09252016Sun
Last update: Sun, 25 Sep 2016 07am

Stocks and Bonds

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National Bank of Abu Dhabi has postponed the region's first ever green bond after investors considered the pricing unattractive, banking sources told Reuters on Friday. Green bonds have become an increasingly popular source of borrowing for banks in emerging markets, including in India and China in view of the growing demand for funds for renewable projects.

Venezuela's state oil company PDVSA launched on Friday an offer to swap up to $7.1 billion of debt maturing next year for a new 2020 bond with a coupon of 8.5 percent in an effort to ease its heavy short-term payment schedule. "Holders of eligible bonds, maturing in April and November of 2017, will have 20 days to exercise their option to participate in this excellent investment opportunity," the company added in a statement.
The global amount of negative-yielding government bonds fell to $10.9 trillion on September 12 from its recent peak of about $11.7 trillion in late June after Japanese debt yields rose in recent months, Fitch Ratings said on Wednesday. Japan still accounted for 63 percent of the total sovereign debt in negative yield territory, but the amount of Japanese government bonds (JGBs) trading at negative yields fell by $1.0 trillion from June 27 to $6.9 trillion.
Qatar's central bank sold 4.6 billion Qatar riyals ($1.26 billion) of conventional and Islamic government bonds on Tuesday in its second domestic government debt offer this year, suggesting liquidity is easing in a banking system pressured by low gas prices.
A stock market rally is breathing fresh life into equity capital markets across developing countries, with bankers predicting some long-awaited IPO deals will finally get off the starting blocks in coming months. After five years of underperformance, emerging equities have rebounded 13 percent during 2016, attracting record sums from investors fleeing the low returns of other asset classes.
A federal appeals court on Friday rejected an investor's attempt to revive lawsuits accusing major US exchanges of selling early access to market data to high-frequency traders, the subject of Michael Lewis' 2014 best-seller "Flash Boys." The 2nd US Circuit Court of Appeals in Manhattan agreed with the New York Stock Exchange, The Nasdaq Stock Market, BATS Exchange, the Chicago Board Options Exchange and others that it is for the US Securities and Exchange Commission rather than courts to regulate how market data is disseminated.
US Treasury prices rose on Friday with benchmark yields hitting two-week lows as a result of safe-haven demand for bonds due to losses in Wall Street stocks. Treasury prices have risen following the Federal Reserve's decision to leave interest rates unchanged and the Bank of Japan's policy change on Wednesday. The market's gains slowed on Friday in advance of next week's US government debt supply and the first US presidential debate on Monday.