.SPX) index was down about 1% on Friday though still up 8% on the year. The Labor Department's nonfarm payrolls report on Friday showed a gain of 517,000 jobs in January, almost three times what was expected. The Fed's policy rate is currently in the 4.50%-4.75% range. Those betting that the Fed might cut rates later this year also lost some conviction, with fed funds futures traders now expecting the policy rate to go down to 4.7% in December. Reporting by Davide Barbuscia; Editing by Ira Iosebashvili and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. The source with knowledge of the firm's strategy said Adani Transmission also processed bond payments on Thursday. Adani Group plans to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, the same source said. Brokerage CLSA estimated in a Jan, 26 report that consolidated debt of the top five Adani Group companies -- Adani Enterprises, Adani Ports, Adani Power, Adani Green and Adani Transmission, with some element of double counting – stood at 2.1 trillion Indian rupees ($25.60 billion). The U.S. dollar-denominated bonds of Adani Ports and Special Economic Zone (APSE.NS), Adani Transmission (ADAI.NS) and Adani Electricity Mumbai were also trading lower.

Many on Wall Street remain convinced that a widely expected recession is likely to roil markets once again sometime this year. Also encouraging for investors was Powell's repeated references to disinflation - a falling rate of inflation. "I think they do see a path where you can get that soft landing, that Goldilocks-type scenario play out," he said. Banks and asset managers that have reiterated recession calls in recent weeks include BlackRock, Wells Fargo and Neuberger Berman. "Do people think (rate cuts) will be in response to inflation that has been coming down or something more dramatic, in terms of economic slowdown?

The port-to-property group, led by Gautam Adani, one of the world's richest people, has denied the allegations and called them baseless, adding it has always made the necessary regulatory disclosures. "But from an offshore investor's perspective the allegations (made by Hindenburg) ... do not seem to be clearly addressed," he said. The U.S. short-seller has said Adani's "response largely confirmed our findings and ignored our key questions." Australia's corporate regulator said on Wednesday it would review the Hindenburg report as concerns raised also relate to Adani's Australian operations. Adani Enterprises lost nearly 6% on Wednesday to bring its losses since the Hindenburg report to more than $8 billion.

☆ An Asteroid Whizzed Past Earth Thursday
▼ + stars: | 2023-01-27 | by ( Suryatapa Bhattacharya | ) www.wsj.com time to read: 1 min

An asteroid the size of a big truck raced over Earth Thursday, just 2,200 miles above the planet’s surface, according to a NASA tracker, in what scientists had said would be one of the closest approaches ever recorded. Davide Farnocchia, a navigation engineer at the National Aeronautics and Space Administration’s Jet Propulsion Laboratory, had predicted the asteroid, named 2023 BU, would travel over the Pacific Ocean west of southern Chile, Thursday afternoon Pacific time.

☆ Asteroid coming exceedingly close to Earth, but will miss
▼ + stars: | 2023-01-26 | by ( Associated Press | ) www.nbcnews.com time to read: 1 min

APE CANAVERAL, Fla. — An asteroid the size of a delivery truck will whip past Earth on Thursday night, one of the closest such encounters ever recorded. NASA insists it will be a near miss with no chance of the asteroid hitting Earth. NASA said Wednesday that this newly discovered asteroid will zoom 2,200 miles (3,600 kilometers) above the southern tip of South America. That’s 10 times closer than the bevy of communication satellites circling overhead. NASA’s impact hazard assessment system, called Scout, quickly ruled out a strike, said its developer, Davide Farnocchia, an engineer at the agency’s Jet Propulsion Laboratory in Pasadena, California.

☆ Asteroid 2023 BU to Whiz Past Earth in One of the Closest Ever Approaches
▼ + stars: | 2023-01-26 | by ( Suryatapa Bhattacharya | ) www.wsj.com time to read: 1 min

An orbital diagram from the Center for Near Earth Object Studies’ close-approach viewer showing the asteroid 2023 BU’s trajectory in red. The orbit of geosynchronous satellites is shown in green. An asteroid the size of a big truck will fly by Earth on Thursday just 2,200 miles above the planet’s surface in one of the closest approaches ever recorded, scientists said. The asteroid, named 2023 BU, will travel over the Pacific Ocean west of southern Chile, Thursday afternoon Pacific time, according to Davide Farnocchia, a navigation engineer at the National Aeronautics and Space Administration’s Jet Propulsion Laboratory.

"Credit spreads have rallied across the board since the beginning of the year despite heavy (new bond) issuance and are at multi-month tights. This puts the credit market at odds with economic forecasts and the rates market," Barclays strategists said in a recent note. They said U.S. investment grade bonds rated BBB implied a 30% chance of recession, and CCC rated bonds implied a 35% chance. In the most bullish scenario, investment-grade bond spreads could tighten another 20 to 30 basis points, but they could widen much more if the economic downturn is deeper than anticipated, he added. Reporting by Davide Barbuscia and Matt Tracy; Editing by Shankar Ramakrishnan and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

☆ The best beard trimmers, according to experts
▼ + stars: | 2023-01-19 | by ( Harry Rabinowitz | Harry Rabinowitz Is A Reporter For Select On Nbc News. | ) www.nbcnews.com time to read: +9 min

Short or long, they can enhance your look quickly!”SKIP AHEAD The best beard trimmers | Professional beard care tipsWe spoke with hair care professionals who shared with us their top beard trimmers as well as tips on keeping a beard healthy and tidy. How to shop for a beard trimmerLike most personal care products, there are an overwhelming amount of beard trimmers on the market. PowerOur experts recommend beard trimmers that are cordless with rechargeable internal Lithium-ion batteries rather than traditional corded trimmers. WaterproofingMost beard trimmers aren’t waterproof, and trimming your beard while wet can lead to some uneven results (take it from me). The best beard trimmersWe spoke with experts about their favorite beard trimmers and other beard-care essentials.

☆ Explainer: A looming U.S. debt ceiling fight is starting to worry investors
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +5 min

Here is a Q&A about the implications for markets:WHAT IS THE DEBT CEILING? The debt ceiling is the maximum amount the U.S. government can borrow to meet its financial obligations. Outstanding government debt, nominal gross domestic product and federal limit to borrowWHEN WILL THE UNITED STATES HIT THE DEBT CEILING? Goldman Sachs estimated the debt ceiling would be reached between August and October. Declining as debt ceiling loomsDO BOND PRICES REFLECT U.S.

☆ Analysis: Bond traders get their swagger back in rate-obsessed markets
▼ + stars: | 2023-01-17 | by ( Lananh Nguyen | ) www.reuters.com time to read: +5 min

REUTERS/Andrew KellyNEW YORK, Jan 17 (Reuters) - Bond traders are stars again on Wall Street. Fixed income, currencies and commodities (FICC) traders bolstered bank profits last year despite dreary deal markets. Bond specialists in the $22 trillion Treasuries market are in high demand as the Federal Reserve and other central banks have aggressively raised interest rates over the past two years. After the financial crisis, central bankers in the United States and advanced economies steadied markets by holding interest rates near zero. On Tradeweb Markets Inc's (TW.O) electronic bond trading platforms, average daily volumes rose almost 10% in 2022.

☆ BlackRock quarterly profit slips on lower fee income
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - BlackRock Inc (BLK.N) reported an 18% drop in fourth-quarter profit on Friday, hit by a global market rout that squeezed fee income. Analysts on average had expected a profit of $8.11 per share, according to IBES data from Refinitiv. Full-year revenue declined by 8% last year, "primarily driven by the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees", a BlackRock statement said. For the whole of 2022 BlackRock inflows reached more than $300 billion. Reporting by Mehnaz Yasmin in Bengaluru and Davide Barbuscia in New York Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: China's rapid reopening brings joy and woe for world markets
▼ + stars: | 2023-01-13 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

The impact of the reopening of the world's second largest economy on financial markets, hit by double-digit losses last year as inflation and interest rates jumped, is critical. Being touted among the top buying bets on recovery hopes are emerging markets, commodity currencies, oil, travel and European luxury companies. The boost to world growth from China's reopening was expected to hurt the safe-haven dollar but benefit the euro. INFLATION CAUTIONBut a boost from China's reopening raises some concerns about inflation. China is the world's leading importer of oil and many other commodities -- oil prices have risen 10% since mid-December to almost $84 .

Spreads indicate the premium investors demand to hold corporate bonds rather than safer government debt. However, some investors expect credit spreads may widen again to reflect a recession potentially ahead. Hedge funds and some asset managers short credit, meaning they are betting on a fall in a bond's price, by buying products like credit default swaps (CDS), which rise in value if the risk of a credit default event increases. Primary markets indicate there is no lack of demand for corporate bonds. They expect credit spreads to widen in the first half of this year.

They projected their key policy rate would top out at between 5.00% and 5.25% this year, up from a current 4.25%-4.50% rate. Market pricing indicates investors remain wedded to a more dovish view, with the policy rate peaking below 5% around mid-June before falling in the second half of the year. Rieder believes policymakers will raise rates by 25 basis points at the next two meetings, with further 25 basis point increases possible, depending on data. Investors in short-term options had priced in a much sharper move of about 2% going into Thursday's CPI print, according to data from market maker Optiver. Tiffany Wilding, PIMCO's North American economist, believes the Fed is likely to raise rates just two more times this year before pausing.

"I think that this is going to be the most contentious debt ceiling debate in memory," Winograd said. "It would suggest that there's some type of premium being allocated to bills in that space where the risk of the debt ceiling starts to grow," Norris said. Some investors also believe lawmakers will be able to reach a deal on raising the debt ceiling without severely unsettling markets. Edward Al Hussainy, senior interest rate and currency analyst at Columbia Threadneedle, thinks any debt ceiling tensions would eventually be resolved, calling the issue "a well rehearsed storyline." However, the heightened concerns about the debt ceiling are "an extra little justification on top" for the firm's positioning, Pride said.

☆ BlackRock's iShares flows top Vanguard's ETFs, fixed income on the up
▼ + stars: | 2023-01-11 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 11 (Reuters) - BlackRock's iShares exchange traded funds (ETFs) gained more net flows than Vanguard's ETFs last year, according to estimates from industry tracker Morningstar, putting the world's biggest asset manager in the lead for the first time since 2019. Despite the yearly declines, net flows into ETFs, both globally and in the United States, were the second-highest ever last year, with BlackRock's iShares regaining the top position. Estimated net flows into BlackRock's global iShares ETFs amounted to about $220 billion last year against nearly $214 billion in estimated net flows into Vanguard's ETFs, according to Morningstar data. Net flows into Vanguard's ETFs had been higher in the prior two years. "For many investors, ETFs remained the vehicle of choice for low-cost, broadly diversified exposure to the stock and bond markets."

☆ Wall St Week Ahead Stumbling Treasury rally clouds bond market outlook for 2023
▼ + stars: | 2022-12-30 | by ( Davide Barbuscia | ) www.reuters.com time to read: +5 min

[1/2] A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. December’s BofA Global Research survey showed fund managers were the most overweight bonds versus stocks in nearly 14 years. Benchmark 10-year Treasury yields have climbed over 40 basis points since mid-December to nearly 3.9%, the highest in over a month. At the moment, the Treasury market “is more focused on inflation still than … recession," said Matthew Miskin, co-chief investment strategist at John Hancock Investment Management. Matthew Nest, head of active global fixed income at State Street Global Advisors, believes yields will likely fall in 2023.

Dec 22 (Reuters) - Scott Minerd, global chief investment officer at investment and advisory firm Guggenheim Partners and a prominent Wall Street bond investor, has died, his firm said on Thursday. During his 25-year stint with Guggenheim, Minerd became a prolific commentator on financial markets and was often quoted by the media. He will be greatly missed by all," Mark Walter, chief executive and a founder of Guggenheim Partners, said in the firm's statement. Guggenheim said it had implemented a succession plan, with Anne Walsh, managing partner and CIO of Guggenheim Partners Investment Management, assuming many of Minerd's responsibilities on an interim basis. Minerd was regarded in the past few years as one of the U.S. "bond kings," along with Jeffrey Gundlach, chief executive of DoubleLine, and Dan Ivascyn, chief investment officer of bond giant PIMCO.

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