High yield: 4.708% WI level at the time of the auction: 4.705% Tail: 0.3 basis points vs the average of a 0.2-basis-point stop-through Bid to cover: 2.59X vs the average of 2.64X Directs: 41.32% vs the average of 30.4% Indirects: 45.68% vs the average of 58.3% Dealers: 13.0% vs the average of 11.3% Auction grade: C− The auction was a little below average. The high yield came in 0.3 basis points…
Kazakhstan had reason to cheer after receiving a commitment from the International Finance Corporation to help develop infrastructure projects worth $3 billion. But that happy foreign investment news was offset by an international arbitration court’s decision to throw out $12 billion in Kazakh claims against Western oil giants in a dispute over the development of the Kashagan oil field. The IFC,…
EQT Corp. (NYSE:EQT) will buy Range Resources (NYSE:RRC) in an all-stock deal valued at more than $50 billion, including debt. The combined company will produce more than 9 billion cubic feet equivalent a day of Appalachian gas, and the two companies call it the largest vertically integrated natural gas producer in the United States. Range shareholders will receive 0.987 EQT shares for each share…
The Seoul government is reportedly weighing another delay for a 2020 income tax policy on digital assets, citing concerns with receiving data from US officials.
Iran hosted the first four-way meeting of Iran, Pakistan, Turkey and Saudi Arabia in Tehran today, according to Fars. The group released a short statement afterwards, noting that they had agreed to continuing talks. The lack of detail is naturally frustrating but this is undoubtedly a push to provide some kind of durable peace in the region. Attendees: Saudi Defence Minister Khalid bin Salman…
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