tybs
morning..had some cert bypass shitz yesterday late morning here then some local issue and lost inet for about 3 hours
Trudope to DC from Ottawa-meeting Not AF1 Joe tomorrow...Joe is going to Detroit today
RCAF CFC01 A310 MRTT on approach for Dover AFB
Biden to Host Canada's Trudeau, López Obrador at White House
https://www.usnews.com/news/politics/articles/2021-11-10/biden-to-host-canadas-trudeau-lopez-obrador-at-white-house
Live link
https://globe.adsbexchange.com/?icao=738a44,c2b355
o7
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>>109693 Israel conducts nationwide “war games” to prepare for future post-vaccine COVID-19 outbreaks-planet-today
>>109695 2015: PSA Contains Bizarre Subliminal Message About "Martial Law"- y/t
>>109699 here comes the Poxs: Maryland resident returning from Nigeria wif..Monkeypox and FBI, CDC Investigating “Questionable Vials” Labeled Smallpox Found at Merck Lab Near Philadelphia-gatewaypundit
>>109700 53 DAYS LATER – AZ State Senator Wendy Rogers: “Why Haven’t We Heard Anything From Brnovich Yet?”-gatewaypundit
>>109706, >>109531, >>109533 pb Judge Boasberg rises from the swamp-soc.media
>>109708, >>109710, >>109714 pf report(s) Trudope to DC, SAM and BOXER activity
>>109713 Rittenhouse Trial linky-pbs
>>109715 Amazin Poll: Freedom Isn't Free - Inside the Resistance: "A handful of business owners are bravely defying the COVID measures..."-bitchute
>>109721 Full background provided by Andy Ngo of Jump Kick Man Maurice James Freeland 40 year old-soc. media/postmillennial.com
EU Gas Prices Soar On NS2 Delays, Sudden Belarus Pipeline Closure
European natural gas prices continue to soar after Nord Stream 2 pipeline delays were seen earlier this week, and now a major crude pipeline from Russia into Europe has temporarily halted flows due to "unscheduled repairs."
The newest market generated information pushing up European natgas prices to the highest levels in a month is due to a Belarus portion of the Druzhba oil pipeline system carrying Urals crude from Russia to Europe has temporarily halted flows to address "unscheduled repairs," the Russian energy export giant Transneft wrote in a statement:
"Unscheduled repairs were started on one of the branches of the Druzhba oil pipeline, limiting the flow in the direction of Poland for approximately three days, while the planned target for the month is not being revised," Transneft spokesman Igor Demin said.
Gomeltransneft, the operator of the Belarusian section, said maintenance began on Nov. 16. "Starting from yesterday, Gomeltransneft has started an unplanned maintenance at one of the lines of the Druzhba pipeline, having restricted [crude] pumping towards Adamowa Zastawa [in Poland] tentatively for three days, but the plan for the month is not revised," a Transneft spokesman said.
Druzhba is one of the largest pipeline networks in the world that carries a mix of heavy sour oil of Urals and light oil of Western Siberia, where its network splits in two and pumps the crude into a northern section, Poland and Germany, and a southern area, Ukraine to Slovakia, the Czech Republic, and Hungary.
The unscheduled repairs, restricting flows, come days after Belarusian leader Alexander Lukashenko threatened to cut the transit gas supply from Russia to Europe over a migrant crisis at the Belarus-Poland border.
Compound that with the approval process for the Nord Stream 2 pipeline now delayed.
moar
https://www.zerohedge.com/commodities/eu-gas-prices-soar-ns2-delays-sudden-belarus-pipeline-closure
Hertz Selling $1.5 Billion Bond to Repay Apollo Preferred Stock
Hertz Global Holdings Inc. is selling $1.5 billion of junk bonds to fund the repurchase of some preferred stock that private equity giant Apollo Global Management Inc. provided during the car rental firm’s recent bankruptcy.
The company will use proceeds from the debt to “repurchase all or a portion of the outstanding shares of Hertz’s Series A preferred stock” with as much as $250 million of any remaining proceeds marked for general corporate purposes, the company said in a statement Wednesday. Apollo and other unnamed investors provided this $1.5 billion of preferred stock as part of Hertz’s emergence from bankruptcy, according to an earlier filing. The car-renter was bought out of Chapter 11 bankruptcy this year by a group led by by Knighthead Capital Management and Certares Management after a dramatic brawl for control of the company.
The bond deal is split into two tranches of $750 million apiece, with a five-year maturity and an eight-year maturity, according to a person with knowledge of the matter who asked not to be named discussing a private transaction. The two tranches cannot be bought back early by the company for two and three years, respectively. Early pricing discussions on the sale are for a yield of about 5% for the five-year tranche, and a mid-5% yield for the eight-year portion, separate people familiar with the matter said. That’s more than the 4.76% average yield for similarly-rated notes. An investor call will be held at 10:30am in New York and the deal is expected to price on Wednesday, the person added. The preferreds have a high coupon structure so taking them out now will save Hertz significant interest expense. They start with a 9% dividend that steps down over two years to 7% for a cash payment, or 9% if paid-in-kind, but then steps back up to as much as 23% ten years out, according to a report by Bloomberg Intelligence analyst Jody Lurie. To repay them early, the company could pay as much as roughly 130 cents on the dollar, she wrote. A representative for Barclays Plc, which is leading the deal, declined to comment. A representative for Hertz didn’t immediately respond to a request for comment.
Hertz is in the process of cleaning up its balance sheet after emerging from bankruptcy in June and relisting on Nasdaq earlier this month, where the company raised $1.3 billion. The company tapped the leveraged loan market in June for about $1.6 billion to help fund its reorganization plan. Last year, Hertz received a bankruptcy loan from funds including Apollo. Estero, Florida-based Hertz holds a B long-term issuer rating from S&P Global Ratings, and B3 company rating by Moody’s Investors Service, or five and six steps into junk, respectively.
https://www.bnnbloomberg.ca/hertz-selling-1-5-billion-bond-to-repay-apollo-preferred-stock-1.1683263
U.S. offshore oil auction begins under court order, shadow of climate deal
The Biden administration on Wednesday will auction oil drilling rights to 80 million acres in the U.S. Gulf of Mexico days after joining a global agreement that for the first time targeted fossil fuels as the main driver of global warming.
The sale by the Department of Interior is the first under President Joe Biden, whose administration paused drilling sales under a promise to end development on federal properties. But Biden lost a court fight to oil-producing states that sued to reinstate the sales. Sale statistics released by the administration early on Wednesday indicated higher interest in drilling tracts from oil and gas companies than in recent government sales.
Interior said 307 tracts received bids from 29 companies. At the department's last Gulf lease sale a year ago, 93 tracts received bids from 23 companies. The auction was being live-streamed early on Wednesday, and early bidders included Exxon Mobil Corp (XOM.N), BP Plc (BP.L), Royal Dutch Shell Plc (RDSa.L) and Talos Energy Inc (TALO.N).
The administration has appealed and a suit by environmental groups seeking to halt the sale is pending. The U.S. is moving ahead to hold onshore lease auctions in several states early next year.
Interior's Bureau of Ocean Energy Management was auctioning almost all available unleased Gulf of Mexico blocks, 80 million acres, at a live-streamed event on Wednesday morning.
It is the first opportunity to test the oil and gas industry's demand for Gulf acreage with energy prices at multi-year highs. U.S. crude futures on Tuesday settled at $80.76 a barrel, up 95% in the last 12 months.
The Trump administration's final Gulf sale, held last November, generated a modest $121 million in high bids. But oil companies Shell, BP and Chevron (CVX.N) are seizing on the higher prices to advance offshore projects.
https://www.reuters.com/business/environment/us-offshore-oil-auction-begins-under-court-order-shadow-climate-deal-2021-11-17/
#728
>>109693 Israel conducts nationwide “war games” to prepare for future post-vaccine COVID-19 outbreaks-planet-today
>>109695 2015: PSA Contains Bizarre Subliminal Message About "Martial Law"- y/t
>>109699 here comes the Poxs: Maryland resident returning from Nigeria wif..Monkeypox and FBI, CDC Investigating “Questionable Vials” Labeled Smallpox Found at Merck Lab Near Philadelphia-gatewaypundit
>>109700 53 DAYS LATER – AZ State Senator Wendy Rogers: “Why Haven’t We Heard Anything From Brnovich Yet?”-gatewaypundit
>>109706, >>109531, >>109533 pb Judge Boasberg rises from the swamp-soc.media
>>109708, >>109710, >>109714, >>109729 pf report(s) Trudope to DC, SAM and BOXER activity
>>109713 Rittenhouse Trial linky-pbs
>>109715 Amazin Poll: Freedom Isn't Free - Inside the Resistance: "A handful of business owners are bravely defying the COVID measures..."-bitchute
>>109721 Full background provided by Andy Ngo of Jump Kick Man Maurice James Freeland 40 year old-soc. media/postmillennial.com
>>109726 EU Gas Prices Soar On NS2 Delays, Sudden Belarus Pipeline Closure-zh
>>109731 Musk family once owned an emerald mine in Zambia-bizinsider from Feb 2018
>>109733 Hertz Selling $1.5 Billion Bond to Repay Apollo Preferred Stock-bnnB'Berg
>>109734 ‘QAnon Shaman’ due to be sentenced for role in US Capitol riot-aljazeera
>>109735 OSHA Suspends All Activities Related to Dear Leader Biden’s VAXX Mandate-noqreport
>>109736 U.S. offshore oil auction begins under court order, shadow of climate deal-reuters
updated
see yer image nao
#728
>>109693 Israel conducts nationwide “war games” to prepare for future post-vaccine COVID-19 outbreaks-planet-today
>>109695 2015: PSA Contains Bizarre Subliminal Message About "Martial Law"- y/t
>>109699 here comes the Poxs: Maryland resident returning from Nigeria wif..Monkeypox and FBI, CDC Investigating “Questionable Vials” Labeled Smallpox Found at Merck Lab Near Philadelphia-gatewaypundit
>>109700 53 DAYS LATER – AZ State Senator Wendy Rogers: “Why Haven’t We Heard Anything From Brnovich Yet?”-gatewaypundit
>>109706, >>109531, >>109533 pb Judge Boasberg rises from the swamp-soc.media
>>109708, >>109710, >>109714, >>109729 pf report(s) Trudope to DC, SAM and BOXER activity
>>109713 Rittenhouse Trial linky-pbs
>>109715 Amazin Poll: Freedom Isn't Free - Inside the Resistance: "A handful of business owners are bravely defying the COVID measures..."-bitchute
>>109721 Full background provided by Andy Ngo of Jump Kick Man Maurice James Freeland 40 year old-soc. media/postmillennial.com
>>109726 EU Gas Prices Soar On NS2 Delays, Sudden Belarus Pipeline Closure-zh
>>109731 Musk family once owned an emerald mine in Zambia-bizinsider from Feb 2018
>>109733 Hertz Selling $1.5 Billion Bond to Repay Apollo Preferred Stock-bnnB'Berg
>>109734 ‘QAnon Shaman’ due to be sentenced for role in US Capitol riot-aljazeera
>>109735 OSHA Suspends All Activities Related to Dear Leader Biden’s VAXX Mandate-noqreport
>>109736 U.S. offshore oil auction begins under court order, shadow of climate deal-reuters
updated
see yer image nao
Total global debt dips, but emerging market debt hits record high
Global debt dipped in the third quarter though it remained near the record high set in June, while debt in emerging markets hit a fresh record high of $92.5 trillion, a report showed on Wednesday.
Total debt, including that owed by governments, households and companies, dipped to $296 trillion at the end of September, after an increase to record highs in the second quarter. It stands about $36 trillion above pre-pandemic levels.
The ratio of debt to annual global economic output fell more than 10 percentage points from July through September, hitting 350% at the end of the third quarter, as economies across the globe recover from the pandemic-induced slow downs, data from the Institute of International Finance showed. Total emerging market debt edged up to $92.6 trillion, with China taking the dragon’s share. Debt to GDP in China has risen 25 percentage points since the end of 2019 to 330%, accounting for more than 80% of emerging market debt buildup over the period. Emerging market government debt remained at about 63% of GDP, a record level.
In emerging markets excluding China, total debt hit a record high of $36.4 trillion, largely driven by increasing government debt, but external debt is on track to drop below 43% of GDP in 2021 from an all-time high of near 46% in 2020. “With political and social pressure limiting governments’ efforts to reduce deficits, high government financing needs represent a source of vulnerability in many countries in the face of broader revenue weakness,” the IIF report said. More than 95% of the increase in emerging market debt since the end of 2019 has been in local currency bonds, according to the data, though the appeal of that debt has fallen among foreign investors, who now hold around 19% of local currency debt compared to 23% at the end of 2019. Indonesia and Russia saw the sharpest drop in foreign ownership, while demand increased in China, Peru and Korea.
In foreign exchange debt, Turkey, Saudi Arabia and Colombia have seen the sharpest increases in relation to GDP since the start of the pandemic. In developed markets, debt declined by $1.4 trillion last quarter, the IIF said, with the sharpest declines in Japan and the euro area. A large part of spending in developed markets went to social net and health, while still only a very small part is destined to environmental protection and climate change. “With decarbonization efforts on the rise, many governments are expected to channel significantly more resources towards climate priorities, with major implications for government debt (and) interest rates,” said the IIF.
https://www.reuters.com/article/global-debt-iif/total-global-debt-dips-but-emerging-market-debt-hits-record-high-idUSL1N2S81AO
SAM778 USAF C-40B sw from JBA depart
Blinken, in Kenya, seeks to cool regional crises
U.S. Secretary of State Antony Blinken appealed Wednesday for the preservation of democracy in politically and ethnically fractured societies as he opened his first official visit to Africa in Kenya amid worsening crises in neighboring Ethiopia and Sudan.
In a lengthy, private meeting with Kenyan President Uhuru Kenyatta and other top officials, Blinken hailed Kenya’s role in seeking to ease the conflict in Ethiopia and as an example of a vibrant, inclusive democracy despite challenges it has faced in its own recent elections.
Kenyatta visited Addis Ababa over the weekend in a bid to bolster an African Union-led mediation initiative to end the violence in Ethiopia that has engulfed the northern Tigray region and spread, prompting widespread fears of a spillover in the conflict. Blinken spent an hour-and-a-half alone with Kenyatta in a one-on-one session that had been scheduled for only 10 minutes, the State Department said, although the exact topics of the discussion and any potential developments were not immediately clear. “We continue to see atrocities being committed, people suffering, and regardless of what we call it, it needs to stop and there needs to be accountability,” Blinken later told reporters, adding that he will make a determination on whether the situation is genocide “once we get all the analysis that goes into looking at the facts.”
Kenyan Cabinet Secretary Raychelle Omamo told reporters that “we believe that a cease-fire is possible” but “in the end, these solutions will come from (the Ethiopian people).”
In earlier comments to Kenyan civic leaders, Blinken spoke about the importance of combatting “democratic recession” around the world, including challenges in the United States that show “just how fragile our democracy can be.” Kenya faces its own test of stability in a presidential election next year.
Blinken is looking to boost thus-far unsuccessful U.S. diplomatic efforts to resolve the deepening conflicts in Ethiopia and in Sudan and to counter growing insurgencies elsewhere, like Somalia. Months of engagement by the administration, including an August visit to Ethiopia by U.S. Agency for International Development administrator Samantha Power and several trips to Addis Ababa, Nairobi and Khartoum by Biden’s special envoy for the Horn of Africa, Jeff Feltman, have produced little progress.
Instead, conflict in Ethiopia has escalated between Prime Minister Abiy Ahmed’s government and leaders in the northern Tigray region who once dominated the government.
https://apnews.com/article/coronavirus-pandemic-business-health-elections-africa-a89517a25058497119b45c10fe407ce9
Blinken in Kneya....private meeting that went 1.5 hours instead of the 10 minutes allotted.
Nuffin to see here
Pfizer CFO D'Amelio to retire after 15 years at company
Pfizer Inc (PFE.N) said on Wednesday Chief Financial Officer Frank D'Amelio, 63, would retire after nearly 15 years at the company. The drugmaker has started an external search for the successor of D'Amelio, who also served as executive vice president of global supply. During his tenure, Pfizer slimmed down its business through sales to focus on its newer, patent-protected portfolio of profitable drugs such as cancer treatment Ibrance. D'Amelio played crucial roles in the company's 2011 sale of its capsule-making unit to private equity firm KKR & Co (KKR.N) for nearly $2.38 billion and the divestiture of the nutrition business to Nestle (NESN.S) a year later. He also led the spin-off of Pfizer's off-patent branded drugs business in 2019 to combine it with generic drugmaker Mylan NV . Mike McDermott, who headed the production and supply of Pfizer's COVID-19 vaccine, will take the role of executive vice president and chief global supply officer.
https://www.reuters.com/business/healthcare-pharmaceuticals/pfizer-cfo-frank-damelio-retire-2021-11-17/
Not AF1 Joe in 82-8000 USAF 747 departed JBA for Detroit Metro Airport
Biden comes to Detroit Nov. 17 for opening of GM's EV Factory ZERO plant
https://www.fox2detroit.com/news/biden-to-visit-detroit-nov-17-for-opening-of-gms-ev-factory-zero-plant
10Y Yield Drops To Session Low After Subpar, Tailing 20Y Auction Could Have Been Far Worse
After last week's catastrophic 30Y auction, traders were keeping a close eye on today's sale of $23BN in 20Y bonds to see if it too would suffer from lack of demand following last week's historic CPI print.
As Bloomberg's Alyce Anders wrote ahead of the auction, the Fed and the Treasury "have done everything they can to support the doggy 20-year sector. The lack of a concession today and a well advertised relative value set up might mean the $23 billion offering should go fine even if it tails. That’s because the government cut its issuance size and the Fed left its new purchase schedule for 10-year to 22.5-year Treasuries untouched despite tapering Treasury buybacks by $10 billion per month."
As she also noted, since the bond market is not selling off today it might be that a tail is required to soak up the supply, and that's precisely what happened when moments ago the Treasury revealed that the high yield on today's $23BN sale of 20Y paper was 2.065%, slightly below last month's 2.100%, but tailing the When Issued 2.051% by 1.4bps. Still, this tail was smaller than October's 2.5bps tail which was the largest since the 20Y tenor was introduced last May. The Bid to Cover also improved from last month's 2.25 rising to 2.34, right on top of the six-auction average.
The internal were slightly weaker with Indirects taking down 60.2%, down from 64.8% last month and the lowest since May 2021; as a reference the recent average was 61.7%. And with Directs taking down 19.4%, Dealers were left holding 20.4% the most since July's 20.9% and above the recent average of 19.6%.
Overall, this was a poor auction but it could have been much worse, and the market seems to agree: after initially spiking on the news of the auction, the 10Y yield has since dipped back to session lows just above 1.60%
https://www.zerohedge.com/markets/10y-yield-drops-session-low-after-subpar-20y-auction-could-have-been-far-worse