Credit investors go ‘all in’ rather than fight central banks
The investment bank, which surveyed 51 fund managers across the UK and continental Europe, found that record-low interest rates and vast asset-buying programmes put in place to limit the economic damage from the Covid-19 pandemic have encouraged many to load up on corporate bonds.
https://www.ft.com/content/419525e8-7d3 ... d121a8ae61
Aug. 31, 2020
U.S. corporate debt soars to record $10.5 trillion
To be sure, the outlook for corporate debt has brightened since March, when the Federal Reserve’s raft of emergency funding programs was unleashed to keep credit flowing during the pandemic, including the central bank’s historic leap into buying corporate debt for the first time ever.
https://www.marketwatch.com/story/u-s-c ... 1598921886
SEPTEMBER 2 2020
US corporate bond issuance hits $1.919tn in 2020, beating full-year record
The wave of debt has been greeted by investment bankers, who saw their fees reach new records for the first half of the year, boosted by bumper bond deals for the likes of AT&T, Walt Disney and Ford.
Bankers remain hopeful for more to come, with an uptick in issuance expected in coming weeks as companies look to do deals before the US presidential election in November, which could cause greater volatility in the market.
https://www.ft.com/content/a59c2a9d-5e0 ... 38de76a776
29 juli 2020
Fugro verwacht de komende drie tot zes maanden meer duidelijkheid over de herfinanciering.
Fugro moet voor november (Amerikaanse verkiezing) de herfinanciering afgerond hebben.
Gepubliceerd op 7 september 2020 18:23
AMSTERDAM (AFN) - Telecomconcern KPN heeft 600 miljoen euro opgehaald met de uitgifte van euro-obligaties. De leningen werden geplaatst bij een brede groep institutionele beleggers.
De looptijd is tot 14 december 2032, met een coupon van 0,875 procent. De opbrengst wordt aangewend voor algemene bedrijfsdoeleinden en voor het herfinancieren van bestaande schuld. ABN AMRO, Deutsche Bank, JPMorgan, Rabobank en UniCredit Bank hebben de uitgifte begeleid.
https://www.iex.nl/Nieuws/ANP-070920-24 ... aties.aspx
Waarom duurt de herfinanciering van Fugro zo lang?
Zijn ze bezig met iets anders ...
08 Sep 2020
The enhanced LADS HD+ technology was developed in Fugro’s laser laboratory in Adelaide, Australia, and is a sophisticated hydrographic mapping system that accurately measures water depth over both the marine and coastal zone environments.
The new advances to the system have doubled the laser speed and the swath width and improved the object detection of the system, greatly increasing data collection efficiency for nautical charting. The system builds upon the proven Australian-developed LADS technology and has been designed for safe, high-speed and cost-effective surveys of clean, shallow coastal areas in depths up to 80 m. ALB can be integrated with traditional hydrographic survey methods using acoustics, such as multibeam echosounders (MBES), to support nautical charting and coastal zone management. This development will also complement Fugro’s lightweight Rapid Airborne Multibeam Mapping System (RAMMS), which can be operated from small aircraft or from an uncrewed aerial vehicle (UAV).
Mark Sinclair, Fugro’s Director of Hydrography in Asia-Pacific, said: “This innovation will deliver enhanced survey coverage and object detection to improve our nautical charts, which are critical to our maritime trade. These data collection enhancements are also supported by more efficient data processing with Fugro’s Australian-developed Pyxis cloud-based processing, which combines artificial intelligence and machine-learning.”
The Fugro LADS HD+ system will now be deployed to Papua New Guinea for nautical charting projects, continuing Fugro’s work in Pacific Small Island Developing States supporting safety of navigation and climate change adaption.
https://www.fugro.com/media-centre/news ... fic-region
Analysts at Citigroup said last week that the US Federal Reserve (Fed) might ramp up its purchases of corporate bonds if stocks and corporate debt markets witness heightened volatility.
Investors will be watching the Fed’s response to Thursday’s sharp sell-off in risk assets; the Fed could decide to marginally ramp up purchases in the days ahead to reassure the market.
Renewed deterioration in market conditions could prompt the central bank to increase corporate debt purchases, as it did in June when stocks dropped 7% from June 8 to June 11 and investment-grade credit spreads widened 17 basis points to 161 basis points.
The Dow Jones Industrial Average fell 800 points on Thursday, as big tech shares such as Apple and amazon retreated sharply from dizzying heights. Stocks regained some poise on Friday after better-than-expected jobs data and were closed on Monday on account of Labor Day holiday.
https://www.fxstreet.com/news/fed-could ... 2009080312
Hoop dat Mark Heine dit keer wel op tijd is met herfinanciering.
September 10, 2020
British multinational oil and gas company BP is moving into offshore wind for the first time with a new strategic partnership with Equinor.
BP has entered into an agreement with Equinor to buy 50 per cent non-operated interests in the Empire Wind and Beacon Wind assets on the US east coast for a total consideration before adjustments of USD 1.1 billion.
Through this transaction, the two companies are also establishing a strategic partnership for further growth within offshore wind in the US, Equinor said.
Currently, Equinor holds a 100 per cent interest in both the Empire Wind lease, located off the coast of New York State, and the Beacon Wind lease, located off the Massachusetts coast.
Equinor will remain the operator of the projects in these leases through the development, construction, and operations phases. It is anticipated that the wind farms will be equally staffed after a period of time.
“We look forward to working with BP who share our strong ambition to grow in renewable energy. Our partnership underlines both companies’ strong commitment to accelerate the energy transition and combining our strengths will enable us to grow a profitable offshore wind business together in the US,” said Equinor’s chief executive officer Eldar Sætre.
Through this partnership, Equinor and BP will consider future joint opportunities in the US for both bottom-fixed and floating offshore wind and will leverage relevant expertise to jointly grow scale.
BP’s acquisition of the interests in Empire Wind and Beacon Wind is expected to close in early 2021, subject to customary conditions including purchase price adjustments and authority approval.
The agreement comes a month after BP announced a new strategy, which includes the aim to increase annual low carbon investment ten-fold to around USD 5 billion a year by 2030. BP also aims to grow developed renewable generating capacity from 2.5 GW in 2019 to around 50 GW by 2030.
“Offshore wind is growing at around 20% a year globally and recognized as being a core part of the world’s need to limit emissions. Equinor is a recognized sector leader and this partnership builds on a long history between our two companies. It will play a vital role in allowing us to deliver our aim of rapidly scaling up our renewable energy capacity, and in doing so help deliver the energy the world wants and needs,” Bernard Looney, BP’s chief executive officer, said.
Empire Wind is located 15-30 miles southeast of Long Island and spans 80,000 acres. The lease was acquired in 2017 and is being developed in two phases with a potential total installed capacity of more than 2 GW.
Beacon Wind is located 60 miles east of Montauk Point and 20 miles south of Nantucket and covers 128,000 acres. Acquired in 2019, the lease has the potential to be developed with a total capacity of more than 2.4 GW.
https://www.offshorewind.biz/2020/09/10 ... rtnership/
Met een enorme inspanning wordt gewerkt aan Seabed 2030, een project dat als doel heeft om eindelijk eens de bodem van de oceaan in kaart te brengen. Het Nederlandse bedrijf Fugro draagt een steentje bij aan het klaren van deze monsterklus.
Dit project, dat in 2017 van start ging, heeft het nogal ambitieuze doel om voor eind 2030 de volledige zeebodem in kaart te brengen. Het initiatief wordt nog eens aangejaagd doordat de Verenigde Naties de komende tien jaar hebben uitgeroepen tot de Decade of Ocean Science for Sustainable Development 2021-2030 (‘het decennium van oceaanwetenschap en duurzame ontwikkeling’).
Who says it’s all doom and gloom in the oilfield services sector?
Sure, U.S. drilling and fracking activity remain near all-time lows, and the sector is drowning in red ink after a brutal second quarter, but as Baron Rothschild once said, “The time to buy is when there’s blood in the streets.”
That was clearly the mindset of Liberty Oilfield Services when it agreed to purchase Schlumberger’s SLB +1% North American shale fracking business on Monday. The $430 million all-stock deal will also see Schlumberger, the world’s largest oilfield services company, take a 37 percent equity stake in Liberty.
Investors loved the deal, sending shares of Liberty up 35 percent on the day, thus providing hope that smart consolidation can help lift the sector from the doldrums where it’s effectively been stuck since the 2015-2016 oil price downturn.
This week’s deal, as well as the recent tie-up of KLX and Quintana Energy Services, is a good start. It proves that there’s hope for the downtrodden sector to come out of this crisis stronger.
https://www.hellenicshippingnews.com/sc ... es-sector/
Sep 04, 2020
It’s not the $30-billion wave of consolidation that unfolded three years ago in the oilsands, but a handful of deals are breaking out in Canada’s embattled energy sector, including some unsolicited proposals.
Only a handful of mergers and acquisitions took place in the oilpatch during the first half of the year as crude prices tanked.
But several proposals have been unveiled over the past week, including a friendly deal by Whitecap Resources to buy NAL Resources, Obsidian Energy proposing a union with a reluctant Bonterra Energy, and Texas-based Wilks Brothers LLC stepping up its hostile pursuit of Calfrac Well Services.
And there’s likely more to come.
https://calgaryherald.com/opinion/colum ... n-oilpatch
UK Should Focus On Green Hydrogen Opportunity To Integrate Offshore Wind: Report
Developing green hydrogen in the next five years will be critical to growing a significant UK manufacturing and export industry, a new report said Sept. 8. UK demand for hydrogen in 2050 is predicted at between 100 TWh and 300 TWh, of comparable scale to the UK's electricity system today. "With green hydrogen becoming as cheap as blue by the 2030s much of this could be produced by offshore wind and electrolysis," the Offshore Wind Industry Council and ORE Catapult said in the report, Solving the Integration Problem. A combination of additional offshore wind deployment and electrolyzer manufacture alone could create 120,000 jobs, replacing those lost in conventional oil and gas industries.
https://www.spglobal.com/en/research-in ... er-10-2020
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