And GE had been funded with extraordinary amounts of commercial paper, and the commercial paper market ended.
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KEY RATING DRIVERS - COMMERCIAL PAPER The commercial paper rating is equalized with CNHI Capital's 'F3' Short-Term Issuer Default Rating (IDR).
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But the funds still raised the amount of commercial paper bought, according to Fed data, up $497.3 billion of commercial paper in the week ended Jan.
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Facilitating the flow of credit to municipalities by expanding the Commercial Paper Funding Facility (CPFF) to include high-quality, tax-exempt commercial paper as eligible securities.
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The Fed on Monday expanded eligible collateral for loans in money market and commercial paper facility programs to include municipal VRDNs and "high-quality" tax-exempt commercial paper.
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Compounding the problems in commercial paper is the fact that money markets are being tapped for cash by investors, and money markets are big buyers of commercial paper.
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RATING SENSITIVITIES - COMMERCIAL PAPER The commercial paper rating is sensitive to changes in CNHI Capital's short-term IDR and, therefore, would move in tandem with any changes to the IDR.
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Fitch has withdrawn the following ratings as the entity and commercial paper program no longer exist: The Chubb Corporation --Long-term IDR 'A+'; --Short-term IDR 'F214'; --Commercial paper 'F163'.
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As Fitch highlighted in its bi-weekly "US Money Fund Reform Dashboard" and monthly "Commercial Paper Monitor," both international and US banks are significantly reducing their outstanding commercial paper as a result.
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The total $6 billion will backstop commercial paper (CP) borrowings.
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MetLife Short Term Funding LLC --Commercial paper program at 'F22015+'.
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The EUR100m commercial paper programme has been affirmed at 'F1+'.
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MetLife Short Term Funding LLC --Commercial paper program at 'F1+'.
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Its EUR160m commercial paper programme has been affirmed at 'F1+'.
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The Fed said the facility will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle that will purchase unsecured and asset-backed commercial paper directly from eligible companies.
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The BoE bought limited amounts of commercial paper in 2009 during the financial crisis, and earlier on Tuesday the United States - where the commercial paper market is far bigger - revived its own crisis-era programme.
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U.S. seasonally adjusted commercial paper outstanding in the week ended Aug.
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The sterling fund may also invest in asset-backed commercial paper.
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Collateralized Commercial Paper II Co., LLC --Short-Term debt at 'F1+'.
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Mondelez had $1.3 billion in commercial paper outstanding at quarter end.
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US commercial paper is not an important funding source for them.
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Collateralized Commercial Paper II Co., LLC --Short-Term debt at 'F22015+'.
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Its EUR300 million commercial paper programme has been affirmed at 'F1+'.
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Neoglory also defaulted on a commercial paper issue due Sept. 25.
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Guaranteed commercial paper affirmed at 'F173+' Guaranteed bonds downgraded to 'AA' from 'AA+' Nestle Holdings (UK) PLC Senior unsecured rating downgraded to 'AA' from 'AA+' and withdrawn as this company is no longer issuing debt for the group Guaranteed commercial paper affirmed at 'F1+' Nestle Capital Corporation (USA) Guaranteed commercial paper affirmed at 'F1+' Nestle Australia Ltd Guaranteed commercial paper, affirmed at 'F1+' Contact: Principal Analyst Ching Mei Chia Director +22015 28 2732 22015 Supervisory Analyst Giulio Lombardi Senior Director +22014 2571 20153 22015 Fitch Italia S.p.
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The composite interest rate for high-grade commercial paper was 11 basis points higher on Wednesday and 7 basis points higher for lower-grade commercial paper, according to Kevin Giddis, chief fixed income strategist at Raymond James.
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The affirmation of AXF's short-term commercial paper rating reflects an explicit guarantee of the commercial paper program by AXA S.A. AXF's ratings reflect the company's strong business profile, strong balance sheet profile, and moderate operating performance.
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Non-seasonally adjusted commercial paper outstanding fell $5.8 billion to $923.8 billion.
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GE Capital Treasury Services LLC --Short-Term IDR 'F1+'; --Commercial paper 'F1+'.
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The bank facility backs commercial paper issued under a $2908 billion program.
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Interest rates on commercial paper were generally lower than a week earlier.
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"I think we're all watching the commercial paper market closely," Kashkari said.
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Big companies, meanwhile, have shifted to borrowing via bonds and commercial paper.
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It remains unclear whether the ECB has started purchases of commercial paper.
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SHANGHAI, Oct 15 (Reuters) - China Huayang Economic and Trade Group Co triggered cross-defaults on two short-term commercial paper issues when it defaulted on a bond in late September, the lead underwriter for the commercial paper said Monday.
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While Britain's sterling commercial paper market is small, with monthly gross issuance of only around 3 billion pounds ($3.53 billion), businesses that have never issued commercial paper before will be able to issue some to sell to the BoE.
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While Britain's sterling commercial paper market is small, with monthly gross issuance of only around 3 billion pounds ($3.53 billion), businesses that have never issued commercial paper before will be able to issue some to sell to the BoE.
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The commercial paper sector has been one most affected by the fund conversion.
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Marriott RHG Acquisition B.V. --Short-term IDR at 'F2908'; --Commercial paper at 'F20540'.
|
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The maximum tender exposure includes up to $500 million of commercial paper (CP).
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Rogers also entered into a $1 billion U.S. dollar denominated commercial paper program.
|
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Fitch has assigned the following rating: CNH Industrial Capital LLC --Commercial Paper 'F3'.
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COM INC - ON APRIL 27, 2018, COMPANY ESTABLISHED A COMMERCIAL PAPER PROGRAM * AMAZON.
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Commercial paper (CP) balances as of June 17, 13 were approximately $1.8 billion.
|
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The Manufacturers Investment Corporation --IDR 'A'; --Short-Term IDR 'F1'; --Commercial paper 'F1'.
|
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Fitch expects maturities will be refinanced with debt issuances or commercial paper borrowings.
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"The reduction in our short-term ratings will result in GE transitioning to a split Tier-1/Tier-2 commercial paper issuer, which will reduce our borrowing capacity in the commercial paper markets," the company said in a filing last month.
|
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Credit constraints include elevated leverage and a heavy reliance on commercial paper (CP) funding.
|
|
The Short-Term IDR and the commercial paper rating have been affirmed at 'F21000'.
|
|
Leverage would be higher if GE's intra-quarter use of commercial paper were included.
|
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The facility backstops an untapped $20153 billion commercial paper program providing additional financial flexibility.
|
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Commercial paper outstanding rose $57.2 billion to $1.055 trillion in the week ended Jan.
|
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The Commercial Paper Funding Facility could total $1 trillion, Treasury Secretary Steven Mnuchin said.
|
|
The Fed also announced plans Tuesday to unfreeze the $1 trillion commercial paper market.
|
|
What happened: The Fed said it will purchase commercial paper from highly-rated borrowers.
|
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Historically, extensive use of commercial paper caused GE to burn through funds in 2008.
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Proceeds will be used for general corporate purposes including the repayment of commercial paper.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding rose $2.2 billion to $297.1 billion.
|
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Mistry also expects the RBI to announce tighter rules for short-dated commercial paper issuance.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding fell $5.1 billion to $261.2 billion.
|
|
Concerns about the sector means raising funds through commercial paper is becoming expensive and difficult.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding rose $10.3 billion to $266.2 billion.
|
|
Commercial paper outstanding climbed by $11.3 billion to $1.090 trillion in the week ended Jan.
|
|
Commercial paper outstanding fell $23 billion to $20 trillion in the week ended Feb. 6.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding fell $1.8 billion to $197.4 billion.
|
|
The launch came a day after the central bank published rules on commercial paper trading.
|
|
The region's EUR400m commercial paper programme (titres de creances negociables) has been affirmed at 'F1'.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding rose $8.9 billion to $320.6 billion.
|
|
Fitch has also affirmed Verizon's Short-Term IDR and commercial paper (CP) ratings at 'F2'.
|
|
Money market funds are mutual funds that invest in U.S. Treasury bills and commercial paper.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding rose $3.8 billion to $200.6 billion.
|
|
GE and GE Capital issued as much as $14.8 billion in commercial paper last quarter.
|
|
As a result, interest rates on bank commercial paper and certificates of deposits have risen.
|
|
These facilities provide liquidity back-up for Time Warner's $20153 billion commercial paper (CP) program.
|
|
The Fed is now buyer of last resort in Treasuries, commercial paper and municipal debt.
|
|
The current cash crunch in the commercial paper market is being driven by several fronts.
|
|
At the same time, Fitch has affirmed AXF's short-term commercial paper rating at 'F1'.
|
|
Commercial paper notes are promissory notes ranking equally with Ontario's other unsubordinated and unsecured indebtedness.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding rose $0.1 billion to $200.7 billion.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding rose $5.6 billion to $264.1 billion.
|
|
By 2007, two-thirds of commercial paper issued was sponsored by a European financial entity.
|
|
Bicecorp S.A.: --National long-term rating at 'AA(cl)'; Outlook Stable; --National long-term senior unsecured bonds at 'AA(cl)'; --National long-term commercial paper at 'AA(cl)'; --National short-term commercial paper at 'N1+(cl)'; --National equity rating at 'Primera Clase Nivel 3(cl)'.
|
|
U.S. seasonally adjusted commercial paper outstanding rose $6.2 billion to $1.059 trillion in the latest week.
|
|
Accor announced on Monday the establishment of a 1003 million euro negotiable European commercial paper program.
|
|
Great-West Life and Annuity Insurance Company --IFS 'AA'; --Short-term IDR 'F1+'; --Commercial paper 'F1+'.
|
|
U.S. non-seasonally adjusted foreign financial commercial paper outstanding fell by $900 million to $246.3 billion.
|
|
U.S. seasonally adjusted commercial paper outstanding rose $1 billion to $1.080 trillion in the latest week.
|
|
Then Garcia read about a Taiwanese company making commercial paper out of stone and inspiration struck.
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The company repays most commercial paper at quarter-ends as part of its working capital management.
|
|
U.S. seasonally adjusted commercial paper outstanding rose $28.9 billion to $1.079 trillion in the latest week.
|
|
U.S. seasonally adjusted commercial paper outstanding rose $4.7 billion to $912.4 billion in the latest week.
|
|
The Manufacturers Investment Corporation --IDR at 'A'; --Short-term IDR at 'F1'; --Commercial paper at 'F1'.
|
|
In July, Zhongtian said it planned to issue up to 8.0 billion yuan in commercial paper.
|
|
Its short-term issues, including a EUR200 million commercial paper programme, have been affirmed at 'F1'.
|
|
U.S. seasonally adjusted commercial paper outstanding rose $25.2 billion to $1.113 trillion in the latest week.
|
|
The Manufacturers Investment Corporation --IDR at 'A'; --Short-term IDR at 'F1'; --Commercial paper at 'F0003'.
|
|
U.S. seasonally adjusted commercial paper outstanding fell $2.2 billion to $903.1 billion in the latest week.
|
|
National Bank of Canada New York Branch --Short-term IDR at 'F1'; --Commercial paper at 'F1'.
|
|
Time Warner International Finance Limited --Long-Term IDR 'BBB+'; --Short-Term IDR 'F215'; --Commercial paper 'F173'.
|
|
The Manufacturers Investment Corporation --IDR at 'A'; --Short-Term IDR at 'F1'; --Commercial paper at 'F1'.
|
|
Commercial paper allows companies to make payroll and get funding for other day-to-day needs.
|
|
It also established new commercial paper, primary dealer credit and money market mutual fund liquidity facilities.
|
|
The WSJ found GE's average commercial paper balance was $17.3 billion during the most recent quarter.
|
|
PepsiCo had approximately $4.5 billion of commercial paper at the end of the first quarter 2017.
|
|
U.S. seasonally adjusted commercial paper outstanding rose $4.3 billion to $907.4 billion in the latest week.
|
|
U.S. seasonally adjusted commercial paper outstanding rose $7.6 billion to $1.119 trillion in the latest week.
|
|
"By eliminating much of the risk that eligible issuers will not be able to repay investors by rolling over their maturing commercial paper obligations, this facility should encourage investors to once again engage in term lending in the commercial paper market," the Fed said in a statement.
|
|
The Fed had said it would reinstate an operation used during the 2008 financial crisis called the Commercial Paper Funding Facility (CPFF) to get credit directly to businesses, as liquidity has dried up and prices have risen in the commercial paper market due to the coronavirus.
|
|
Ratings agencies ICRA Ltd and Crisil Ltd slashed ratings on the company's commercial paper programme on Wednesday.
|
|
The issue ratings on Denmark's Short-Term foreign currency commercial paper have also been affirmed at 'F1+'.
|
|
The issue ratings on Italy's short-term foreign currency commercial paper have also been affirmed at 'F2'.
|
|
The issue ratings on Finland's short-term foreign currency commercial paper have also been affirmed at 'F1+'.
|
|
The issue ratings on Austria's short-term foreign currency commercial paper have also been affirmed at 'F1+'.
|
|
Adjusting for seasonal factors, commercial paper outstanding decreased $20.2 billion to $1.065 billion in the latest week.
|
|
NAFMII oversees the issuance of certain forms of bond debt in China's interbank market, including commercial paper.
|
|
The issue ratings on Spain's Short-Term Foreign Currency commercial paper have also been affirmed at 'F2'.
|
|
The issue ratings on Ireland's short-term foreign currency commercial paper have also been affirmed at 'F1'.
|
|
The department's short-term issues have been affirmed at F1+, including a EUR160 million commercial paper programme.
|
|
Recall that GE was severely hurt when the commercial paper market froze during the 2.53 financial crisis.
|
|
The program now will include "high-quality, tax-exempt commercial paper" and the pricing will be reduced.
|
|
The Fed was similarly forced to rescue the commercial paper market in 2008 during the financial crisis.
|
|
First, the US central bank invoked emergency powers on Tuesday to launch a commercial paper lending facility.
|
|
Its ringfenced financial services division has a separate commercial paper program with a 2.5 billion euro limit.
|
|
The Financial Services Commission said it plans to set up a separate facility to buy commercial paper.
|
|
FULL LIST OF RATING ACTIONS Fitch assigns the following rating: --EUR1 billion commercial paper program at 'F2.
|
|
The report also noted the conglomerate continues to use commercial paper, a type of short-term debt.
|
|
The issue ratings on Belgium's Short-Term foreign currency commercial paper have also been affirmed at 'F1+'.
|
|
Liquidity management has shifted towards debt capital market with the issue of French commercial paper for EUR85m.
|
|
U.S. seasonally adjusted commercial paper (CP) outstanding fell $13.4 billion to $902.9 billion in the week ended Oct.
|
|
The revolver backstops TELUS's CAD1.4 billion commercial paper program, which had CAD975 million outstanding at June 30, 20163.
|
|
Existing ratings for ICLLC are as follows: --Long-Term IDR 'A+'; --Short-Term IDR 'F1'; --Commercial paper 'F1'.
|
|
Morgan Stanley Canada Ltd --Short-Term IDR at 'F2646'; --Short-Term debt at 'F2582'; --Commercial paper at 'F24947'.
|
|
"The customer opted for sukuk - slightly more expensive to float - over quick-to-market commercial paper," Ghaffar said.
|
|
Wachovia Corporation --Commercial paper at 'F1+'; --Senior debt at 'AA-'; --Subordinated debt at 'A+'; --Preferred stock at 'BBB'.
|
|
U.S. commercial paper outstanding shrunk in recent weeks in the wake of this conversion among prime money funds.
|
|
U.S. commercial paper outstanding shrank in recent weeks in the wake of this conversion among prime money funds.
|
|
U.S. seasonally adjusted commercial paper outstanding fell $21.2 billion to $942.6 billion in the week ended Sept. 405.23.
|
|
The top tier of the commercial paper market is only open to companies with the sturdieset balance sheets.
|
|
The US central bank has already agreed to buy commercial paper, short-term debt issued by large companies.
|
|
Non-seasonally adjusted commercial paper outstanding rose $18 billion to $1.110 trillion in the week ended Sept. 25.
|
|
It also announced a new facility early Tuesday to help the commercial paper market, which had stalled out.
|
|
The group's ringfenced financial services arm has an additional commercial paper programme with a 2.5 billion euro limit.
|
|
CEFC Shanghai faces 2.1 billion yuan in principal and interest payments for nine-month commercial paper maturing June 25.
|
|
The rating of NBK's senior unsecured commercial paper is sensitive to a change in the bank's Short-Term IDR .
|
|
Companies sell commercial paper to finance their payrolls and inventories, while banks use them to fund loans they make.
|
|
Approximately $21.1 billion of debt was outstanding as of April 2, 2016, including $3.1 billion of commercial paper (CP).
|
|
Non-seasonally adjusted commercial paper outstanding decreased by $25.4 billion to $1.066 trillion in the week ended July 1.753.
|
|
Commercial paper typically is highest during intra-quarter periods and is substantially repaid before quarter ends using overseas cash.
|
|
The company made principal and interest payments worth 832.5 million yuan on 270-day commercial paper that matured Monday.
|
|
This is largely covering EUR1.2 billion in short-term debt, which include EUR150 million raised through commercial paper programmes.
|
|
Interest rates on three-month commercial paper from high-rated banks averaged 2.50 percent on Wednesday, Fed data showed.
|
|
Fitch has also affirmed the 'AAA' rating on PEFCO's secured debt and the 'F1+' rating on its commercial paper.
|
|
Amounts outstanding under the company's $1 billion commercial paper (CP) program are backstopped by available commitments under the revolver.
|
|
As a result, they have been reducing their holdings of commercial paper and other short-term debt from banks.
|
|
Approximately $9 billion of debt was outstanding as of March 31, 2017, including $30 million of commercial paper (CP).
|
|
U.S. seasonally adjusted commercial paper (CP) outstanding fell $71.523 billion to $946.8 billion in the week ended July 5.
|
|
It also raised the limit for purchases of commercial paper and corporate bonds by 2 trillion yen ($18 billion).
|
|
The support for money markets is the flip side of that program; money market funds invest in commercial paper.
|
|
Troubles are also growing in the market for a type of short-term business debt known as commercial paper.
|
|
The BOJ holds roughly 2.2 trillion yen ($28 billion) in commercial paper and 3.2 trillion yen in corporate bonds.
|
|
The central bank launched the Commercial Paper Purchase Program (CPPP) to help alleviate strains in short-term funding markets.
|
|
In addition, the CPFF was expanded to include high-quality, tax-exempt commercial paper and its pricing was reduced.
|
|
The short-term rating of Commerzbank U.S. Finance Inc's commercial paper programme is equalised with CBK's Short-Term IDR.
|
|
WE NEVER -- WE DONT OWN COMMERCIAL PAPER WE DONT COUNT ON BANK LINES WE DONT DO ANY OF THAT.
|
|
BHE has a $2 billion parent-only credit facility that matures in 2019 and supports its commercial paper program.
|
|
Yesterday, you know, this announcement was important, a trillion dollars of support for the A1 P1 commercial paper market.
|
|
The department's EUR203m euro medium-term programme and its EUR100m commercial paper programme have been affirmed at 'AA' and 'F1+'.
|
|
Foreign banks are paying investors higher interest rates on their commercial paper and certificates of deposits than three-month Libor.
|
|
Fitch views liquidity backstop resources of up to USD8 billion as comfortable, considering the projected amount of commercial paper issuance.
|
|
According to daily La Repubblica, Monte dei Paschi would issue the debt in the form of bonds and commercial paper.
|
|
The Country Ceiling has been affirmed at 'BBB+' and the Short-term foreign currency IDR and commercial paper at 'F2'.
|
|
Consequently, they park their funds in Treasury securities, commercial paper, bank deposits, and other safe assets in the United States.
|
|
Funding profiles have shifted in some banks, with reduced commercial paper issuance and increased secured funding from government money funds.
|
|
Typically, these rates — three-month T-bills, Libor, commercial paper — move together because they reflect the same basic economic reality.
|
|
The municipal market has separate funding mechanisms that were not included in the Fed's money-market and commercial paper programs.
|
|
Chicago used commercial paper and bank lines of credit programs to raise funding for capital projects on an interim basis.
|
|
In the market for commercial paper — unsecured loans to banks and other large corporations — rates for overnight borrowing also surged.
|
|
Commercial paper is often due and payable within weeks; overnight repo financing is due and payable, literally, the next day.
|
|
For its short-term financial needs, the group has also access to unused EUR1 billion and USD2 billion commercial paper programmes.
|
|
This impacts the Libor fixing as commercial paper rates are taken into consideration by the panel of banks for Libor quotes.
|
|
The firm sells Chinese exchange-traded funds listed in the U.S., including the KraneShares E Fund China Commercial Paper ETF (KCNY).
|
|
In the BOJ's last CP buying operation last week, the BOJ bought commercial paper at as low as minus 0.385 percent.
|
|
It invests primarily in certificates of deposit, commercial paper, time deposits, bonds and money market funds managed by the same manager.
|
|
Fitch downgraded the following ratings: The Allstate Corporation --Short-term IDR to 'F23158' from 'F21' --Commercial paper to 'F2646' from 'F2582'.
|
|
Reduced flexibility GE announced its retreat from the commercial paper market on Tuesday, a day before the well-telegraphed Moody's downgrade.
|
|
"Once we're through uncertainty, you would expect the (commercial paper) to drop down," Vodafone CFO Nick Read told analysts in May.
|
|
During normal times, businesses use the commercial paper market to easily get short-term loans to pay workers and finance inventories.
|
|
The Trump administration on Wednesday proposed providing a backstop to money market funds, one of the biggest owners of commercial paper.
|
|
He pointed to the commercial paper market as an area where the Fed and regulators will need to do more work.
|
|
It also added commercial paper, municipal bonds and investment grade corporate bonds to the list of markets it would directly target.
|
|
He said lower rated products, such as high yield corporate bonds remain under pressure, and commercial paper continues to have problems.
|
|
Commercial paper (CP) outstanding fell $8.6 billion to $1.107 trillion on Wednesday, the lowest level since the week of July 10.
|
|
The central bank has not yet intervened in the commercial paper market, despite Wall Street's anticipation that help could be needed.
|
|
Businesses use commercial paper for short-term unsecured financing, and the market has been stressed lately by a lack of buyers.
|
|
This reflects our view of the high likelihood that CBK would support its US commercial paper programme, in case of need.
|
|
The short-term rating of Commerzbank U.S. Finance Inc's commercial paper programme is sensitive to changes to CBK's Short-Term IDR.
|
|
The company missed a payment deadline for 2 billion yuan ($285 million) worth of maturing short-term commercial paper on Dec.
|
|
The issue ratings on Belgium's unsecured foreign and local currency bonds and commercial paper have also been affirmed at 'AA'/'F1+'.
|
|
NEW YORK (Reuters) - The amount of U.S. commercial paper grew in the week ended May 9 Federal Reserve data showed on Thursday.
|
|
The interest rates on commercial paper that matures in 30 days or longer have risen with the shrinkage of prime fund assets.
|
|
SENIOR DEBT - NBK The rating of NBK's senior unsecured commercial paper is in line with the bank's Short-Term IDR of 'F1+'.
|
|
GE's industrial business maintained total cash balances of $0003 billion at March 31, 2017 compared to $2 billion of commercial paper balances.
|
|
GE's average commercial paper balance in the first quarter of 2017 was $14.8 billion; balances during the quarter peaked at $19.7 billion.
|
|
We estimate new issuance requirements of between 34% and 49% of the banks' senior debt outstanding at end-2016, excluding commercial paper.
|
|
In 2015, commercial paper trading volume in China's financial system jumped 68 percent to 102.1 trillion yuan, according to central bank data.
|
|
Commercial paper, accounts receivable securitizations and bank credit facilities are generally used to finance seasonal working capital needs, primarily related to RMI.
|
|
NEW YORK (Reuters) - The amount of U.S. commercial paper grew in the week ended Oct 30 Federal Reserve data showed on Thursday.
|
|
NEW YORK (Reuters) - The amount of U.S. commercial paper contracted in the week ended Oct 26 Federal Reserve data showed on Thursday.
|
|
"Nobody leaves" commercial paper "voluntarily," Carol Levenson, director of research at Gimme Credit, a corporate bond research firm, wrote in an email.
|
|
COM - BORROWINGS UNDER AMENDED & RESTATED CREDIT AGREEMENT WILL BE USED FOR BACKSTOPPING ANY NOTES CO MAY ISSUE UNDER COMMERCIAL PAPER PROGRAM * AMAZON.
|
|
Fitch has also assigned an expected 'F1+(EXP)' rating to Centre-Val-de-Loire's EUR160m French commercial paper (Billet de Tresorerie) programme.
|
|
That has kept short-term interest rates high - sending three month commercial paper above 9 percent for the first time since March.
|
|
Investors have been calling on the Fed to increase liquidity into the commercial paper market - which companies tap for short-term loans.
|
|
The Fed's new emergency loans, and separate support to the commercial paper market introduced on Tuesday, should stop that happening, experts say.
|
|
The Fed's new emergency loans, and separate support to the commercial paper market introduced on Tuesday, should stop that happening, experts say.
|
|
Deutsche Bank Financial LLC's Short-Term IDR and commercial paper programme rating have been withdrawn because the entity has ceased to exist.
|
|
NEW YORK (Reuters) - The amount of U.S. commercial paper grew in the week ended Nov 2 Federal Reserve data showed on Thursday.
|
|
Fitch as also assigned HCL's EUR0003m French commercial paper programme (Titres de creances negociables; TCNs) a final short-term rating of 'F1+'.
|
|
NEW YORK (Reuters) - The amount of U.S. commercial paper grew in the week ended Jan 17 Federal Reserve data showed on Thursday.
|
|
The company missed a payment deadline for 2 billion yuan ($285 million) worth of maturing short-term commercial paper on Dec. 1.
|
|
NBFCs typically raise short-term funds through commercial paper and lend for long-term purposes such as housing loans and infrastructure projects.
|
|
In addition to commercial paper funding, eppf allows for long-term benchmarks and covers both private and public deals, with or without listing.
|
|
Net proceeds are expected to be used to repay outstanding commercial paper with the remaining balance to be used for general corporate purposes.
|
|
Fitch has also affirmed BWA's unsecured credit facility and senior unsecured notes ratings at 'BBB+' and Commercial Paper (CP) program rating at 'F2'.
|
|
The report, 'Titres Negociables a Court Terme (French commercial paper); A Short-Term Funding Instrument for the Public Sector' is available on www.fitchratings.
|
|
Gustavo Labanca, a senior Engie executive, said the company may sell debentures or commercial paper in Brazil to fund payment of the licenses.
|
|
Fitch has also affirmed Marseille's EUR700m euro medium-term programme at 'A+' and EUR200m commercial paper (billets de tresorerie; BT) programme at 'F1'.
|
|
After adjusting for seasonal factors, commercial paper rose by $303 billion to $1.079 trillion, the highest level in about 1-1/2 months.
|
|
An undrawn USD2 billion credit facility, available to July 13, is used to backstop GBP521 million of commercial paper and short-term loans.
|
|
Proceeds will be used for general corporate purposes, including the repayment of outstanding commercial paper at maturity and the repurchase of common stock.
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RATING SENSITIVITIES IDRs, SECURED DEBT, COMMERCIAL PAPER, SUPPORT RATING, SUPPORT RATING FLOOR PEFCO's issue ratings are highly sensitive to the U.S. sovereign rating.
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In contrast, other countries' banks that reduced US commercial paper issuance -- including France, Sweden, Norway and Australia -- did not switch to government funds.
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GE can still tap the second tier of the commercial paper market, but that corner of the market is smaller and more expensive.
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In addition, GSK has a USD10 billion (GBP8.1 billion) US commercial paper programme, from which USD1.4 billion had been issued in December 2016.
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Money market pain is even more remarkable given the Fed kicked off its CPPF facility to ease strains in the commercial paper market.
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In normal times, he said the spread on one-month commercial paper for a high-quality company trades at about 20 basis points.
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Some of the obligors (CHU of Bordeaux, HCL and CHU of Montpellier) are allowed by law to issue a French commercial paper programme.
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Its EUR10 billion commercial paper programme (NeuCP) programme has been affirmed at 'F7503+' and its EUR8 billion medium-term notes (NeuMTN) at 'AA'.
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Earlier this month, it was a day late paying principal and interest on 200 million renminbi of commercial paper due to "technical reasons".
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It may include direct payments to individuals, small-business lending, payroll tax cuts, and credit facilities for larger businesses and commercial paper facilities.
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Proceeds from the notes along will commercial paper borrowings will be used to refinance the $1 billion 7503% senior unsecured notes due February 2017.
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NEW YORK, Dec 28 (Reuters) - The amount of U.S. commercial paper grew in the week ended Dec 27 Federal Reserve data showed on Thursday.
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Analysts blamed the fall in commercial paper supply on reduced borrowing by companies and investors keeping their cash at quarter-end for financial reporting.
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In a crisis such as that of 25 the Federal Reserve can buy commercial paper issued by banks and companies or mortgage-backed securities.
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Such liquid funds could go into bank deposits, or be used to buy other firms' commercial paper or even to lend to them directly.
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NEW YORK, Dec 21 (Reuters) - The amount of U.S. commercial paper grew in the week ended Dec 20 Federal Reserve data showed on Thursday.
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After adjusting for seasonal factors, the size of the commercial paper market declined from its the highest level in about 1-1/2 months.
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NEW YORK, Nov 17 (Reuters) - - The amount of U.S. commercial paper grew in the week ended Nov 16 Federal Reserve data showed on Thursday.
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LIQUIDITY Ample Liquidity, Manageable Maturities: Conagra maintains an undrawn $1.25 billion senior unsecured revolving credit facility that provides backup for its commercial paper program.
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The downgrades forced GE to retreat from commercial paper, a form of cheap short-term borrowing relied on by businesses with strong balance sheets.
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Related Research U.S. Commercial Paper Monitor here U.S. Money Fund Reform Dashboard here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
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Five respondents said the BOJ would increase its purchases of exchange-traded funds and real estate investment trusts, or commercial paper and corporate bonds.
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The problem is that bank lines are more expensive and restrictive than the commercial paper market, which allows companies to quickly refinance their debt.
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The planned issuance of a EUR1 billion commercial paper program in September 2017 should further enhance the diversification of the group's sources of financing.
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Tuesday's move to buy back commercial paper followed several emergency measures taken by the Fed on Sunday, including slashing interest rates to near zero.
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"The commercial paper market is still having issues with the composite trading higher than yesterday, even after the announcement of the CPFF," said Giddis.
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This week, the Fed reintroduced a program to support the commercial paper market, short-term debt that large companies use to finance their operations.
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Guha, the Evercore economist, predicted the Fed will reinstitute the Commercial Paper Funding Facility used during the crisis to provide liquidity in that market.
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For one, many watchers were disappointed there was no mention Sunday of the commercial paper market, where businesses go for unsecured short-term funding.
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Central bank data shows growth of non-bank lending, like so-called entrusted loans between companies and discounted commercial paper, has declined since 2018.
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Fitch views RM's liquidity management as sound, which will allow the metropolis to provide sufficient liquidity coverage of its forthcoming French commercial paper issuance.
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Final passage of the bailout didn't help nor did Fed and international central bank guarantees of bank accounts, money market funds or commercial paper.
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Two economists nominated a further deepening of negative interest rates while two others opted for an expansion of commercial paper and corporate bond buying.
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Its EUR500m EMTN programme has been affirmed at 'AA' and 'F1+' and its EUR240m short-term commercial paper programme has been affirmed at 'F1+'.
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The Bank of England also confirmed that a scheme to buy debt known as commercial paper from larger businesses would start on Monday too.
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The Country Ceiling has been affirmed at 'AAA' and the Short-Term Foreign and Local Currency IDRs and Commercial Paper have been affirmed at 'F1+'.
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Among the decliners, Dewan Housing Finance Corp Ltd fell over 8 percent, a day after ratings agency ICRA downgraded its rating on Dewan's commercial paper.
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Higher borrowing costs in the federal funds and repurchase agreements markets this week may have bolstered the appeal of commercial paper as a funding source.
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Fitch has also affirmed AFD's EUR30 billion EMTN programme at 'AA' and 'F1+' and EUR2 billion negotiable European commercial paper (NEU CP) programme at 'F7503+'.
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Sumitomo Mitsui Finance and Lease Co Ltd issued 5 billion yen ($44.27 million) of six-month commercial paper (CP) at a yield of -0.001 percent.
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The one year commercial paper rate has risen by 35 basis points to 8.85 percent since the start of September as liquidity conditions have tightened.
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Tyco International Finance S.A. --Long-term IDR 'A-'; --Senior unsecured revolving credit facilities 'A-'; --Senior unsecured notes 'A-'; --Short-term IDR 'F217'; --Commercial paper 'F22015'.
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Fitch has also affirmed the 'BBB-' ratings on Andalusia's outstanding senior unsecured bonds and the 'BBB-' and 'F3' ratings on Andalusia's commercial paper (pagares) programme.
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RATING SENSITIVITIES IDRS, SECURED DEBT, COMMERCIAL PAPER, SUPPORT RATING, SUPPORT RATING FLOOR PEFCO's IDRs and issue ratings are highly sensitive to the U.S. sovereign rating.
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In anticipation, investors have slashed their allocations to prime funds, the main buyers of commercial paper and certificates of deposit from corporations, including Japanese lenders.
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COM INC - UNDER COMMERCIAL PAPER PROGRAM, COMPANY MAY ISSUE NOTES, WITH MATURITIES THAT VARY, BUT DO NOT EXCEED 397 DAYS FROM DATE OF ISSUE * AMAZON.
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Prime money funds have been reducing their holdings of commercial paper and other short-term debt from banks, which analysts blame for pushing up Libor.
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FULL LIST OF RATINGS Johnson & Johnson --Issuer Default Rating (IDR) 'AAA'; --Senior unsecured debt 'AAA'; --Subordinated debt 'AAA'; --Short-term IDR 'F227+'; --Commercial paper 'F173+'.
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They have expanded this to small businesses, student loans, automobile loans, credit card loans, money market funds, commercial paper and a variety of other points.
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The US central bank, the Federal Reserve, has issued a similar commercial paper rescue facility, injecting billions of dollars into the short-term lending market.
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A similar move by the Ben Bernanke-led Fed in 2008 helped prevent the collapse of companies like General Electric that relied on commercial paper.
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The high price may not make it meaningfully easier for some companies to tap the commercial paper market and therefore may not change liquidity conditions.
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That should be the main area of concern ... Corporations may lose access to the commercial paper market because buyers are gun-shy about balance sheets.
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U.S. dollar funding stresses remain evident, even if slightly easier since the U.S. Federal Reserve's latest support for commercial paper and securities repurchase markets Tuesday.
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U.S. dollar funding stresses remain evident, even if slightly easier since the U.S. Federal Reserve's latest support for commercial paper and securities repurchase markets Tuesday.
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Short-term liquidity needs are also covered by several revolving credit lines, committed bank lines, and regular use of the EUR200 million commercial paper programme.
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Fitch has also affirmed the 'BBB-' ratings on Andalusia's outstanding senior unsecured bonds and the 'BBB-' and 'F212001' ratings on Andalusia's commercial paper (pagares) programme.
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DEBT RATINGS The ratings on the medium-term note programme, senior notes and commercial paper programmes are sensitive to any changes in the banks' IDRs.
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Concern had risen in recent days about the prime funds, which purchase non-Treasury debt, such as corporate debt, commercial paper and government agency debt.
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It has also repeatedly increased liquidity in the repo market; added a facility for commercial paper and said it would buy $500 billion in Treasurys.
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After beginning his career as a commercial paper salesman, he moved into junk bonds and leveraged finance at Salomon Brothers, Drexel Burnham Lambert and Bear Stearns.
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Unit CNH Industrial Capital has established a new programme under which it may issue short-term, unsecured, unsubordinated commercial paper notes on a private placement basis.
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The authors argue that when there is not enough money, the private sector steps in, by issuing very short-term debt like asset-backed commercial paper.
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LIQUIDITY Strong Liquidity: TELUS's financial flexibility is good, owing to its cash and temporary investments, undrawn revolver capacity, commercial paper program and accounts receivable securitization program.
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Over two weeks, commercial paper supply fell by $59.5 billion, which was the most since a $76.2 billon fall in the last two weeks of 2014.
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Moscow's total foreign debt only amounts to 14 percent of GDP (gross domestic product), and is mainly made up of commercial paper, according to Verisk Maplecroft.
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|
More concerning, analysts say, is that potential defaults at so-called shadow banks could cripple many mutual funds that are heavily invested in their commercial paper.
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As of June 30, 2017 the company's local notes represented 64% of its total debt of PEN2.1 billion, with the remainder being loans and commercial paper.
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Many funds at the time were invested in asset-backed commercial paper, for example, and had exposure to the imploding mortgage market, triggering massive unexpected losses.
|
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Some analysts consider seasonally adjusted readings on commercial paper less reliable than the unseasonally adjusted ones since they have been distorted by the global financial crisis.
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|
The quality of the CEA's investment portfolio is very high, consisting solely of cash and equivalents, U.S. Treasury securities and commercial paper at year-end 2016.
|
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The Short-term foreign currency IDR and the issue rating on Greece's Commercial Paper have both been affirmed at 'C', and the Country Ceiling at 'B-'.
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|
Citing its emergency powers under Section 13(3) of the Federal Reserve Act, the central bank said it will purchase commercial paper from highly-rated borrowers.
|
|
Tuesday's move to buy back commercial paper followed several emergency measures taken by the U.S. central bank on Sunday, including slashing interest rates to near zero.
|
|
The U.S. Federal Reserve moved on Tuesday to ease funding stress among corporates by reopening its Commercial Paper Funding Facility to underwrite short-term corporate loans.
|
|
Under the Commercial Paper Funding Facility, first used in 2008, the central bank will buy short-term corporate debt directly from the companies that issue it.
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|
These concerns make it expensive and difficult for these firms to raise funds through commercial paper, and have driven up overall borrowing costs for the sector.
|
|
Tuesday's move to buy back Commercial Paper followed several emergency measures taken by the U.S. central bank on Sunday, including slashing interest rates to near zero.
|
|
Some of the obligors (CHU of Bordeaux, Hospices Civils de Lyon and CHU of Montpellier) are allowed by law to issue a French commercial paper programme.
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|
"By buying commercial paper, the Riksbank is helping to improve market functionality and thus improve credit supply to companies," the central bank said in a statement.
|
|
Fitch has assigned a final commercial paper (CP) rating of 'F2' to JCI that applies to a $2 billion U.S. program and a EUR2 billion CP program.
|
|
U.S. non-seasonally adjusted commercial paper (CP) outstanding rose to $1.106 trillion, which was the highest since the $1.25 trillion in the week of June 20, 2018.
|
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Other rating concerns include the typical large intra-quarter use of commercial paper and the high dividend payout which affects free cash flow as defined by Fitch.
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|
Fitch currently rates Western Union as follows: --Long-Term IDR 'BBB+'; --Senior unsecured 'BBB+'; --Senior unsecured credit facility 'BBB+'; --Short-Term IDR 'F2'; --Commercial paper program 'F2'.
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TOKYO, March 24 (Reuters) - Japan hit a new milestone in its experiment with negative interest rates after a leasing company issued commercial paper with a negative yield.
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AA rated 3-month commercial paper AACNCP3M=RR yielded 3.585% on July 19, according to Refinitiv data, a nearly 90 basis point premium over AAA rated paper.
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At the end of December, prime funds owned $304.2 billion, or 39.8 percent of their total holdings in commercial paper, U.S. Securities and Exchange Commission data showed.
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|
Fitch currently rates Mondelez as follows: --Long-term Issuer Default Rating (IDR) 'BBB'; --Senior unsecured debt 'BBB'; --Credit facility 'BBB'; --Short-term IDR 'F28'; --Commercial paper 'F173'.
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The fund invests in a diversified portfolio of assets, typically comprising certificates of deposit, commercial paper, time deposits, as well as fixed- and floating-rate corporate bonds.
|
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The amount of commercial paper that money funds regulated by Securities and Exchange Commission can purchase increased by $23.9 billion in the latest week, Fed data showed.
|
|
These have been mostly JGBs, but have included real-estate investment trusts, corporate bonds, commercial paper and stocks, in the form of exchange-traded funds, or ETFs.
|
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VW said it will return to the unsecured bond market in due course and was still taking advantage of ABS (asset-backed securities) transactions and commercial paper.
|
|
COM INC - CO MAY ISSUE ON A PRIVATE PLACEMENT BASIS UNSECURED COMMERCIAL PAPER NOTES UP TO A MAXIMUM AMOUNT OUTSTANDING AT ANY TIME OF $7.0 BILLION * AMAZON.
|
|
"An improved commercial paper market will enhance the ability of businesses to maintain employment and investment as the nation deals with the coronavirus outbreak," the Fed added.
|
|
Many believe the central bank will eventually follow by re-instituting the Commercial Paper Funding Facility used during the financial crisis to provide liquidity in the market.
|
|
The central bank on Tuesday announced a new lending program, the Commercial Paper Funding Facility, under its authority under Section 13(3) of the Federal Reserve Act.
|
|
The new facility, administered by the Federal Reserve Bank of New York, will purchase commercial paper that is highly rated by nationally recognized rating organizations, Mnuchin said.
|
|
Under the Commercial Paper Funding Facility (CPFF), first used in 2008, the central bank will buy short-term corporate debt directly from the companies that issue it.
|
|
The new facility, administered by the Federal Reserve Bank of New York, will purchase commercial paper that is highly rated by nationally recognized rating organizations, Mnuchin said.
|
|
In recent days, for instance, investors that buy ultra-short-term debt issued by companies — including a popular variety known as commercial paper — have started growing jumpy.
|
|
The issue ratings on Belgium's senior unsecured Foreign and Local Currency bonds have also been affirmed at 'AA' and the issue rating on commercial paper at 'F1+'.
|
|
In a year, prime funds which had been major buyers of commercial paper has shifted over $700 billion of assets into the government-only category, according to iMoneynet.
|
|
On Wednesday, interest rates on 30-day commercial paper from AA-rated non-financial companies averaged 0.49 percent, reaching its highest level since late 2008, Fed data showed.
|
|
The authors argue that when the government fails to satisfy this demand, the private sector steps in, by issuing very short-term debt like asset-backed commercial paper.
|
|
So the FSA agreed to temporarily waive the requirement that MRFs put most of their investment funds in securities such as bonds and commercial paper, this source said.
|
|
Average cash and debt balances are higher than reported at quarter ends due to GE's use of commercial paper, but there is relatively little change in net debt.
|
|
A further 2.7 trillion rupees of commercial paper and non-convertible debentures will be due for redemption over Jan-March next year, the report added, citing the letter.
|
|
"We are working on different options, right issues and or commercial paper and or refinancing our debt to ensure that we maintain profits," Vauthier told an analysts' call.
|
|
SHANGHAI, Aug 15 (Reuters) - The Shanghai Commercial Paper Exchange said on Thursday it had established standardised notes to improve liquidity support for small- and medium-sized financial institutions.
|
|
FULL LIST OF RATING ACTIONS Fitch rates Amgen as follows: --Long-Term IDR 'BBB'; --Senior unsecured debt 'BBB'; --Bank loan 'BBB'; --Short-Term IDR 'F214'; --Commercial paper 'F173'.
|
|
The group also issues commercial paper at the Unilever NV, Unilever PLC and UCC levels and has access to USD6.5 billion of revolving 13-day bilateral credit facilities.
|
|
Interest rates on three-month commercial paper, which are short-term IOUs banks sell to investors to raise cash, rose to 2.2 percent, the highest since October 2008.
|
|
The Fed has already slashed interest rates to zero, added $83 trillion in daily repo operations, and created facilities to help commercial paper, money markets and municipal debt.
|
|
In addition to government debt, the ECB said it would buy commercial paper from private companies, including non-bank institutions to give companies access to short-term lending.
|
|
He joined as a partner in 1999 after working in commercial paper, junk bonds and leveraged finance at firms including Salomon Brothers, Drexel Burnham Lambert and Bear Stearns.
|
|
"The economic disruption and uncertainty created by COVID-153 has created challenges for the commercial paper market, constraining access to short-term credit for American businesses," Mnuchin said.
|
|
"It's helping the short-term commercial paper side and things are trading a little better in high yield," said Peter Boockvar, chief investment strategist at Bleakley Advisory Group.
|
|
The scheme, which will end when the "crisis phase" of the epidemic is over, will also include non-financial commercial paper with sufficient credit quality, the ECB said.
|
|
Across the Atlantic, the U.S. Federal Reserve revived a commercial paper funding facility it used during the 2008 financial crisis to get credit directly to businesses and households.
|
|
Commercial paper, commonly referred to as CP, is short-term debt that banks, manufacturers and other firms sell to raise money to finance their loans, payrolls and inventories.
|
|
But Chandler said he expects that to be marginal since U.S. companies have already put that cash into Treasurys or dollar-denominated commercial paper to avoid currency risks.
|
|
MidAmerican Energy Company (MEC) --Long-Term IDR at 'A-'; --Senior secured debt at 'A+'; --Senior unsecured debt at 'A'; --Short-Term IDR at 'F2'; --Commercial paper at 'F2'.
|
|
Fitch currently rates IBM as follows: --Long-Term Issuer Default Rating (IDR) 'A+'; --Senior unsecured RCF 'A+'; --Senior unsecured debt 'A+'; --Short-term IDR 'F2908'; --Commercial paper 'F173'.
|
|
Reduced purchases of commercial paper among institutional prime funds in recent weeks have increased some gauges of companies' short-term borrowing costs to levels not seen since the crisis.
|
|
FULL LIST OF RATING ACTIONS Fitch has assigned the following final ratings: Johnson Controls International plc --Senior unsecured notes 'BBB+'; --Senior unsecured revolving credit facility 'BBB+'; --Commercial paper 'F13'.
|
|
The amount of top-rated commercial paper in which regulated money market funds can invest grew to $394.4 billion in the latest week from $391.1 billion a week earlier.
|
|
Short-term funding is comfortable, supported by EUR3.5 billion commercial paper programmes, a EUR725m million syndicated revolving credit line and EUR500 million of cumulative credit lines provided by LBP.
|
|
Last week, the commercial paper supply fell to $1.012 trillion on a seasonally adjusted basis, its lowest level in 10 months, according to Federal Reserve data released on Thursday.
|
|
If repatriation becomes cost-effective companies will be able to bring the offshore cash back and use the funds for share repurchases, dividends, acquisitions and backstopping commercial paper programs.
|
|
Fitch has also affirmed TfL's GBP5bn MTN programme's long-term local currency rating at 'AA-' and commercial paper (ECP) programme's Short-term foreign and local currency ratings at 'F7503+.
|
|
DEBT RATINGS The ratings on the medium-term note programmes, senior notes and commercial paper programmes are sensitive to any changes in the IDRs of the banks and DBSH.
|
|
The BoE's purchases of commercial paper will be funded by the creation of new central bank money, the same way it bought government bonds under its quantitative easing programme.
|
|
Third, the central bank added non-financial commercial paper to the list of assets it would buy, following similar moves by the U.S. Federal Reserve and Bank of England.
|
|
The central bank was also open to widening finance schemes further, looking at asset-backed commercial paper and the credit quality non-financial firms need to access its facilities.
|
|
LONDON (Reuters) - The Bank of England and Britain's finance ministry launched a scheme on Tuesday to purchase debt known as commercial paper issued by companies hit by the coronavirus.
|
|
Some Wall Street analysts noted after the announcement that the Fed did not mention an intervention into the commercial paper market, where companies go for short-term unsecured financing.
|
|
The ECB will buy 20900 billion euro ($0000 billion) in bonds through 217, with Greek debt and non-financial commercial paper eligible under the programme for the first time.
|
|
Tuesday saw also the U.S. Federal Reserve step in again to ease funding stress among corporates by reopening its Commercial Paper Funding Facility to underwrite short-term corporate loans.
|
|
Companies have already been drawing down credit lines — Anheuser-Busch InBev and Kraft Heinz among them — while demand for short-term unsecured bonds known as commercial paper dries up.
|
|
Ettah said its property unit, UPDC, will raise 5.6 billion naira ($28.16 million) via a rights issue and 24 billion naira via commercial paper to lower its funding costs.
|
|
Euroclear said it has on a few occasions collected coupon payments due from investors to issuers on short-term French commercial paper known as titres de creances negociables (TCNs).
|
|
The statement released via China's foreign exchange trading platform operator late on Wednesday comes after the company missed a payment on short-term commercial paper in October last year.
|
|
HNA subsidiaries have issued 5 billion yuan ($755.60 million) in domestic commercial paper over the last month, with all yielding around 7 percent, which one analyst said was high.
|
|
Two major credit ratings agencies - ICRA, an affiliate of Moody's, and Standard & Poor's local unit Crisil - earlier this month categorised DHFL's commercial paper at default levels for missing bond payments.
|
|
Derivatives traded among international banks on unregulated markets to increase leverage, amounting to trillions of dollars of junk commercial paper, brought most of the world's financial houses to their knees.
|
|
In September Vasakronan, a Swedish property-management firm, issued the first green commercial paper, ie, short-dated debt, for funding the short-term expenses of the firm's environmentally friendly buildings.
|
|
These funds had been major buyers of commercial paper and other short-term debt from banks and other corporations, which use proceeds to fund trades or finance payrolls and inventories.
|
|
As part of risk management under the new rules, companies offering commercial paper must present good financial statements in the last three years and be assessed by a rating agency.
|
|
The growth in prime fund assets has enticed companies to issue more commercial paper as a funding source, resulting in lower borrowing costs for banks and Wall Street, analysts said.
|
|
Since July, some U.S. prime money market funds, which had been major holders of commercial paper and other bank debt, have changed over to funds that hold only government securities.
|
|
Reduced demand from prime money funds for commercial paper and other short-term debt from banks propelled the Libor to its highest level in more than seven years on Friday.
|
|
The rating of NBK's senior unsecured commercial paper is aligned with the bank's Short-Term rating of 'F1+' SUBSIDIARY National Bank of Kuwait (International)'s IDRs are equalised with NBK's.
|
|
The US central bank's moves are aimed at stabilizing the commercial paper market, where during normal times businesses can easily get short-term loans to pay workers and finance inventories.
|
|
Like other funding markets, the commercial paper market broke down in recent days, raising fears that coronavirus-ravaged companies would lose access to credit just as they need it most.
|
|
Commercial paper - short-term loans that companies use to meet financing needs for things like payrolls, accounts payable and inventories - has become more expensive for companies in the past week.
|
|
The Federal Reserve said Tuesday that it would backstop the market in short-term corporate borrowing, known as commercial paper, as part of its efforts to hold down borrowing costs.
|
|
Known as commercial paper, the market has been gummed up lately, but Mnuchin said the new program could provide eligible businesses up to $1 trillion in 90-day unsecured credit.
|
|
The shadow banking industry also functions as an efficient allocator of credit, and reviving instruments like short-term commercial paper — in particular banker's acceptance notes — could help with quick liquidity.
|
|
PacifiCorp (PPW) --Long-Term IDR at 'A-'; --Senior secured debt at 'A+'; --Senior unsecured debt at 'A'; --Preferred stock at 'BBB+'; --Short-Term IDR at 'F13'; --Commercial paper at 'F2'.
|
|
The central bank was also open to widening finance schemes further, looking at asset-backed commercial paper and the credit quality that non-financial firms need to access its facilities.
|
|
Carrefour Brasil, which used part of the proceeds from the IPO to reduce debt, plans to sell 2 billion reais ($637.4 million) worth of commercial paper, according to a separate statement.
|
|
National ratings --Long-term National rating at 'AA-(pan)'; Outlook Negative; --Short-term National rating at 'F22016+(pan)'; --Long-term senior unsecured bonds at 'AA-(pan)'; --Commercial paper at 'F20133+(pan)'.
|
|
During the 2008-2009 crisis, we liked having Treasury Bills – loads of Treasury Bills – that protected us from having to rely on funding sources such as bank lines or commercial paper.
|
|
The outstanding supply of commercial paper (CP) rebounded from its lowest level in at least 16 years, while their interest rates have retreated from recent peaks, according to Federal Reserve data.
|
|
Following is a table of year-on-year percentage changes in Japanese bank lending and outstanding commercial paper held by banks: To view the full tables, go to here Stanley White
|
|
Such rapid growth for the shadow banking sector is fraught with risk, say analysts, especially as many have raised funds via short-term commercial paper that needs to be rolled over.
|
|
Short-term borrowings totaled $551 million at the end of the first quarter of 2017, consisting of $536 million of revolver borrowings and $403 million of commercial paper outstanding, Sears said.
|
|
While CP rates could fall deeper into negative levels, some market players also said uncertainty persists because the BOJ provides limited information on which commercial paper it buys and it doesn't.
|
|
CIT's commercial paper program became more expensive than the drawn cost of its revolving credit, so the firm chose to draw down on its loan, successfully arbitraging costs between both markets.
|
|
Prime money funds, which can own commercial paper in addition to Treasury bills, repurchase agreements and agency discount notes, recorded $9.7 billion in inflows in the latest week, according to iMoneyNet.
|
|
The rating actions are as follows: ICAP Plc Long-Term IDR affirmed at 'BBB'; Outlook Stable; Short-Term IDR and commercial paper programme affirmed at 'F3'; Senior debt affirmed at 'BBB'.
|
|
LAGOS, May 2 (Reuters) - Nigeria's Fidelity Bank is considering issuing a commercial paper to boost lending depending on the yield and pricing it can fetch, a senior executive said on Wednesday.
|
|
The company had warned on June 15 that it was uncertain it would be able to make the payments on the nine-month commercial paper, citing major pressure on its operations.
|
|
Fitch currently rates International Business Machines Corporation as follows: --Long-Term Issuer Default Rating (IDR) 'A+'; --Senior unsecured RCF 'A+'; --Senior unsecured debt 'A+'; --Short-Term IDR 'F1'; --Commercial paper 'F1'.
|
|
DEBT RATINGS The medium-term note programmes, senior notes and commercial paper programmes are rated at the same levels as the Long-Term and Short-Term IDRs of banks and DBSH.
|
|
Two major credit ratings agencies - ICRA, an affiliate of Moody's Investors Service, and Standard & Poor's local unit Crisil - last month categorised DHFL's commercial paper at default levels for missing bond payments.
|
|
The long-term issues of Essonne have been affirmed at 'AA-', including its EUR1 billion EMTN programme, and its short-term issues at 'F1+', including its EUR160 million commercial paper programme.
|
|
On Tuesday, the BoE said it would buy a form of debt called commercial paper from investment-grade bigger companies, even if they had not issued this type of finance before.
|
|
LONDON, March 17 (Reuters) - The Bank of England and Britain's finance ministry launched a scheme on Tuesday to purchase debt known as commercial paper issued by companies hit by the coronavirus.
|
|
While programs including the Term Asset-Backed Loan Facility and help for the commercial paper and money markets are familiar to financial crisis historians, the Fed has added to its outreach.
|
|
It said that on April 2, it would buy 4 billion crowns of commercial paper issued in Swedish kronor by Swedish non-financial corporations with a rating of BBB- or higher.
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It benefits from a EUR3.9 billion revolving credit facility (fully undrawn at end-2016) as backup for a commercial paper issue of up to EUR5 billion (none outstanding at end-2016).
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DEBT RATINGS The ratings on the medium-term note programme, senior notes and commercial paper programmes are the same as the banks' and DBSH's respective Long-Term and Short-Term IDRs.
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A.: Long-Term IDR: affirmed at 'BBB+'; Outlook Revised to Negative from Stable Short-Term IDR: affirmed at 'F2' Support Rating: affirmed at '2' Senior debt (including programme ratings): affirmed at 'BBB+' Intesa Sanpaolo Bank Ireland plc: Commercial paper/Short-term debt affirmed at 'F2' Senior unsecured debt: affirmed at 'BBB+' Intesa Sanpaolo Bank Luxembourg, S.A.: Commercial paper and Short-term debt: affirmed at 'F2' Senior unsecured debt: affirmed at 'BBB+' Intesa Funding LLC: US commercial paper programme: affirmed at 'F2' Credito Emiliano Long-Term IDR: affirmed at 'BBB+'; Outlook Revised to Negative from Stable Short-Term IDR: affirmed at 'F2' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Senior unsecured EMTN programme: affirmed at 'BBB+' Subordinated note: affirmed at 'BBB' Mediobanca S.p.
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Six economists said the BOJ would increase its purchases of exchange-traded funds/real estate investment trusts and four responded that it would boost its buying of commercial paper and corporate bonds.
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In the commercial paper market, which was heavily relied on by the NBFCs and HFCs, absolute issuance has declined sharply relative to its level before the IL&FS defaults, the RBI said.
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Third, the structure of corporate debt has become safer, with corporations relying far less on short-term debt obligations, such as commercial paper, bank loans and advances, and refinancing risk has declined.
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They have kept credit flowing to households and industry in recent years, financing themselves by selling bonds and commercial paper to yield-hungry mutual funds, until one lender defaulted in September 2018.
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In addition to $20 million in commercial paper borrowings at June 30, 2017, BWA had $105 million in other short-term debt and $17 million in current maturities of long term debt.
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SPG has demonstrated access to debt capital in multiple currencies (USD and EUR), across a wide range of tenors (commercial paper through 30-year notes) and at all points in the cycle.
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Sustainability-linked loans have a pricing incentive, which can reduce margins by up to 5bp if they meet their benchmarks on finely-priced unsecured revolving credits and standby commercial paper backstop loans.
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The BOJ has committed itself to holding 2.2 trillion yen of commercial paper - short term borrowing instruments that are popular with companies - on its balance sheet as a part of its stimulus.
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The fund invests in a diversified portfolio of assets, typically comprising certificates of deposit, commercial paper, time deposits, as well as fixed- and floating-rate corporate and government bonds of European states.
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Tianjin SDIC Jinneng Electric Power Co Ltd issued 200 million yuan ($29.81 million) in commercial paper on the interbank market in mid-2017 to finance a low-emissions coal-fired power plant.
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Because these new funds come in the form of long-term bonds, they cannot be subject to a run like bank deposits in the 1930s or repo or commercial paper in 2008.
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Commercial paper (CP) balances were $13.7 billion at the end of first quarter 2017 from a peak of approximately $19 billion as Coca-Cola has reduced its reliance on this funding source.
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On the primary side Credit Agricole said it remained in top three positions in terms of sovereign, supranationals and agencies, green bond, European asset-backed commercial paper and French convertible bond issuance.
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The company established a commercial paper (CP) program in 2014 (the first such program created by a U.S. equity REIT), which it upsized to $1 billion from $500 million in March 2015.
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Yields on AA-rated one-year commercial paper, which rose over 60 bps that month, finally leveled off in late April following a series of large capital injections by the central bank.
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"There is a (market) segment that needs us to quickly step up our action and it's the commercial paper market for short-term corporate financing, which is not liquid enough," he said.
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The ECB on Wednesday pledged to buy 80 billion euro ($214 billion) in bonds through 212, with Greek debt and non-financial commercial paper eligible under the programme for the first time.
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The Fed cannot take on significant credit risk, but the Treasury Department has agreed to take the first $10 billion in losses in the central bank's commercial paper and money fund facilities.
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The central bank also decided to create a new loan programme to assist funding of small firms hit by the health crisis, and ramp up buying of commercial paper and corporate bonds.
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Analysts at Bank of America wrote that the Federal Reserve may announce measures on Sunday night aimed at bolstering liquidity in the commercial paper market, used by companies for short-term loans.
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"There is a (market) segment that needs us to quickly step up our action and it's the commercial paper market for short-term corporate financing, which is not liquid enough," he said.
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Companies use revolving credit facilities as backstop financing in case short-term commercial paper lines fail to roll over, and borrowers can draw down, repay, and re-borrow these loans at will.
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LIQUIDITY Ample Liquidity: As of February 2017, General Mills maintained $2.7 billion undrawn of a committed unsecured revolving credit facility which supports its commercial paper (CP) program, and expires in May 0003.
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NON-CORE ASSETS SOLD HNA subsidiaries have issued 5 billion yuan ($755 million) in domestic commercial paper over the last month, all yielding around 7 percent - a level considered high by analysts.
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The event triggered a default on the 500 million renminbi of commercial paper as the subsidiary missed the grace period of 10 days, following the maturity date of the bankers' acceptance bills.
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Shares of Indian mortgage lender Dewan Housing Finance Corp Ltd (DHFL) plunged as much as 18% on Thursday after two major credit ratings agencies categorised the company's commercial paper at default levels.
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Fitch has affirmed and withdrawn the following ratings: Tyco International Finance S.A. --Long-Term IDR 'BBB+'; --Senior unsecured revolving credit facilities 'BBB+'; --Senior unsecured notes 'BBB+'; --Short-Term IDR 'F2'; --Commercial paper 'F2'.
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FULL LIST OF CURRENT RATINGS Texas Instruments Incorporated --Long-Term Issuer Default Rating (IDR) 'A+'; --Short-Term IDR 'F1'; --Commercial Paper program 'F1'; --Senior unsecured revolving credit facility 'A+'; --Senior unsecured notes 'A+'.
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Proceeds from the notes will be used to tender $440 million of the $1.1 billion senior unsecured notes due in 2031 and to term out the outstanding $899 million U.S. commercial paper balance.
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The non-financial PSE short-term issuance market is highly concentrated, with Agence Centrale des Organismes de Securite Sociale (BT and euro commercial paper programmes: F1+), representing 89.3% of issuance at end-2015.
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Investors have been shifting more cash into money market funds, which are major buyers of commercial paper, since early December, which has likely encouraged companies to step up their issuance of these securities.
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"GCP could mean anything from terming out commercial paper before new money market reforms become effective on October 14, or preparing for the Justice Department's settlement, balance sheet enforcement," said one senior banker.
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The senior unsecured ratings of Unilever Capital Corporation (UCC) and Alberto-Culver Co. are affirmed at 'A+', and the commercial paper programmes of Unilever NV, Unilever PLC and UCC are affirmed at 'F33712016'.
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FULL LIST OF RATING ACTIONS Fitch has maintained Monsanto's ratings on Rating Watch Negative as follows: Monsanto Company --Long-Term IDR 'A-'; --Short-Term IDR 'F2'; --Senior unsecured debt 'A-'; --Commercial paper 'F2'.
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The spread between the safer AA-rated overnight paper of nonfinancial companies versus riskier P2 overnight commercial paper rose to 138 basis points on Friday, according to the most recent Federal Reserve data.
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The BoE has said it will buy commercial paper - short-dated debt issued by companies usually to help finance their everyday operations - from non-financial companies, with maturities of up to one year.
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The spread between interest rates on lower and higher-rated overnight commercial paper increased on Monday to its widest level since 2008, signaling investors are demanding a hefty premium to hold riskier debt.
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The central bank's announcement was made late in the morning on Tuesday, after the commercial paper market had effectively closed, so changes in the market would not have been felt until early Wednesday.
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The BoE has said it will buy commercial paper - short-dated debt issued by companies usually to help finance their everyday operations - from non-financial companies, with maturities of up to one year.
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McCulley said the Fed does need to help in the commercial paper market, but that the main issue now is in the hands of the fiscal side of Congress and the executive branch.
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Companies use revolving credit facilities as backstop financing in case short-term commercial paper lines fail to roll over, and borrowers can draw down, repay, and re-borrow these funding lines at will.
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The ECB will buy 21 billion euro ($20.9149 billion) in bonds through 2020, with Greek debt and non-financial commercial paper of sufficient credit quality eligible under the programme for the first time.
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Proponents say that institutional investors need safe parking spaces where they can easily access their money, and narrow banks would be safer than existing options, like short-term "commercial paper" lending to corporations.
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The ripple effect has been a whammy to credit markets, sending many spreads wider across the markets and even stalling out the commercial paper market, where the highest rated companies go for cash.
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The spread between the safer AA-rated overnight paper of nonfinancial companies versus riskier P2 overnight commercial paper rose to 138 basis points on Friday, according to the most recent Federal Reserve data.
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Fitch currently rates the Allstate entities as follows: The Allstate Corporation --Long-Term Issuer Default Rating at 'A-'/Stable Outlook; --Preferred stock at 'BB+'; --Commercial paper at 'F2'; --Short-Term IDR at 'F2'.
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This happened in the 1970 collapse of the commercial paper market, which followed the bankruptcy of the giant Penn Central Railroad, and in the "Black Monday" collapse of the stock market in 1987.
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Sustainability-linked loans, which generally backstop commercial paper programs, include incentivized pricing structures based on interest rates reductions or increases depending on their borrower's ability to meet or exceed preset ESG performance targets.
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A.: Long-Term IDR: affirmed at 'BBB+'; Outlook Revised to Negative from Stable Short-Term IDR: affirmed at 'F2' Support Rating: affirmed at '2' Senior debt (including programme ratings): affirmed at 'BBB+' Intesa Sanpaolo Bank Ireland plc: Commercial paper/Short-term debt affirmed at 'F2' Senior unsecured debt: affirmed at 'BBB+' Intesa Sanpaolo Bank Luxembourg, S.A.: Commercial paper and Short-term debt: affirmed at 'F2' Senior unsecured debt: affirmed at 'BBB+' Intesa Funding LLC: US commercial paper programme: affirmed at 'F2' Credito Emiliano Long-Term IDR: affirmed at 'BBB+'; Outlook Revised to Negative from Stable Short-Term IDR: affirmed at 'F2' Viability Rating: affirmed at 'bbb+' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Senior unsecured EMTN programme: affirmed at 'BBB+' Subordinated note: affirmed at 'BBB' Mediobanca S.p.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - rose $2.1 billion to $1.114 trillion.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - fell $12.3 billion to $1.023 trillion.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - rose $23.1 billion to $1.035 trillion.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - rose $5.3 billion to $945.4 billion.
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A lack of an Ex-Im voting quorum longer term may result in sustained net losses for PEFCO and/or impact PEFCO's access to commercial paper, and therefore, negative rating actions on the IDRs.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - rose $13.6 billion to $1.103 trillion.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - fell $20.1 billion to $952.3 billion.
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Non-seasonally adjusted commercial paper outstanding, which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis, fell $6.4 billion to $978.9 billion.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - rose $5.6 billion to $948.4 billion.
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Accordingly, foreign cash balances have grown along with debt including larger commercial paper (CP) balances to fund domestic cash requirements for the dividend, U.S. capital investment, share repurchase program and strategic M&A activities.
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It's an abrupt shift because GE (GE) was long one of the biggest issuers of commercial paper, a form of cheap short-term borrowing that businesses rely on to pay employees and finance inventories.
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The payment comes after two major credit ratings agencies - ICRA, an affiliate of Moody's, and Standard & Poor's local unit Crisil - last week categorised the company's commercial paper at default levels for missing bond payments.
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But while the BoE bought 435 billion pounds of British government bonds between 2009 and 2016, Britain's sterling commercial paper market is far smaller, with monthly gross issuance of only around 3 billion pounds.
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Commercial paper is unsecured debt that businesses issue to pay for short-term operations, and the freezing up of the market played a significant role in the erosion of credit conditions during the crisis.
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Decker described VRDNs, which fell out of favor in the wake of the previous market meltdown, as "sort of the commercial paper of the municipal world," although the debt is designed with longer maturities.
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FULL LIST OF RATING ACTIONS Fitch currently rates Bristol-Myers Squibb Co. as follows: --Long-Term IDR 'A-'; Outlook Stable; --Senior unsecured debt 'A-'; --Bank loan 'A-'; --Short-Term IDR 'F2'; --Commercial paper 'F2'.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - fell $4.2 billion to $944.3 billion.
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Non-seasonally adjusted commercial paper outstanding - which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis - rose $30.4 billion to $1.083 trillion.
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Villeroy said the Bank of France aimed to be "the markets' central bank in Europe" and was supporting a number of initiatives to develop European market infrastructure for commercial paper, collateral and securities lending.
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Commercial paper, sometimes known as corporate bills in China, refers to short-term obligations with maturities typically up to 270 days and sold by banks, corporations and other borrowers to investors with temporarily idle cash.
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Meanwhile, non-seasonally adjusted commercial paper outstanding, which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis, fell $3 billion to $1.016 trillion.
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Meanwhile, non-seasonally adjusted commercial paper outstanding, which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis, fell $8.6 billion to $985.3 billion.
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FULL LIST OF RATING ACTIONS Fitch currently rates Disney as follows: The Walt Disney Company --Issuer Default Rating (IDR) 'A'; --Senior unsecured debt 'A'; --Senior unsecured revolvers 'A'; --Short-Term IDR 'F20163'; --Commercial paper 'F1'.
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FULL LIST OF RATING ACTIONS Fitch currently rates Kellogg as follows: Kellogg --Long-term Issuer Default Rating (IDR) 'BBB'; --Senior unsecured debt 'BBB'; --Bank credit facility 'BBB'; --Short-term IDR 'F21'; --Commercial paper (CP) 'F2212'.
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The rules were published on the website of the National Association of Financial Market Institutional Investors (NAFMII), which supervises the issuance of commercial paper and some other types of debt in China's interbank bond market.
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And bank lending grew apace after negative rates were introduced in January 2016 (see chart), even as firms have taken advantage of low borrowing costs to issue more of their own bonds and commercial paper.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings with a Stable Outlook: CBS Corporation --Long-Term IDR at 'BBB'; --Senior unsecured at 'BBB'; --Short-Term IDR at 'F2'; --Commercial Paper at 'F13'.
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The tax on bank liabilities including corporate bonds, commercial paper and certificates of deposit is forecast to raise $4.6 billion in its first four years to help Australia return to a budget surplus by 2021.
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The credit facility is back-up for the commercial paper (CP) program and if the revolver is drawn the company intends to leave an available balance at least equal to the amount of CP outstanding.
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Good Access to Capital Markets: Access to capital markets has been very robust for Syngenta, especially on the commercial paper market, with the revolving credit facility never being drawn and being used for CP backup.
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Investors have been shifting more cash into money market funds, which are major buyers of commercial paper, since early December, which is likely to have encouraged companies to step up their issuance of these securities.
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Multiple Sources of Liquidity PEFCO's Short-Term IDR and commercial paper rating of 'F1+' correspond to its Long-Term IDR of 'AAA' and reflects Fitch's view that PEFCO has the highest short-term credit quality.
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Fitch has affirmed the following ratings: Private Export Funding Corporation --Long-Term IDR at 'AAA'; --Short-Term IDR at 'F1+'; --Secured debt at 'AAA'; --Commercial paper at 'F1+'; --Support at '1'; --Support floor at 'AAA'.
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The first such notes to be issued, in an amount not exceeding 500 million yuan ($71.2 million), are backed by discounted commercial paper accepted by China's Bank of Jinzhou, the exchange said in a statement.
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FULL LIST OF RATING ACTIONS Fitch currently has the following ratings: The Walt Disney Company --Issuer Default Rating (IDR) 'A'; --Senior unsecured debt 'A'; --Senior unsecured revolvers 'A'; --Short-Term IDR 'F1'; --Commercial paper 'F1'.
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Wanda could issue short-term commercial paper or bonds offshore without requiring regulatory approval from China's National Development and Reform Commission, which oversees Chinese companies' issues of foreign debt with maturities longer than a year.
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Some companies may wish to use commercial paper or lines of credit to start cutting debt costs before the expected new corporate tax rates and removal of interest deductions make current high-coupon debt undesirable.
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FULL LIST OF RATING ACTIONS Fitch maintains the following ratings on Negative Watch: Abbott Laboratories --Long-Term IDR 'A'; --Bank credit facility 'A'; --Senior unsecured debt 'A'; --Short-Term IDR 'F1'; --Commercial paper program 'F1'.
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Commercial paper and high yield spreads have risen to new cycle wides and are in a zone not seen since the financial crisis, according to Michael Darda, chief economist and market strategist at MKM Partners.
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The Fed's Commercial Paper Funding Facility (CPFF) will buy three-month bonds from companies with strong credit ratings to help those firms retain workers and handle operating costs amid a likely nosedive in consumer spending.
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The Governing Council indicated Wednesday that it was ready to break its own rules as it vacuumed up government and corporate bonds, as well as short-term debt issued by corporations, known as commercial paper.
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The $1.2 trillion European commercial paper (ECP) market refers to short-term securities issued by large companies and banks to avoid cash crunches when they need to pay staff or meet other short-term obligations.
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Many market players expect the BOJ to ramp up purchases of risky assets such as exchange-traded funds (ETF), corporate bonds and commercial paper to funnel more money to markets and companies via financial institutions.
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The move to buy back Commercial Paper follows several emergency measures taken by the U.S. central bank on Sunday, including slashing interest rates to near zero, which sent the main indexes tumbling 12% on Monday.
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STOCKHOLM, March 26 (Reuters) - Sweden's central bank said on Thursday it would start buying commercial paper as part of a 300 billion Swedish crown ($29.84 billion) package to mitigate the effects of the coronavirus pandemic.
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FULL LIST OF RATING ACTIONS Fitch currently rates Moody's Corporation as follows: --Long-Term Issuer Default Rating (IDR) 'BBB+'; --Short-Term IDR 'F2'; --Senior unsecured revolving credit facility 'BBB+'; --Senior unsecured notes 'BBB+'; --Commercial Paper 'F2'.
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Primary dealers, or the top 23 Wall Street firms that do business with the Fed, sell commercial paper and other short-term debt to prime money funds to raise cash to fund their trades and operations.
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Keki Mistry, HDFC chief executive officer, said the company had access to a variety of funding sources, both domestic and international, such as Masala bonds, term loans, commercial paper, retail deposits, and funds from insurance companies.
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This type of short-term corporate IOUs has contracted by 10 percent since May as some prime money market funds, which had been major holders of commercial paper, have changed over to hold only government bonds.
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This type of short-term corporate IOU has contracted by 14 percent since May as some prime money market funds, which had been major holders of commercial paper, have changed over to hold only government bonds.
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The tax is designed to prevent the banks from passing the cost on to lending customers, targeting liabilities such as corporate bonds, commercial paper, certificates of deposit and tier-2 capital instruments, rather than mortgage books.
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Fitch currently rates Western Union as follows: --Long-Term IDR 'BBB+'; --Senior unsecured 'BBB+'; --Senior unsecured credit facility 'BBB+'; --Senior unsecured $575 million term loan due 13 'BBB+' --Short-Term IDR 'F2'; --Commercial paper program 'F2'.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Thermo Fisher --Long-term IDR and senior notes at 'BBB'; --Bank revolving credit facility at 'BBB'; --Short-term IDR at 'F20153'; --Commercial paper at 'F22015'.
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The unit said it had ended all consumer lending in the United States, reduced real estate debt by more than 75 percent, eliminated its real estate equity and cut outstanding commercial paper by almost 90 percent.
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New instruments, such as green money-market securities in the form of short-term commercial paper, or preferred stock, and a variety of structured as well as securitized transactions, could also drive this expansion, it said.
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FULL LIST OF RATING ACTIONS Fitch has affirmed Starbucks' ratings as follows: --Long-term IDR at 'A'; --Bank credit facility at 'A'; --Senior Unsecured debt at 'A'; --Short-term IDR at 'F1'; --Commercial paper at 'F1'.
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FULL LIST OF RATINGS Fitch currently rates Viacom as follows: --Long-term Issuer Default Rating 'BBB'; --Senior unsecured notes and debentures 'BBB'; --Senior unsecured bank facility due 20540 'BBB'; --Short-term IDR 'F24'; --Commercial paper 'F22016'.
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This type of short-term corporate IOU has contracted by 15 percent since May as some prime money market funds, which had been major holders of commercial paper, have changed over to hold only government bonds.
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Now, GE's mountain of debt, caused by years of poorly-timed acquisitions and bad decisions, is forcing the company to wean itself off the $1.1 trillion commercial paper market in favor of more expensive bank financing.
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Jamie Miller, GE's chief financial officer, said the plan is to reduce GE Capital's commercial paper balance to zero by the end of the year and reduce the overall company to a "smaller" level as well.
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Five-year AA rated bonds yields were down one basis point on the week to 4.63 percent, while equally rated one- year commercial paper yields were up one basis point on the week to 3.88 percent.
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The renewal of the financial crisis-era Commercial Paper Funding Facility, first used in 2008, will provide a backstop to that market, a key funding source for a range of businesses that have seen liquidity dry.
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In a statement released on Wednesday, the ratings agency said it is lowering Occidental's senior unsecured shelf rating to (P)Ba1 from (P)Baa3 and its commercial paper program rating to Not Prime from Prime-3.
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LONDON (Reuters) - Securities house Euroclear said on Wednesday it would push ahead with building a pilot blockchain-based platform for issuing and settling commercial paper transactions used by companies to grease the wheels of the economy.
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NEW YORK, March 14 (Reuters) - The Federal Reserve may announce measures on Sunday night aimed at bolstering liquidity in the commercial paper market, used by companies for short-term loans, analysts at Bank of America wrote.
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The ECB said last week it would prop up markets, including through the purchase of commercial paper, as part of a 750 billion euro plan to boost asset purchases to contain the financial fallout from coronavirus.
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In layman's terms, generally speaking, the money Wall Street owes its creditors – in the form of overnight financing, commercial paper, short-term loans, revolver credit or your and my deposits – is due and payable relatively quickly.
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FULL LIST OF RATING ACTIONS Fitch has affirmed SCJ's ratings as follows: --Issuer Default Rating (IDR) at 'A-'; --Short-term IDR at 'F2'; --Commercial paper at 'F2'; --Senior unsecured notes at 'A-'; --Bank credit facility at 'A-'.
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NAFMII, an official market body under the central bank, said it would suspend "relevant services" for Wintime Energy for one year, effectively freezing the company's ability to issue commercial paper and medium-term notes overseen by NAFMII.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: --Long-Term IDR at 'BBB+'; --Short-Term IDR at 'F219'; --Senior unsecured revolving credit facility at 'BBB+'; --Senior unsecured notes at 'BBB+'; --Commercial paper at 'F22016'.
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It uses two types: international banks' unsecured funding rates in the primary market (commercial paper, institutional certificates of deposit and interbank funding); and yields on banks' bonds of various maturities, implied by trades in the secondary market.
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The rating of the US commercial paper debt securities issued by the vehicle is aligned with ABN AMRO's Short-Term IDR, based on Fitch's view of an extremely high probability of support from ABN AMRO if required.
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DEXIA DELAWARE'S SHORT-TERM DEBT RATINGS The Short-Term ratings on the notes issued under Dexia Delaware LLC's (Dexia Delaware) US Commercial Paper (USCP) programme have been affirmed at 'F2' in line with DCL's Short-Term IDR.
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Fitch has affirmed the following ratings: Private Export Funding Corporation --Long-Term IDR at 'AAA'; Outlook Stable; --Short-Term IDR at 'F1+'; --Secured debt at 'AAA'; --Commercial paper at 'F1+'; --Support at '1'; --Support floor at 'AAA'.
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Fund Profile Structurally, the fund is a debenture-issuing fixed income portfolio, regulated under the Commercial Paper Exemption Notice 2172 as issued by the Registrar of Banks in 1994 in terms of the Banks Act of 1990.
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The analyst noted how General Electric had an average commercial paper balance of $17 billion in the fourth quarter, which the company reduced to $3 billion at the end of quarter to make the financials look better.
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FULL LIST OF RATING ACTIONS Abbott Laboratories Fitch has placed the following ratings on Negative Watch: --Long-term IDR 'A'; --Bank loan rating 'A'; --Senior unsecured debt rating 'A'; --Short-term IDR 'F217'; --Commercial paper program 'F22015'.
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The Federal Reserve has already begun to do its part by creating facilities, like the Commercial Paper Lending Facility announced on March 17, which will work to stabilize corporate financial markets that have been are under stress.
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With many lending markets freezing up as investors and companies hoard cash, the Fed has already announced a program to fund commercial paper — a form of short-term borrowing used by companies in a range of industries.
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It now costs a relatively low-risk company 1.88 percent to borrow money using commercial paper that matures in 90 days, up from less than 1.60 percent at the start of the year, according to Bloomberg data.
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While XPCC Sixth Division made its payment Wednesday, the company said on Tuesday that it was uncertain of its ability to make payments totalling 522.4 million yuan on a second short-term commercial paper issue maturing August 19.
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Fitch believes Baxter's debt maturities are manageable, with roughly $20153 million of long-term debt maturing in 2016 (excluding $791 million of commercial paper borrowings), $144 million in 20501, $21 million in 2212 and $2908 million in 20540.
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Seasonally adjusted commercial paper outstanding - which some analysts consider a less reliable reading than the non seasonally adjusted one since it has been distorted by the financial crisis - rose $9.9 billion to $2.653 trillion in the latest week.
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With less T-bill supply, investors could deploy more of their cash into commercial paper and other short-term debt issued by banks and other companies, lowering their borrowing costs to finance trades, inventories and payrolls, analysts said.
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Libor rates of various maturities have reached their highest in more than seven years recently as banks are seeing a drop in demand from money market funds for their U.S. dollar-denominated commercial paper and certificates of deposits.
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FULL LIST OF RATING ACTIONS Fitch has affirmed McDonald's ratings as follows: McDonald's Corporation - Long-Term IDR at 'BBB'; - Bank credit facilities at 'BBB'; - Senior unsecured debt at 'BBB'; - Short-Term IDR at 'F2'; - Commercial paper at 'F2'.
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FULL LIST OF RATING ACTIONS Fitch has taken the following rating actions: Express Scripts Holding Company --Assign long-term senior unsecured bank facility rating of 'BBB'; --Assign Short-Term IDR of 'F2'; --Assign commercial paper rating of 'F2'.
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The rating of French commercial paper (CP) issued under Natixis Factor's, Natixis Lease's, Natixis Lease Immo's, Natixis Bail's and Cicobail S.A.'s French CP programmes guaranteed by Natixis are aligned with the 'F1' Short-Term IDR of Natixis.
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The fund had invested $785 million in Lehman Brothers commercial paper, or about 21625 percent of its $2900 billion portfolio, for higher yields and an expected federal bailout like the one given to Bear Stearns earlier that year.
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The company warned on May 14 that it was uncertain it would be able to make the principal and interest payments on the 270-day super-short-term commercial paper that matured Monday, citing major pressure on operations.
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JAKARTA, Aug 25 (Reuters) - Indonesia's central bank will issue several new regulations allowing trade in commercial paper and negotiable certificates of deposit (NCDs) in an effort to deepen the country's financial markets, its deputy governor said on Thursday.
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The renewal of the financial crisis-era Commercial Paper Funding Facility, first used in 2008, will provide a backstop to that market, a key funding source for a range of businesses for which liquidity has dried up recently.
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The spread between interest rates on lower- and higher-rated overnight commercial paper had increased on Tuesday to the widest level since 2008, signaling investors were demanding a hefty premium to hold riskier debt, according to Fed data.
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It now costs a relatively low-risk company about 1.9 percent to borrow money using commercial paper that matures in 90 days, up from less than 1.6 percent at the start of the year, according to Bloomberg data.
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Strategists say it will take time and possibly more liquidity moves from the Fed to help markets normalize, but they add that the commercial paper market may need its own targeted program, potentially involving the Fed and Treasury.
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Last week BoE Governor Andrew Bailey said the central bank would look at whether it could widen access to the scheme to firms with lower credit quality, or buy other financial instruments such as asset-backed commercial paper.
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Last week BoE Governor Andrew Bailey said the central bank would look at whether it could widen access to the scheme to firms with lower credit quality, or buy other financial instruments such as asset-backed commercial paper.
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The central bank also launched a new program, the Commercial Paper Purchase Program (CPPP), to help alleviate strains in short-term funding markets, and it said it would begin acquiring Government of Canada securities in the secondary market.
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Bank of England Governor Andrew Bailey said on Wednesday that British central bank is prepared to pump unlimited quantities of money into the economy via its new commercial paper facility to help fight the effects of the coronavirus.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings for eBay: --Long-term IDR at 'BBB'; --Senior unsecured revolving credit facility at 'BBB'; --Senior unsecured notes at 'BBB'; --Short-term IDR and commercial paper at 'F29'.
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FULL LIST OF RATING ACTIONS Fitch currently rates PepsiCo and its subsidiaries as follows: PepsiCo --Long-term Issuer Default Rating (IDR) 'A'; --Senior unsecured debt 'A'; --Bank credit facilities 'A'; --Short-term IDR 'F1'; --Commercial paper program 'F13'.
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SHANGHAI, Aug 27 (Reuters) - The Shanghai Clearing House said on Monday it had received interest and principal payments from China's Haikou Meilan International Airport Co Ltd, which had missed a payment deadline for commercial paper that matured Aug. 24.
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Holding company liquidity is derived from existing holding company cash balances and strong subsidiary dividend capacity, as well as the company's $212000 billion commercial paper program and approximately $4807123 billion of unused corporate credit facilities at June 212001, 2017.
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The issuance of long-term unsecured funding would negatively impact debt level ratings because it would introduce effective subordination in PEFCO's capital structure and would deviate from PEFCO's historical funding strategy of accessing commercial paper and senior secured debt.
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The Shanghai Commercial Paper Exchange Corp Ltd, overseen by China's central bank, is the government's latest effort to improve its financial infrastructure, and will help consolidate a fragmented market that has seen a series of scandals in recent years.
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FULL LIST OF RATING ACTIONS Fitch currently rates Home Depot as follows: --Long-Term Issuer Default Rating (IDR) at 'A'; --Senior unsecured notes at 'A'; --Bank credit facilities at 'A'; --Short-Term IDR at 'F1'; --Commercial paper at 'F1'.
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LIQUIDITY PBI's liquidity position at June 30, 2016 was solid, consisting of $676 million of cash on hand and an undrawn $1 billion revolving credit facility maturing in January 2020, which backstops the company's $1 billion commercial paper program.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings with a Stable Outlook: CBS Corporation (CBS) --Long-Term Issuer Default Rating (IDR) at 'BBB'; --Senior unsecured at 'BBB'; --Short-Term IDR at 'F2'; --Commercial Paper at 'F2'.
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NEW YORK, May 30 (Reuters) - U.S. money market markets have little risk directly from Italian bank debt, with only $1.5 billion in commercial paper and certificates of deposit from three Italian banks, J.P. Morgan Securities analysts said on Wednesday.
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At the end of May, the prime money funds, which J.P. Morgan tracks, cut their holdings of commercial paper, certificates of deposits and other short-dated securities issued by British banks by $4 billion from April to $41 billion.
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Brussels-based Euroclear said that it, along with the European Investment Bank, Spain's Santander bank and consultants EY completed a "proof of value" study into an end-to-end blockchain platform for issuing and settling of European commercial paper.
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The big disappointment for markets was that the Fed did not offer a repurchase programme for the commercial paper market that companies use to raise short-term cash, as it had done in the aftermath of the 2008 crisis.
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The Bank of England confirmed the opening too of a program to buy short-term debt known as commercial paper, issued by large businesses which had an investment-grade credit rating or similar financial strength before the coronavirus hit.
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The Bank of England confirmed the opening too of a program to buy short-term debt known as commercial paper, issued by large businesses which had an investment-grade credit rating or similar financial strength before the coronavirus hit.
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Fitch has also withdrawn the 'F1+' rating on HCL's EUR85 million French commercial paper programme (Titres de creances negociables; TCNs) KEY RATING DRIVERS Fitch has withdrawn the ratings as HCL has chosen to stop participating in the rating process.
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The rating of the US commercial paper debt securities issued by the vehicle is aligned with ABN AMRO's Short-Term IDR, based on Fitch's view that there is an extremely high probability of support from ABN AMRO if required.
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FULL LIST OF RATING ACTIONS Fitch rates Discovery as follows: Discovery Communications, LLC --Long-Term Issuer Default Rating at 'BBB-'; --Short-Term IDR at 'F3'; --Senior unsecured revolving credit facility at 'BBB-'; --Senior unsecured notes at 'BBB-'; --Commercial paper at 'F3'.
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JAKARTA, July 26 (Reuters) - Indonesia's central bank issued new rules that would work as a guideline for non-bank companies to issue commercial paper as it aims to revive the use of such notes and diversify instruments in the financial market.
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NEW YORK (Reuters) - The U.S. commercial paper supply decreased this week, retreating from a 2304.2-23/22-month high, as fund managers took a breather from their recent purchases of these debt securities, according to Federal Reserve data released on Thursday.
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SHANGHAI, Dec 8 (Reuters) - China launched a platform for centralized commercial paper trading on Thursday to promote and better regulate a 100 trillion yuan ($14.54 trillion) market that is being increasingly tapped by small businesses to meet short-term financing needs.
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The increase will bring the total potential tranche of ordinary and commercial paper that could be released by the company to 2.35 trillion pesos, of which 1.35 trillion has already been issued, Argos said in a statement to Colombia's financial regulator.
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FULL LIST OF RATING ACTIONS Fitch has affirmed Home Depot's ratings as follows: --Long-term Issuer Default Rating (IDR) at 'A'; --Senior unsecured notes at 'A'; --Bank credit facilities at 'A'; --Short-term IDR at 'F20153'; --Commercial paper at 'F22015.
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ERP Operating Limited Partnership --Long-Term IDR to 'A' from 'A-'; --Short-Term IDR to 'F1' from 'F2'; --Unsecured revolving credit facility to 'A' from 'A-'; --Senior unsecured notes to 'A' from 'A-'; --Commercial paper notes to 'F1' from 'F2'.
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The rating of NBK's senior unsecured commercial paper is sensitive to any change in the bank's Short-Term rating of 'F1+' SUBSIDIARY AND AFFILIATED COMPANY National Bank of Kuwait (International)'s ratings are sensitive to a change in NBK's ratings.
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The Covid Corporate Financing Facility, announced by finance minister Rishi Sunak, will buy a type of debt called commercial paper with a maturity of up to 12 months from businesses which had an investment-grade credit rating or similar pre-crisis.
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Mester did however say she would support further steps by the Fed to get credit flowing, including measures to improve the functioning of the commercial paper market and a term auction facility to encourage the flow of funds to bank.
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"Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies," the Fed said in a statement.
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FULL LIST OF RATING ACTIONS Orange S.A. -- Long-Term IDR: affirmed at 'BBB+'; Outlook Stable; -- Senior unsecured rating: affirmed at 'BBB+'/'F2'; -- Short-Term IDR: affirmed at 'F2'; -- Commercial paper programme: affirmed at 'F2'; -- Subordinated undated notes: affirmed at 'BBB-'.
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The Fed already has deployed several of those tools, moving Tuesday into credit operations for commercial paper and another for primary dealers that buy Treasurys directly from the government and use the liquidity to fund credit for businesses and households.
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The rating actions are as follows: Dexia Credit Local Long-Term IDR: affirmed at 'BBB+'; Stable Outlook Short-Term IDR: affirmed at 'F2' Support Rating: affirmed at '2' Support Rating Floor: affirmed at 'BBB+' Derivative counterparty rating assigned at 'BBB+(dcr)' State-guaranteed debt: affirmed at 'AA-/F103+' Senior debt: affirmed at 'BBB+' Market-linked notes: affirmed at 'BBB+(emr)' Commercial paper: affirmed at 'F2' Subordinated debt securities XS0307581883 and XS0201986306: affirmed at 'B-' Tier 1 hybrid securities FR0010251421: affirmed at 'C' Dexia Delaware LLC USD5bn US commercial paper programme: affirmed at 'F2' Dexia Crediop S.p.
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NEW YORK (Reuters) - The amount of U.S. commercial paper outstanding posted its biggest two-week fall in 3-1/2 years as financial companies reduced their issuance of short-term debt for a third straight week, Federal Reserve data released on Thursday showed.
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The company plans to use offshore cash to fund the $13 billion acquisition of Mobileye N.V. (Mobileye), which is scheduled to close before the end of calendar 2017; --An up to $5 billion commercial paper (CP) program, of which $431 million was outstanding.
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De Bresson said that Paris is looking to replicate some of the services provided from London by focusing on attracting capital market operations such as private placements, commercial paper and corporate bond issuance as companies turn to markets rather than banks for funding.
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These include "systems" and their subsidiaries "that support the clearing or settlement of 5 percent of the value of transactions" in federal funds, foreign exchange, commercial paper, U.S. government and agency securities, and corporate debt and equity securities, according to the summary.
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Primary sources of liquidity include readily available cash, commercial paper issuance, cash that could be generated quickly via sales of high quality investment securities, reverse repurchase agreements with shareowner banks, additional asset sales from government guaranteed Ex-Im loans, and bank credit lines.
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Raja will have responsibility - with the credit trading product heads - for all credit trading businesses in the region, including commercial paper, investment grade, high yield, loans, distressed, EM credit, structured credit and credit opportunities, the bank said in a memo seen by IFR.
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NEW YORK (Reuters) - The amount of U.S. commercial paper outstanding contracted this week to its lowest level in seven months, suggesting reduced short-term corporate borrowing activity around quarter-end and the U.S. July Fourth holiday, Federal Reserve data showed on Thursday.
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The RCF is back-up for the commercial paper (CP) program and if the revolver is drawn the company intends to leave an available balance at least equal to the amount of CP outstanding; at June 21, 2212, this was $2908 million.
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To cover its financing needs, in addition to bank loans, SEMAPA has diversified its funding with a euro medium-term notes (EMTN) programme with a ceiling of EUR340m (of which 80% can be guaranteed by Paris) and a EUR250m commercial paper programme.
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The maximum size of the new CCFF programme is unclear, as it is open to companies that have not issued commercial paper before, and lack a credit rating - though they would still need to show financial health like that needed for investment-grade.
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ICRA, an affiliate of Moody's, and Standard & Poor's local unit CRISIL on Wednesday downgraded DHFL's commercial paper to their lowest level after the lender, a part of the country's troubled shadow banking sector, missed payments on bonds which were due this week.
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Expansion of the Money Market Mutual Fund Liquidity Facility (MMLF) and Commercial Paper Funding Facility (CPFF) Secretary Mnuchin today approved the expansion of the MMLF to include a wider range of securities, including municipal variable rate demand notes and bank certificates of deposit.
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To prevent credit markets from freezing up, it will set aside 2 trillion yen for additional purchases of commercial paper and corporate bonds and it would purchase Japanese real-estate trust funds (J-REIT) at a pace of 180 billion yen per year.
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The Fed, in little over a week, took interest rates back to zero, announced big additions to its repurchase, or repo, operations; said it would buy unlimited Treasurys and mortgages, and created programs to buy commercial paper, municipal bonds and corporate debt.
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Going forward, she said if conditions continue to deteriorate she would support instituting financial crisis-era programs like a commercial paper facility as well as a term auction facility if the discount window isn't enough to keep money flowing for financial institutions.
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The Fed's focus at this point "is getting markets to be liquid," so that financial firms continue transacting business, Barkin said in reference to the emergency steps the Fed has taken to keep the commercial paper, Treasury and foreign dollar funding markets functional.
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LONDON, Dec 4 (IFR) - A new European private placement platform aimed at low-cost capital markets funding for small and mid-cap firms, has announced its first new issue, a €1m two-week commercial paper transaction from DZ Bank via ABN AMRO and DZ Bank.
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IGHP is a wholly-owned non-operating subsidiary of ICAP and the obligor of the group's bank facilities, loans and debt, with the exception of the group's retail bond, a EUR15m senior note and ICAP's European commercial paper programme (unutilised at end-September 2016).
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KEY RATING DRIVERS IDRs, SECURED DEBT, COMMERCIAL PAPER, SUPPORT RATINGS, SUPPORT RATING FLOORS PEFCO's ratings are directly linked to the U.S. sovereign rating (IDR 'AAA'/'F1+'; Outlook Stable), based on Fitch's view of the U.S. government's financial support for Ex-Im and other government institutions.
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IGHP is a wholly-owned non-operating subsidiary of ICAP and the obligor of the group's bank facilities, loans and debt, with the exception of the group's retail bond, a EUR15m senior note and European commercial paper, none of which was outstanding at FYE13.
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Primary sources of liquidity include withdrawals of readily available cash, commercial paper issuance, cash that could be generated quickly via sales of high quality investment securities, reverse repurchase agreements with shareowner banks, additional asset sales from government guaranteed Ex-Im loans, and bank credit lines.
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FULL LIST OF RATING ACTIONS Fitch currently rates The Coca-Cola Company (Coca-Cola) and its subsidiaries as follows: The Coca-Cola Company --Long-Term Issuer Default Rating (IDR) 'A+'; --Bank credit facilities 'A+'; --Senior unsecured debt 'A+'; --Short-term IDR 'F1'; --Commercial paper 'F1'.
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FULL LIST OF RATING ACTIONS Fitch affirms the ratings for PepsiCo and its subsidiaries as follows: PepsiCo --Long-term Issuer Default Rating (IDR) at 'A'; --Senior unsecured debt at 'A'; --Bank credit facilities at 'A'; --Short-term IDR at 'F1'; --Commercial paper program at 'F1'.
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NEW YORK, March 16 (Reuters) - Calls from investors for the Federal Reserve to introduce liquidity into the commercial paper market - which companies tap for short-term loans - ramped up on Monday, while IFR, Refinitiv's capital markets news service, reported persistent liquidity issues in the market.
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NEW YORK, March 17 (Reuters) - The cost for companies to borrow commercial paper was higher on Tuesday morning before the Federal Reserve made an announcement it would purchase the short-term debt directly from companies that issue it in an effort to backstop the market.
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WASHINGTON, March 17 (Reuters) - The U.S. Treasury Department said on Tuesday it has approved the establishment of a commercial paper funding facility to provide a liquidity backstop to help American businesses manage their short-term finances through the slowdown caused by the coronavirus outbreak.
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Companies rely on the market for so-called commercial paper for quick funding, but mutual funds, a traditional buyer of the debt instruments, have been selling to make sure they have enough cash in case many of their customers are looking to withdraw money.
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The Federal Reserve has taken unprecedented action to stimulate the slowing economy by slashing rates to almost zero percent, buying $700 billion in bonds to stabilize financial markets and launching a commercial paper facility to ensure companies have a market for their short-term debt.
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TOKYO, March 13 (Reuters) - The Bank of Japan may top up purchases of commercial paper and corporate bonds next week, sources familiar with its thinking said, as markets show increasing signs of strain due to fears over the widening fallout from the coronavirus outbreak.
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Some steps have seemed to hit the spot — foreign central banks quickly tapped Fed dollar "swaps" announced on Thursday morning — while other problems such as stress in the commercial paper market, important for larger companies to manage cash flow, have proved tougher to resolve.
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U.S. seasonally adjusted commercial paper (CP) outstanding - which some analysts consider a less reliable reading than the non-seasonally adjusted one since it has been distorted by the financial crisis - rose by much less at $3.8 billion to $1.097 trillion in the latest week.
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The shadow banking sector, which raises short-term funds through commercial paper, and lends for long-term purposes such as housing loans, may face an uphill task to redeem up to 1 trillion rupees that come due in the next 3-4 months, according to analysts.
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At July 1, 0003, Tyson had approximately $1 billion of liquidity consisting of $231 million of cash, $4 million of short-term investments, and $802 million available under its $1.5 billion revolver after considering $690 million of commercial paper and $8 million in letters of credit.
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A surge in outstanding U.S. Treasury bills to a record $2.3 trillion has also put upward pressure on short-dated U.S. bond yields - something analysts say is crowding out money market funding and forcing issuers of commercial paper to offer higher spreads amid generally rising rates.
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Market-based pricing was introduced after financial holding company CIT Group drew the ire of its lenders by drawing down on its US$7.3bn revolving credit line at the height of the financial crisis rather than continuing to access funds in the Commercial Paper (CP) market.
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Indeed, by disclosing its separate holdings of foreign government bonds, asset-backed securities and the specific make up of its cash equivalents — including commercial paper, agencies and money market funds — Apple is, on a relative basis, among the more open about what is in its $262bn portfolio.
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For instance, companies are struggling to issue commercial paper — a popular form of short-term promissory note typically used to cover payroll, rent and other immediate payments — because the few skittish investors who aren't steering entirely clear are demanding the highest premium in more than a decade.
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NEW YORK (Reuters) - U.S. commercial paper supply contracted this week to its lowest level in 11 weeks, Federal Reserve data showed on Thursday, as short-term borrowing costs for companies to borrow dollars rose to levels not seen since the height of the global financial crisis.
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The rating actions are as follows: Santander Long-term IDR: affirmed at 'A-'; Outlook Stable Short-term IDR: affirmed at 'F2' VR: affirmed at 'a-' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Senior unsecured debt long-term rating and certificates of deposit: affirmed at 'A-' Senior unsecured debt short-term rating, commercial paper and certificate of deposits: affirmed at 'F2' Market-linked senior unsecured securities: affirmed at 'A-emr' Subordinated debt: affirmed at 'BBB+' Preference shares: affirmed at 'BB' Santander International Debt, S.A. Unipersonal Senior unsecured debt long-term rating: affirmed at 'A-' Senior unsecured debt short-term rating: affirmed at 'F2' Market-linked senior unsecured securities: affirmed at 'A-emr' Santander Issuances S.A. Subordinated debt long-term rating: affirmed at 'BBB+' Santander International Preferred, S.A. Unipersonal Preference shares: affirmed at 'BB' Santander Commercial Paper, S.A. Unipersonal Commercial paper: affirmed at 'F11533' Santander Finance Capital, S.A. Unipersonal Preference shares: affirmed at 'BB' Santander Finance Preferred, S.A. Unipersonal Preference shares: affirmed at 'BB' Santander Financial Issuance Ltd.
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Bunge has abundant sources of external liquidity provided by various credit facilities available to fund its operations globally, with approximately $4.8753 billion in capacity under its revolving bank agreements and commercial paper program, of which $3.4 billion was available at the end of the second quarter of 2016.
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The IL&FS debt problems have pushed up short-term interest rates sharply with one-year commercial paper INRCP1Y=DECP rising by nearly 70 basis points to 9.20 percent since early August, while the one-year treasury bill rate is up 50 bps to 7.73 percent.
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Primary sources of financial flexibility include a $2.4 billion credit facility that expires in September 2022, a $2.4 billion commercial paper (CP) program and a large liquid investment portfolio (including $3.7 billion of U.S. government securities at June 30, 2017) that exceed the organization's insurance-related and debt obligations.
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Credit strengths of GE Capital on a standalone basis include its strong franchise and global brand, market leading position in aircraft lending and leasing, established positions in energy finance and industrial finance, strong and experienced management team, adequate liquidity, reduced commercial paper utilization, and high unsecured debt levels.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Harris Corporation: --IDR at 'BBB-'; --Senior unsecured revolving credit facility at 'BBB-'; --Senior unsecured three- and five-year term loans at 'BBB-'; --Senior unsecured notes and debentures at 'BBB-'; --Short-term IDR at 'F3'; --Commercial paper at 'F3'.
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Bunge has abundant sources of external liquidity provided by various credit facilities available to fund its operations globally, with approximately $5 billion in capacity under its revolving bank agreements and commercial paper program, of which $3.4 billion was available at the end of the second quarter of 2016.
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The rating actions are as follows: KfW Long-term IDR: affirmed at 'AAA'; Stable Outlook Short-term IDR: affirmed at 'F1+' Support Rating: affirmed at '1' Support Rating Floor: affirmed at 'AAA' Senior unsecured long-term rating: affirmed at 'AAA' Senior unsecured short-term rating including programme ratings: affirmed at 'F1+' Market-linked securities: affirmed at 'AAAemr' Commercial paper: affirmed at 'F1+' Rentenbank Long-term IDR: affirmed at 'AAA'; Stable Outlook Short-term IDR: affirmed at 'F1+' Support Rating: affirmed at '11533' Support Rating Floor: affirmed at 'AAA' Senior unsecured rating including programme ratings: affirmed at 'AAA' and 'F1+' Market-linked securities: affirmed at 'AAAemr' Subordinated notes: affirmed at 'AAA' Commercial paper: affirmed at 'F1+' NRW.
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Fitch has affirmed the following ratings with a Stable Outlook: Lincoln National Corporation --Long-term IDR at 'A-'; --Short-term IDR at 'F2'; --Commercial Paper at 'F2'; --7% senior notes due March 15, 2018 at 'BBB+'; --8.75% senior notes due July 5823, 2019 at 'BBB+'; --6.25% senior notes due Feb.
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LIQUIDITY Fitch believes HP's liquidity is sufficient as of July 31, 173 and supported by: --$5.6 billion of cash and investments, the vast majority of which Fitch believes is located outside the U.S.; --An undrawn $4 billion RCF that fully backstops commercial paper (CP) programs in the U.S. and Europe.
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National ratings --Long-term National rating downgraded to 'A+(pan)' from 'AA-(pan)'; Outlook revised to Stable from Negative; --Short-term National rating downgraded to 'F103(pan)' from 'F1+(pan)'; --Senior Unsecured National Long-term Ratings downgraded to 'A+(pan)' from 'AA-(pan)' --Commercial Paper downgraded to 'F1(pan)' from 'F1+(pan)'.
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FULL LIST OF RATING ACTIONS Fitch affirms the ratings for The Coca-Cola Company (Coca-Cola) and its subsidiaries as follows: The Coca-Cola Company --Long-term Issuer Default Rating (IDR) at 'A+'; --Bank credit facilities at 'A+'; --Senior unsecured debt at 'A+'; --Short-term IDR at 'F20153'; --Commercial paper (CP) at 'F22015'.
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Ratings agency India Ratings and Research said in a note it expected as much as 1.2 trillion rupees ($18 billion) worth of corporate borrowing to flow back to the banking sector from the commercial paper market as rates become competitive with the implementation of the marginal cost of funds-based lending rate.
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FULL LIST OF RATING ACTIONS RELX PLC and RELX NV --Long-Term IDR: affirmed 'BBB+'; Outlook Stable --Short-Term IDR: affirmed at 'F2' RELX Finance BV --Senior unsecured notes: affirmed 'BBB+' --Senior unsecured notes issued by Aquarius + Investments PLC and ELM BV: affirmed 'BBB+' --Commercial paper: affirmed at 'F2' RELX Capital Inc.
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Primary sources of financial flexibility include a $2.4 billion credit facility that expires in September 103, a $2.4 billion commercial paper (CP) program and a large liquid investment portfolio (including $4.5 billion of U.S. government securities at June 30, 2016) that is a meaningful multiple of the organization's insurance-related and debt obligations.
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Aon Corporation --IDR at 'BBB+'; --$500 million 3.125% senior debt due 2016 at 'BBB+'; --$600 million 1% senior debt due 2020 at 'BBB+'; --$521 million 8.205% junior subordinated deferrable interest debentures due 21 at 'BBB-'; --$2646 million 2582% senior debt due 24947 at 'BBB+'; --Short-term IDR at 'F217'; --Commercial paper at 'F22015'.
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FULL LIST OF RATING ACTIONS Tesco PLC Long-term IDR: affirmed at 'BB+'; Outlook changed to Stable from Negative Senior unsecured debt: affirmed at 'BB+' Short-term IDR: affirmed at 'B' Short-term debt rating (including commercial paper): affirmed at 'B' Tesco Corporate Treasury Services PLC Senior unsecured debt: affirmed at 'BB+' Short-term debt rating (including commercial paper): affirmed at 'B' Summary of Financial Statement Adjustments for FY11033 (FY16 figures used in Fitch's analysis are based on audited preliminary results; however, we treat them as estimates only until the full annual report is available): - EBITDA: Fitch's FY15 EBITDA (GBP2,335m) calculation takes into account statutory operating profit of - GBP5,792m, depreciation and amortisation of GBP1,551m and restructuring and one-off costs of GBP6,173m.
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Fitch currently rates SES as follows: SES S.A. Long-term IDR: 'BBB', Outlook Stable Short-term IDR: 'F2' Senior unsecured: 'BBB' Commercial paper: 'F2' SES Global Americas Holding GP Senior unsecured: 'BBB' Fitch reserves the right at its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient.
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SPG has demonstrated access to debt capital in multiple currencies (USD and EUR), across a wide range of tenors (commercial paper through 30-year notes) and at all points in the cycle, as SPG re-opened the REIT unsecured debt market in 7503 when it issued $650 million of 10-year notes at 10.4%.
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While European money markets are not on the same scale as those in the United States, where they play a critical role in bank funding, regulators have been eager to avoid a repeat of 2008 where U.S. money market funds shored up a financial boom by buying commercial paper backed by sub-prime mortgage debt.
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Fitch affirms the following: Morgan Stanley --Long-Term IDR at 'A'; Outlook Stable; --Long-Term senior debt at 'A'; --Short-Term IDR at 'F1'; --Short-Term debt at 'F1'; --Commercial paper at 'F646'; --Market linked securities at 'Aemr'; --VR at 'a'; --Subordinated debt at 'A-'; --Preferred stock at 'BB+'; --Support at '5'; --Support floor at 'NF'.
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Fitch has affirmed the following ratings: Wells Fargo & Co. --Long-term IDR at 'AA-'; Outlook Negative; --Senior debt at 'AA-'; --Subordinated debt at 'A+'; --Preferred stock at 'BBB'; --Short-term IDR at 'F1+'; --Commercial paper at 'F0003+'; --Short-term debt at 'F1+'; --Market-linked securities at 'AA-EMR'; --Viability at 'aa-'; --Support at '5'; --Support floor at 'NF'.
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The Bank of New York Mellon --Long-term IDR at 'AA'; Outlook Stable; --Long-term deposits at 'AA+'; --Long-term senior at 'AA'; --Short-term deposits at 'F1+'; --Short-term IDR at 'F1+'; --Commercial Paper at `F1+'; --Derivative Counterparty Rating at 'AA(dcr)'; --Viability Rating at 'aa-'; --Support Rating at `5'; --Support Rating Floor at `NF'.
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The central bank this week opened the taps on its emergency lending facilities, declaring that the coronavirus was posing "unusual and exigent" circumstances and swooping in to backstop the market for commercial paper, short-term notes big businesses use to raise cash, as well as money market funds, vehicles that millions of Americans use to save money.
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FULL LIST OF RATING ACTIONS Daimler AG: Long-term IDR affirmed at 'A-'; Outlook Stable Senior unsecured debt affirmed at 'A-' Short-Term IDR affirmed at 'F2' Commercial paper affirmed at 'F2' Guaranteed notes affirmed at 'A-' and 'F2' The guaranteed long-term and short-term debt of the following issuers has been affirmed at 'A-'/'F2': Mercedes-Benz Australia/Pacific Pty. Ltd.
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Bringing back crisis-era Term Asset-Backed Securities Loan Facility (TALF) to support the flow of credit to consumers and businessesExpanding money market mutual fund liquidity facility to include wider range of municipal bondsExpanding commercial paper credit facility And the Fed said it expects soon to launch a Main Street Business Lending Program to support small- and medium-sized businesses.
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LIQUIDITY Adequate Liquidity As of end-December 2015, Henkel had EUR2.3bn of directly available liquidity, consisting of EUR0.8bn unrestricted cash and cash equivalents on balance sheet (based on Fitch's definition), EUR1.5bn committed syndicated credit facilities serving as back-up for its commercial paper programmes, and some committed bilateral line with a revolving term of up to one year in other subsidiaries.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Torchmark Corporation --Long-term IDR at 'A-'; --Short-term IDR at 'F2'; --9.25% senior debentures due 2019 at 'BBB+'; --7.875% senior notes due 13 at 'BBB+'; --3.8% senior notes due 2022 at 'BBB+'; --5.875% junior subordinated debentures due 2052 at 'BBB-'; --6.125% junior subordinated debentures due 2056 at 'BBB-'; --Commercial paper at 'F2'.
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The full list of rating actions is as follows: Long-Term IDRs affirmed at 'AA+'; Stable Outlook Short-Term IDR affirmed at 'F2880+' Senior unsecured debt affirmed at 'AA+'/'F21103+' Commercial paper affirmed at 'F20163+' Contact: Primary Analyst Nicholas Perry Analyst +22016 21011381 231 1795 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Vincent Martin Director +44 203 10113813 1828 Committee Chairperson.
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One-year commercial paper INRCP1Y=DECP has risen by 80 basis points to 9.30 percent since August and the one-year sovereign treasury bill rate is up 60 bps to 7.73 percent, while the one-year overnight indexed swap rate INRANONM33YFIX=FBIL is at 7.50 percent, indicating markets are pricing in a 100 basis points hike in the RBI's key repo rate going forward.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Torchmark Corporation --Long-term IDR at 'A-'; --Short-term IDR at 'F2'; --9.25% senior debentures due 2019 at 'BBB+'; --13% senior notes due 2023 at 'BBB+'; --3.8% senior notes due 2022 at 'BBB+'; --5.875% junior subordinated debentures due 2052 at 'BBB-'; --6.125% junior subordinated debentures due 2056 at 'BBB-'; --Commercial paper at 'F2'.
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AX * Liabilities subject to levy will include items such as corporate bonds, commercial paper, certificates of deposit, tier 2 capital instruments * "Currently working through details and will require further information to confirm specifics of calculation for Westpac" * It is currently uncertain what financial impact for Westpac (as a result of the budget announcements) will be * Consultation on levy is expected to take place soon Source text for Eikon: Further company coverage:
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FULL LIST OF RATING ACTIONS Fonterra Co-operative Group Limited -- Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable -- Short-Term Foreign-Currency IDR affirmed at 'F1' -- Senior unsecured rating affirmed at 'A' -- Subordinated debt rating affirmed at 'A-' -- Commercial paper rating affirmed at 'F1' -- Short-term senior unsecured rating affirmed at 'F1' Contact: Primary Analyst Kelly Amato Associate Director +61 2 8256 5003 Fitch Australia Pty Ltd.
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Fitch has also affirmed SEMAPA's EUR340m euro medium-term programme (EMTN) at 'AA-'/'F1+' and the company's EUR250m French commercial paper (billets de tresorerie; BT) programme at 'F1+' KEY RATING DRIVERS Fitch classifies SEMAPA as a credit-linked entity under its public-sector entities rating criteria, due to tight control by and strong support from its 92% owner and public sponsor, the City of Paris (AA/Negative/F183+).
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KEY RATING DRIVERS Solid Financial Flexibility: Fitch expects TI's financial flexibility will remain solid, supported by low leverage and Fitch's forecast of more than $2 billion of annual free cash flow (FCF; cash from operations less capital spending less dividends) through the intermediate term and solid liquidity, which is supported by $3 billion of cash, cash equivalents and short-term investments and commercial paper (CP) program with capacity of up to $2 billion.
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The full list of rating actions is as follows: Long-Term IDRs affirmed at 'AAA'; Stable Outlook Short-Term IDR affirmed at 'F21103+' Senior unsecured debt affirmed at 'AAA'/'F20163+' Market linked securities affirmed at AAAemr Commercial paper affirmed at 'F22016+' Contact: Primary Analyst Eric Paget-Blanc Senior Director +21011666 231 442991 33 Fitch France S.A.S. 60 rue de Monceau 75008 Paris Secondary Analyst Vincent Martin Director +44 20 10116663 1828 Committee Chairperson.
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Fitch currently rates Industrial and Commercial Bank of China (Asia) Ltd as follows: -- Long-Term IDR at 'A'; Outlook Stable -- Short-Term IDR at 'F1' -- Support Rating at '1' -- Commercial paper programme at 'F0003' -- Subordinated notes without non-viability clauses at 'A-' -- Subordinated notes with non-viability clauses at 'BBB+' Fitch reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems sufficient.
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PEFCO's Long-Term IDR is at its support rating floor of 'AAA' and therefore is not likely to be downgraded unless Fitch changes its view of the sovereign rating of the U.S. KEY RATING DRIVERS IDRs, SECURED DEBT, COMMERCIAL PAPER, SUPPORT RATINGS, SUPPORT RATING FLOORS PEFCO's ratings are directly linked to the U.S. sovereign rating (IDRs of 'AAA/F1+'; Outlook Stable), based on Fitch's view of the U.S. government's financial support for Ex-Im and other government institutions.
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The rating actions are as follows: BPM Long-term IDR 'BB+' placed on RWN Short-term IDR: affirmed at 'B' Viability Rating 'bb+' placed on RWN Support Rating: affirmed at '244' Support Rating Floor: affirmed at 'No Floor' Senior unsecured notes (including EMTN): Long-term rating 'BB+' placed on RWN, Short-term rating 'B' affirmed Commercial paper: affirmed at 'B' Subordinated lower tier 02 debt: Long-term rating 'BB' placed on RWN Preferred stock and hybrid capital instrument: Long-term rating 'B+' placed on RWN Popolare: Long-term IDR: affirmed at 'BB'; Outlook revised to Negative from Stable Short-term IDR: affirmed at 'B' Viability Rating: affirmed at 'bb' Support Rating: affirmed at '2530' Support Rating Floor: affirmed at 'No Floor' Senior debt (including programme ratings): affirmed at 'BB'/'B' Market-linked securities: affirmed at 'BBemr' Commercial paper: affirmed at 'B' Lower Tier 21153 subordinated debt: affirmed at 'BB-' Preferred stock and junior subordinated debt: affirmed at 'B-' Trust preferred securities (ISIN: XS20153): upgraded to 'B-' from 'C' Banca Aletti & C. S.p.
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The rating actions are as follows: Kiwibank Limited: Foreign Currency Long-Term IDR affirmed at 'AA'; Outlook Revised to Stable from Positive; Foreign Currency Short-Term IDR affirmed at 'F28256+'; Local Currency Long-Term IDR affirmed at 'AA+'; Outlook Revised to Stable from Positive; Local Currency Short-Term IDR affirmed at 'F20304+'; Support Rating affirmed at '220'; Foreign currency senior unsecured rating affirmed at 'AA'; Local currency senior unsecured rating affirmed at 'AA+'; and Commercial Paper Programme affirmed at 'F22015+'.
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Total debt as of April 2, 2016 was approximately $20791 billion and consisted of: --$21 billion of commercial paper (CP); --$2212 billion of notes and debentures, with maturities ranging from August 2908 to 20540; --$229 million of debt related to international theme bark borrowings, which is non-recourse back to Disney but which Fitch consolidates under the assumption that the company would back the loan payments; --Approximately $173 million of foreign currency-denominated debt, including the debt related to the acquisition of UTV.
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SUBSIDIARY AND AFFILIATED COMPANIES Given that JPM's and the bank's VRs remain equalized, the bank's ratings are broadly sensitive to the same considerations that might affect JPM's VR. Fitch has affirmed the following ratings: JPMorgan Chase & Co --Long-Term IDR at 'A+'; --Long-Term senior debt at 'A+'; --Long-Term subordinated debt at 'A'; --Preferred stock at 'BBB-'; --Short-Term IDR at 'F1'; --Commercial paper at 'F1'; --Viability at 'a+'; --Market linked securities at 'A+(emr)'; --Support at '5''; --Support Floor at 'NF'.
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SUBSIDIARY AND AFFILIATED COMPANIES Given that JPM's and the bank's VRs remain equalized, the bank's ratings are broadly sensitive to the same considerations that might affect JPM's VR. Fitch has affirmed the following ratings: JPMorgan Chase & Co --Long-Term IDR at 'A+'; --Long-Term senior debt at 'A+'; --Senior shelf at 'A+'; --Long-Term subordinated debt at 'A'; --Preferred stock at 'BBB-'; --Short-Term IDR at 'F1'; --Commercial paper at 'F49473'; --Viability at 'a+'; --Market linked securities at 'A+emr'; --Support at '5''; --Support Floor at 'NF'.
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The rating actions are as follows: Commerzbank AG Long-Term IDR affirmed at 'BBB+'; Outlook Stable Short-Term IDR affirmed at 'F2' Viability Rating: affirmed at 'bbb+' Support Rating: affirmed at '0003' Support Rating Floor: affirmed at 'No Floor' Commercial paper and certificates of deposits: affirmed at 'F2' Senior unsecured debt: affirmed at 'BBB+' Market linked securities: affirmed at 'A-emr' Derivative Counterparty Rating: affirmed at 'A-(dcr)' Long-Term Deposit rating: affirmed at 'A-' Short-Term Deposit rating: affirmed at 'F2' Commerzbank U.S. Finance, Inc.
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The full list of rating actions is as follows: Long-Term Foreign- and Local Currency IDRs upgraded to 'A+' from 'A'; Outlook Stable Short-Term Foreign- and Local-Currency IDR upgraded to 'F1+' from 'F1' Country Ceiling affirmed at 'AAA' Issue ratings on long-term senior unsecured local-currency bonds upgraded to 'A+' from 'A' Issue ratings on short-term senior unsecured local-currency bonds upgraded to 'F5003+' from 'F1' Issue ratings on commercial paper issues upgraded to 'F1+' from 'F1' Issue rating on NAMA-guaranteed issuance: 'F1' withdrawn on early repayment.
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GE's liquidity was offset by $103 billion of debt due within one year, which includes short-term debt and current maturities of long-term debt, net of intercompany receivables from GE Capital related to debt assumed by GE. FULL LIST OF RATINGS Fitch currently rates GE and its subsidiaries as follows: General Electric Company --Long-Term IDR 'AA-'; --Senior secured debt 'AA-' --Senior unsecured debt 'AA-'; --Senior unsecured bank credit facilities 'AA-'; --Subordinated guaranteed debt 'AA-'; --Subordinated debt 'A+'; --Junior subordinated debt 'A+'; --Preferred stock 'A'; --Short-Term IDR 'F1+'; --Commercial paper 'F1+'.
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Fitch currently rates BSC as follows: --Long-Term Foreign and Local Currency IDRs 'A+'; Outlook Negative; --Short-Term Foreign and Local Currency IDRs 'F1'; --Viability rating 'a+'; --Support rating '1'; --Support rating floor 'A-'; --Long-term National rating 'AAA(cl)'; Outlook Stable; --Short-term National rating 'N1+(cl)'; --Senior unsecured bonds 'A+' and National Long-term rating 'AAA(cl)'; --$5 billion Commercial Paper Program at 'F1'; --Senior secured bonds National Long-Term rating at 'AAA(cl)'; --Subordinated bonds National Long-Term rating at 'AA(cl)'; --National equity rating at 'Primera Clase nivel 1'.
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The rating actions are as follows: Fitch has affirmed the following ratings: State Street Corporation --Long-Term IDR at 'AA-'; Outlook Stable; --Short-Term IDR at 'F21+'; --Support at '2646'; --Support Rating Floor at 'NF'; --Viability rating at 'aa-'; --Junior subordinated debt at 'BBB+'; --Commercial paper at 'F2582+'; --Preferred stock at 'BBB'; --Long-Term senior debt at 'AA-'; --Long-Term subordinated notes at 'A+'; State Street Bank and Trust Company --Long-Term IDR at 'AA'; Outlook Stable; --Short-Term IDR at 'F24947+'; --Support at '214'; --Support Rating Floor at 'NF'; --Viability rating at 'aa-'; --Short-Term deposits at 'F22016+'; --Long-Term deposits at 'AA+'; --Long-Term subordinated at 'A+'.
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The rating actions are as follows: IntesaSP Long-Term IDR: affirmed at 'BBB+'; Outlook Revised to Negative from Stable Short-Term IDR: affirmed at 'F2' VR: affirmed at 'bbb+' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Senior debt (including debt issuance programmes): affirmed at 'BBB+'/ 'F2' Commercial paper/certificate of deposit programmes: affirmed at 'F2' Short-term deposits affirmed at 'F2' Senior market-linked notes: affirmed at 'BBB+emr' Subordinated lower Tier II debt: affirmed at 'BBB' Subordinated upper Tier II debt: affirmed at 'BB+' Tier 0003 instruments: affirmed at 'BB' AT1 notes: affirmed at 'BB-' Banca IMI S.p.
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The rating actions are as follows: IntesaSP Long-Term IDR: affirmed at 'BBB+'; Outlook Revised to Negative from Stable Short-Term IDR: affirmed at 'F2' Viability Rating: affirmed at 'bbb+' Support Rating: affirmed at '5' Support Rating Floor: affirmed at 'No Floor' Senior debt (including debt issuance programmes): affirmed at 'BBB+'/ 'F2' Commercial paper/certificate of deposit programmes: affirmed at 'F2' Short-term deposits affirmed at 'F2' Senior market-linked notes: affirmed at 'BBB+emr' Subordinated lower Tier II debt: affirmed at 'BBB' Subordinated upper Tier II debt: affirmed at 'BB+' Tier 0003 instruments: affirmed at 'BB' AT1 notes: affirmed at 'BB-' Banca IMI S.p.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Aon plc --IDR at 'BBB+'; --$400 million 2.8% senior debt due 2021 'BBB+'; --$49473 million 4% senior debt due 2023 at 'BBB+'; --$600 million 3.5% senior debt due 2024 at 'BBB+'; --$750 million 3.875% senior debt due 2025 'BBB+'; --EUR500 million 173% senior debt due 2026 at 'BBB+'; --$256 million 4.25% senior debt due 2042 at 'BBB+'; --$250 million 4.45% senior debt due 2043 at 'BBB+'; --$550 million 4.6% senior debt due 20153 at 'BBB+'; --$600 million 4.75% senior debt due 2045 at 'BBB+'; --Short-term IDR at 'F2'; --Commercial paper at 'F2'.
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FULL LIST OF RATING ACTIONS Fonterra Co-operative Group Limited -- Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable -- Short-Term Foreign-Currency IDR affirmed at 'F1' -- Senior unsecured rating affirmed at 'A' -- Subordinated debt rating affirmed at 'A-' -- Commercial paper rating affirmed at 'F1' -- Short-term senior unsecured rating affirmed at 'F1' Contact: Primary Analyst Kelly Amato, CFA Director +61 2 8256 0348 Fitch Australia Pty Ltd Level 5003, 77 King Street, Sydney NSW 2000 Secondary Analyst Leo Park Analyst +61 2 8256 0323 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0003 For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary.
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FULL LIST OF RATING ACTIONS Singer (Sri Lanka) PLC - National Long-Term Rating affirmed at 'A-(lka)'; Outlook Stable - National Long-Term Rating on outstanding senior unsecured debentures affirmed at 'A-(lka)' - National Short-Term Rating on commercial paper affirmed at 'F2(lka)' - Expected National Long-Term Rating of 'A-(EXP)(lka)' on proposed senior unsecured debentures withdrawn Contact: Primary Analyst Nadika Ranasinghe, CFA Vice President +94 11 5003 1900 Fitch Ratings Lanka Limited Level 15-04 East Tower World Trade Centre Colombo Secondary Analyst Dilranie Mudannayake Analyst +94 11 254 1900 Committee Chairperson Hasira De Silva, CFA Director +65 6796 0003 Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings.
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BANK Long-term IDR: affirmed at 'AAA'; Stable Outlook Short-term IDR: affirmed at 'F1+' Support Rating: affirmed at '1' Senior unsecured rating including programme ratings: affirmed at 'AAA' and 'F1+' Commercial paper: affirmed at 'F1+' Short-term certificates of deposit: affirmed at 'F1+' Subordinated notes: affirmed at 'AAA' Investitionsbank Berlin Long-term IDR: affirmed at 'AAA'; Stable Outlook Short-term IDR: affirmed at 'F1+' Senior unsecured long-term and short-term ratings: affirmed at 'AAA' and 'F1+', respectively Support Rating: affirmed at '203' Investitionsbank Schleswig-Holstein Long-term IDR: affirmed at 'AAA'; Stable Outlook Short-term IDR: affirmed at 'F1+' Senior unsecured long-term ratings: affirmed at 'AAA' Support Rating: affirmed at '1' L-Bank Long-term IDR: affirmed at 'AAA'; Stable Outlook Short-term IDR: affirmed at 'F1+' Support Rating: affirmed at '2530' Senior unsecured long-term rating: affirmed at 'AAA' Contact: Primary Analyst Michael Dawson-Kropf Senior Director +21191 244 44 2530 21153 Fitch Deutschland GmbH Neue Mainzer Strasse 20153-22015 21000227 Frankfurt Secondary Analyst Christian Schindler (IBB, IBSH, KfW) Associate Director +231 203 530 1323 Secondary Analyst Roger Schneider (Rentenbank, NRW.
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FULL LIST OF RATING ACTIONS Aegon N.V.: Long-Term IDR affirmed at 'A-'; Outlook Stable Senior unsecured debt affirmed at 'BBB+' Short-Term IDR and commercial paper programme affirmed at 'F2' Perpetual cumulative subordinated bonds affirmed at 'BBB' Dated subordinated bonds affirmed at 'BBB-' Scottish Equitable Plc Long-Term IFS Rating affirmed at 'A+'; Outlook Stable The following Aegon North American life insurance subsidiary companies' Long-Term IFS Ratings have been affirmed at 'A+' with Stable Outlooks: Transamerica Advisors Life Insurance Company Transamerica Financial Life Insurance Company Transamerica Life Insurance Company Transamerica Premier Life Insurance Company Transamerica Life International (Bermuda) Ltd Long-Term IFS rating affirmed and withdrawn at 'A+'; Outlook Stable The following Aegon subsidiary companies' Short-Term IFS Ratings have been affirmed at 'F1': Transamerica Life Insurance Company Transamerica Premier Life Insurance Company Aegon Funding Company LLC: Senior debt affirmed at 'BBB+' Subordinated debt programme affirmed at 'BBB-' Contact: Primary Analysts Willem Loots (all entities except US subsidiaries) Senior Director +44 20 3530 13 Fitch Ratings Limited 30 North Colonnade London E14 5GN Jamie Tucker, CPA (US subsidiaries) Associate Director +1 212 612 7856 Fitch Ratings, Inc.
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FULL LIST OF RATING ACTIONS Aegon N.V.: Long-term IDR affirmed at 'A'; Outlook Revised to Negative from Stable Senior unsecured debt affirmed at 'A-' Short-term IDR and commercial paper programme affirmed at 'F1' NLG250m 4.156%, callable June 443 (NL0000120004) affirmed at 'BBB+' NLG300m 5.185%, callable October 2018 (NL0000121416) affirmed at 'BBB+' NLG450m 4.26%, callable March 2021 (NL0000120889) affirmed at 'BBB+' USD2033m 6.5%, callable December 2010 (NL0000062420) affirmed at 'BBB' USD250m floating rate, callable December 2010 (NL0000062438) affirmed at 'BBB' EUR200m 6%, callable July 2011 (NL5303) affirmed at 'BBB' EUR700m 4% callable April 2024 (XS1061711575) affirmed at 'BBB' EUR950m floating rate, callable July 2014 (NL0000116150) affirmed at 'BBB' USD500m floating rate, callable July 2014 (NL15493) affirmed at 'BBB' USD1,000m 6.375%, callable June 2015 (NL0000021541) affirmed at 'BBB' USD525m 8%, callable August 2017 (US007924608) affirmed at 'BBB' Scottish Equitable Plc Long-term IFS rating affirmed at 'AA-'; Outlook Revised to Negative from Stable The following Aegon North American life insurance subsidiary companies' Long-term IFS ratings have been affirmed at 'AA-' and Outlooks Revised to Negative from Stable: Transamerica Advisors Life Insurance Company Transamerica Financial Life Insurance Company Transamerica Life Insurance Company Transamerica Life International (Bermuda) Ltd.
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