Monthly Archives: April 2013

Crowds line up for a bite of Apple’s big bond

They may not be labelled iBonds, but investors have again fallen for the famed “buzz” of an Apple product launch. Like the hordes of consumers who line up for hours at Apple stores seeking a new iPhone or iPad, so US and global money managers are flocking for a slice of the company’s mammoth $17bn bond offering. The amount of…

Apple cleans up with $17bn US bond issue

©AFP Apple sold bonds worth $17bn on Tuesday, the world’s largest corporate debt sale, as the iPhone maker raised capital to finance a $100bn cash return to shareholders. People close to the blockbuster deal said demand for the bond sale reached $52bn as investors from around the world scrambled to take a slice of Apple’s first debt offering since 1996….

Surgutneftegaz treasury shares missing

Treasury shares worth $15bn that formerly belonged to Surgutneftegas have disappeared from the books of the Russian oil company, which reported annual results to International Financial Reporting Standards for the first time in 11 years on Tuesday. The company had reported the stake of 17.6bn treasury shares, equal to about 40 per cent of the company, the last time it…

ENRC faced 11th-hour hitch over listing

The controversial London flotation of Eurasian Natural Resources Corporation in 2007 faced an 11th hour hurdle after lawyers and auditors found evidence that financial records at the Kazakhstan-based miner had been falsified or destroyed, according to people familiar with the matter. At least one director of the FTSE 100 company was so concerned about the revelations that they considered whether…

Second record day for Wall Street

US stocks closed at a record level for a second consecutive day, shaking off sluggishness from early trading after the pharmaceutical company Pfizer lowered its full-year profit outlook. The S&P 500 rose 0.3 per cent to 1,597.57 in New York, as stocks on the benchmark recovered from a slow start to begin the day’s trade. “There’s still a major belief…

Price war takes toll on Centrica

The FTSE 100 yesterday completed its 11th straight monthly gain, the longest winning run on record. But it was a down day for the index and Centrica was among its biggest fallers. The British Gas owner dropped 2.3 per cent to 371p on worries that it was losing business customers. A price war led by EDF has combined with tough…

Deutsche Bank maintains its momentum

Deutsche Bank continued to rally on Tuesday as investors digested news of the German lender’s €2.8bn share issue and its first-quarter results. The country’s biggest bank by assets reported plans to place 90m shares with institutions overnight. It also gave better-than-expected first-quarter results. Nomura, RBC, JPMorgan, Credit Suisse, Natixis and S&P all raised their targets and outlooks on the shares…

Saudi output capacity to remain constant

Saudi Arabia does not plan to increase its oil production capacity in the next 30 years as new sources of supply, from US shale to resurgent Iraqi output, fill the demand gap, according to Ali Naimi, the country’s oil minister. Mr Naimi said Saudi Arabia, the world’s largest crude exporter, did not expect demand for its oil to increase significantly…

BBVA issues $1.5bn perpetual bond

BBVA has issued an innovative $1.5bn bond to boost an important measure of its financial health, promising a bumper coupon to attract yield-hungry investors to the unusual structure. The perpetual bond can be called after five years, but would convert into equity in certain stressed scenarios, and will therefore count towards BBVA’s tier one capital, a common gauge of a…

Japanese shoppers loosen purse strings

©Bloomberg Five months after Shinzo Abe, Japan’s prime minister, launched “Abenomics”, his push to boost growth is being felt in stores across the nation. Sonoko Yoshimura, a 61-year-old housewife, says she plans to spend about Y1m ($10,200) on curtains, while Hidekazu Otake, 60, a sales manager at a construction company, wants to swap his 46-inch television for a 50-inch model….