Tyb
The first and last
Asian Firms Sell Record $590 Billion of Local Bonds in Quarter
(Getting out the paper before the ‘getting’ isn’t good)
Companies around the Asia Pacific region sold a record amount of local-currency bonds in the second quarter, as borrowers took advantage of cheaper funding at home compared with in dollars.
The firms have priced $590 billion of the notes already in the period, the most for any full quarter, and an increase of 12% from a year earlier,according to Bloomberg-compiled data. The debt bonanza is being fueled in large part by Chinese companies taking advantage of unprecedentedly low onshore borrowing costs, but it isn’t limited to China, with Japanese and Australian firms also selling a record amount of debt in their own markets this year, the data show.
Resilient economic growth(Kek…no they are pushing paper out the door because they absolutely know what is coming and if you add in the weak yen it’s pretty obvious)and strong investor demand for yield helped fuel an onslaught of bond deals this year, with many of the world’s primary debt markets including local currency and dollars seeing one of their busiest years. Firms globally sold $3.55 trillion of notes this year as of midweek, close to a first-half record of $3.66 trillion in 2020. Asia’s primary dollar bond market contributed with a flood of deals in recent days after experiencing a revival of sorts.
Local-currency bond sales in the Asia Pacific are running at just over $1.1 trillion year-to-date, with Chinese firms accounting for about three quarters of that total, the data show. But Asia isn’t the only part of the world where local-currency bond sales are hitting highs. South American companies sold almost $36 billion of such notes this year, double the amount at this point last year, Bloomberg-compiled data show. Another catalyst for such bond sales is the strong dollar, which can increase debt-servicing costs for firms without revenues in the US currency. In Asia’s largest debt market, China, the calculation is even simpler after the People’s Bank of China pulled down policy rates below those of the Fed, with bond yields declining to record lows on expectations of further stimulus. The average yield on five-year AAA corporate yuan bonds is about 2.3%, about half what US peers have to pay in their market, as Chinese authorities try to stimulate their economy that’s mired in a housing-market slump.
https://www.bnnbloomberg.ca/asian-firms-sell-record-590-billion-of-local-bonds-in-quarter-1.2090540
45in N757AF 757 departed Atlanta Intl after “debate” heading for Laguardia
Tomorrow
Friday, June 28, 2024
[RALLY] Trump Rally in Chesapeake, Virginia When: Friday, June 28, 2024 Time: 3:00 pm ET Where: Historic Greenbrier Farms in Chesapeake, VA
https://www.uspresidentialelectionnews.com/donald-trump-rally-schedule/
Japan names new FX diplomat as yen hits 38-year low
Japan appointed a new top foreign exchange diplomat on Friday as the yen plumbed a 38-year low against the dollar, heightening expectations of imminent market intervention by Tokyo to shore up the battered currency. Atsushi Mimura, a financial regulation veteran, replaces Masato Kanda, who launched the biggest yen-buying intervention on record this year. The change is part of a regular personnel reshuffle conducted every year and comes as officials ramped up their warnings about intervention. Finance minister Shunichi Suzuki said on Friday authorities were "deeply concerned" about the impact of "rapid and one-sided" foreign exchange moves on the economy.
The yen slid past 161 per dollar on Friday to its weakest since 1986.
Speaking at a regular press conference, Suzuki said authorities would respond appropriately to excessive currency moves and that confidence in the Japanese currency is maintained.
"The government is closely monitoring developments in the foreign exchange market with a high sense of urgency," Suzuki said, adding efforts to continue forging ahead with fiscal reform is crucial. Finance minister Shunichi Suzuki said on Friday authorities were "deeply concerned" about the impact of "rapid and one-sided" foreign exchange moves on the economy. Mimura's appointment as top FX diplomat will take effect on July 31 after the meeting of the Group of 20 finance ministers and central bank governors in Rio de Janeiro from July 25.
Little, however, is known about his stance on currency policy.
Currently head of the ministry's international bureau, the 57-year-old will become vice finance minister for international affairs - a post that oversees Japan's currency policy and coordinates economic policy with other countries.
https://www.reuters.com/markets/asia/japan-appoints-atsushi-mimura-top-fx-diplomat-replacing-masato-kanda-2024-06-28/
https://tradingeconomics.com/japan/currency
She’ll be CIC for long enough to pardon Hunter and Joe (blanket pardon)
Why waste a good qookie?