The payment will be financed through new sovereign debt issuances.
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Bitfinex denied that tether issuances could be used to manipulate bitcoin.
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While LXP endeavours to utilize a more unsecured funding model, its progress has stalled since its first two bond issuances, and access to unsecured capital is dependent in part on frequency of issuances and issuance size.
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Issuances could reach a record $150 billion in 2017, the group said.
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TokenAnalyst, a data-provider, says that Bitcoin prices track issuances of Tethers.
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This includes senior debt issuances, senior deposit notes, securitizations, and covered bond issuance.
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Other sources include bond issuances and credit lines from global and multilateral banks.
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That's when the issuances will come and the covenance will be non-existent.
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The company's only options would then be endless capital raises and debt issuances.
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For several of these issuances, they were in areas that were heavily evacuated.
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Fitch expects maturities will be refinanced with debt issuances or commercial paper borrowings.
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This includes most major debt issuances, as well as major new oil concessions.
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Fitch expects EPR will refinance secured debt with unsecured issuances in the future.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: America Movil S.A.B de C.V. --Local Currency Long-Term IDR at 'A'; --Foreign Currency Long-Term IDR at 'A'; --Senior unsecured notes issuances at 'A'; --Subordinated notes issuances at 'BBB+'; --Mexican national scale rating at 'AAA(mex)'; --Certificados Bursatiles issuances at 'AAA(mex)'; --UF2908 million Chilean Notes Program N#20540, including Series D issuance, at 'AA+(cl)'.
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However, the pricing is usually adjusted to reflect the market performance between the issuances.
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Market access has been re-established with two successful government bond issuances this year.
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The remaining term loan and note issuances have maturities in 2022 and 2023, respectively.
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It did not give details about the other issuances, which would impact Cainiao's valuation.
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Up until now it has relied exclusively on local Saudi banks and local sukuk issuances.
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In addition, Tadawul's annual listing fees and fees for subsequent issuances fees were also reduced.
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Ratings on Macro's senior, unsecured issuances are in line with the bank's long term IDR.
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Price premiums for new issuances normally range between 5 bps and 10 bps per year.
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Even before the latest executive order, there was already evidence that visa issuances were dropping.
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These issuances have helped to improve the average tenor of Glenmark's debt and enhance its liquidity.
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Fitch believes the issuances have been largely opportunistic and views the reduction in refinancing risk favorably.
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Fitch does not give credit for future MCB injections despite its successful issuances in the past.
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As Patently-O recently indicated, design patent issuances hit a record high during fiscal year 2017.
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Syngenta also said it may use its $7.5 billion Euro Medium Term Note programme for further issuances.
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The AA-rated LGFV issuances have appealed to investors increasingly unsure of the quality of corporate paper.
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Corporate issuances consisted about a quarter of the 10 trillion baht ($281.06 billion) in overall outstanding bonds.
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"The main objective is to facilitate higher demand and participation in the new government domestic issuances," Demir said.
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This wave of new issuances is likely to force banks to pay higher interest rates on their debt.
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The ratings on DBS's and OCBC's covered bond programmes and covered bond issuances are unaffected by this review.
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It was to be a small charge, no more than 0.2 percent of the value of bond issuances.
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All the capital markets issuances that we've worked on, we've been like, 'do you guys need a bridge?
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Toray, KDDI and Tokyo Gas told Reuters Mitsubishi UFJ Morgan Stanley was no longer managing their bond issuances.
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Ball also entered into interest rate swaps to minimize interest rate exposure associated with the anticipated debt issuances.
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The researchers found that tether issuances rose last year during periods when the price of bitcoin was dropping.
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VTB's press office emphasized, however, that its VTB Capital arm in charge of Eurobond issuances is not under sanctions.
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The issuances have improved Arcelik's debt maturity profile to approximately four years from less than two years in 2012.
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However, the widening in spreads for WPG's issuances juxtaposed against REIT spreads tightening may reflect deteriorating capital markets access.
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Additionally, some of Bogota's debt issuances state that a CIC default will constitute a technical default on its obligations.
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IL&FS on Sunday said its shareholders had approved a plan to raise funds via debt and equity issuances.
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The municipal markets right now have a very clear understanding what the risks associated with different debt issuances are.
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Fitch said the downgrades apply to about $80 billion of notes outstanding and all national scale long-term issuances.
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Others, such as Ivory Coast and Ghana, are weighing issuances amid expectations of a Federal Reserve interest rate increase.
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Identifying sufficient assets to support sukuk issuances may add to the funding timeline and affect the overall financing cost.
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The structural analyses focus on detailed organizational charts that delineate structural relationships among various affiliate entities and debt issuances.
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The reduction was achieved via equity issuances, the lease-up of developments and the focus on high occupancy acquisitions.
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Credit Suisse was sued by investors who owned a leveraged ETN after new issuances of the notes were suspended.
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The ratings of new debt issuances without the benefit of the guarantee will likely be aligned with the relevant IDRs.
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These issuances have brought down Xinyuan's average borrowing cost to 8.5% at end-June 2016 from 9.5% at end-2015.
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Energy companies also extended their lifelines by binging on debt and equity issuances in the first half of the year.
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PrimaryBid, a UK-regulated platform connecting publicly listed companies with everyday investors for discounted share issuances has previously raised $3M.
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Across the industry, capital markets businesses have struggled as global economic uncertainty has led to sluggish dealmaking and security issuances.
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Seventy-six percent say it should be funded through a combination of government spending, bond issuances and public-private partnerships.
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The acquisition is large for AAT and, along with the debt issuances, has had a significant impact on its financial profile.
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Fitch rates BBVA Bancomer and Facileasing's local debt issuances at their respective corporate rating level, as the debt is senior unsecured.
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The government approved Monday a decree that allows future bond issuances by Carige, as well as a precautionary public recapitalization plan.
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Jadaan said the government was expected to resume local debt issuances this quarter or next, partly to finance the budget deficit.
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The announcement follows a series of bond default warnings and cancelled issuances in China as pressure on the bond market rises.
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Firms providing financial services for issuances of new cryptocurrencies - initial coin offerings - must also be subject to the rules, it said.
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Focusing for now on debt securitization would mean that it would not be necessary to interfere with national government's debt issuances.
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Mubadala reduced its corporate debt through a combination of repayments, new issuances and favourable exchange movements, the statement said, without elaborating.
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The ratings of new senior debt issuances without the benefit of the guarantee will likely be aligned with the relevant IDRs.
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Improved core earnings were offset by higher interest expense and preferred dividends on recent debt and preferred share issuances in 2016.
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New loan issuances have slowed as wider concerns such as Brexit uncertainty grew and the US-China trade war ramped up.
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As a result of an earlier Trump directive, the State Department is now required to publish monthly statistics on visa issuances.
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The proceeds of the note issuances from BRK will be used to refinance $750 million of 2.2% senior notes maturing this month.
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The further up the speculative-grade continuum a rating moves, the more compressed the notching between the specific classes of issuances becomes.
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Nor do they substitute traditional financing through bond issuances or other debt instruments such as loans from multilateral institutions for financing projects.
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In the absence of a VR, as is the case with CCD, the issuances are notched from the entity's Long-term IDR.
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"Identification of assets for sovereign or multilateral sukuk issuances is essential," the Manama-based group said in written comments to the IFSB.
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"We're programmatic and automatic, so if we got a lot of interest, we could spin out new issuances pretty quickly," he says.
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There have been only 25 euro-denominated bond issuances this week, compared to 72 deals in 2008 when the record was set.
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Ratings of new senior debt issuances, which do not benefit of a guarantee, are likely to be aligned with the relevant IDR.
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"Sanctity of contract is critical to ongoing investment in PNG and to the success of future potential sovereign bond issuances," Wilson said.
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The proceeds of the note issuances from BRK will be used to refinance USD1.1 billion of 1.9% senior notes maturing this month.
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This restricts potential investments to 15 listed issuances totalling around USD10bn as well as Sri Lanka Development Bonds (SLDBs) of around USD4bn.
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Overall local government bond issuances in the quarter totaled 955.4 billion yuan, according to investment firm China International Capital Corp (3908.HK).
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In the past three years, half of new corporate bond issuances were rated BBB, the lowest rating in the investment grade category.
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I see a company that has had several dilutive issuances immediately following the change of the board and change of the business.
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The role of asset sales, as well as equity issuances and accessing low-cost debt, play key roles in driving Fitch's assumptions.
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When the amalgamation is complete, Fitch would expect to withdraw the ratings of CCD and assign ratings to FCDQ and its debt issuances.
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Additionally, debt underwriting net revenue dropped 13% sequentially and 22% from 4Q14 as leveraged finance issuances were delayed due to volatile market conditions.
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IL&FS announced on Sunday that its shareholders have approved a plan allowing it to raise fresh funds via debt and equity issuances.
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"Starting from the summer onwards, the Bank has been hitting new records of loan issuances to retail clients," Sberbank said in a statement.
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"In order for some entity to give $6 billion over three issuances, the highest level of the company must agree to it," Bove said.
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To lean into this trend, the DIEDC has plans for developing the sukuk (Islamic bond) market and increasing sukuk issuances and listings in Dubai.
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Leverage has decreased slightly in the last six months as the company repaid $83 million of debt on various issuances and increased shareholders' equity.
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Leverage could trend lower as in 2016 depending upon how the issuer sizes development and redevelopment expenditures relative to equity issuances and asset sales.
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Earlier in the day, Vice Finance Minister Song Eon-seog said there would be no additional issuances of the "super long" bonds this year.
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Volumes of USD15.9 billion in 103Q17 were underpinned by large UK, Spanish and Italian bank issuances in EMEA and by Indian banks in APAC.
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The bank tapped global and local markets for senior and subordinated debt issuances and remains an attractive name for investors at home and abroad.
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In some years, it has been charged fees totaling nearly 1 percent of its bond issuances, far more than foreseen under the original law.
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They were unable to apply for the visas in China, as the U.S. Embassy there has paused all visa issuances due to the coronavirus.
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The Treasury also said it expects to borrow $9 billion from international markets in 2020 through bond issuances, up from $8 billion in 2019.
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In efforts to broaden its investor base, Cagamas' debt issuances include denominations in renminbi, Hong Kong dollar, Singapore dollar, U.S. dollar and Australian dollar.
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It would be the country's first borrowing since 2014 when it briefly returned to markets with two issuances before plunging again into financial trouble.
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Investors might be loathe to buy into a coin based in China due to some of its crackdowns, such as banning digital coin issuances.
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Sheng also suggested coin issuances could still take place in China following the current market reset, once new rules were in place, according to Yicai.
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Until this point, issuances by banks have been in local currency where costs tend to be lower, aided by the depth of the local market.
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He told Reuters Lebanon was committed to its Eurobond issuances and those that hold them, and that it would not violate any of their terms.
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There is a new concern though in the U.S. bond market will increase Treasury issuances to "fund wider deficits" from tax cuts and larger budgets.
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Since FHFA published CRT guidelines in 2012, the GSEs have introduced programs including debt issuances, insurance and reinsurance, senior-subordinated offerings and lender recourse transactions.
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Telefonos de Mexico S.A.B. de C.V. --Local currency Long-Term IDR at 'A'; --Foreign currency Long-Term IDR at 'A'; --Senior notes issuances at 'A'.
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They appreciate that these issuances make it possible to obtain attractive borrowing by simplifying the underwriting process and instilling confidence in ratings agencies and investors.
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These increases reflect contractual rent escalations; --$1 billion, $600 million and $1 billion of unsecured bond issuances in 0003, 2017 and 2018, respectively; --Equity issuances of $700 million and $250 million in 2016 and 2018, respectively; --Acquisitions of $20 million, $1.5 billion and $1.5 billion in 103, 2017 and 2018, respectively; --Divestments of $900 million, $1 billion and $500 million in 2016, 2017 and 2018, respectively.
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The firm was sued in 2012 by investors who owned a "leveraged" ETN after new issuances of the notes, which doubled one market's returns, were suspended.
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While investors have been impressed with the recent upside surprises in Chinese economic data, skeptics say this is simply the result of debt and loan issuances.
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"Also there were several issuances of dinar-indexed T-bonds which boosted demand," one dealer said, adding that the currency could weaken to around 118.5 soon.
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The government of Peru on Tuesday authorized up to $3.5 billion worth of bond issuances to help improve its debt profile and finance next year's budget.
|
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Fitch notes less reliance on short-term borrowings from a year ago, and demonstrated access to capital markets through several debt issuances since our last review.
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Coverage has remained strong in recent years despite additional unsecured bond issuances as a result of relatively high drawn balances on the company's revolving credit facility.
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But this year, oil prices have nearly doubled to $50 a barrel, allowing for equity markets to set records for secondary stock issuances by energy companies.
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Peru's first sale of Euroclearable bonds followed similar issuances by Chile and Mexico that can also be settled by Belgium-based post-trade services provider Euroclear.
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During the period between the years 2000 and 30, prior to the global financial crisis, only 39% of investment grade corporate bond issuances were BBB-rated.
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Citi's outlook for ROA in 2017 continues to be between 90bps and 110bps, though this ratio remains impacted by TLAC-related issuances and LCR liquidity levels.
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The bank was sued in 2012 by investors who owned a "leveraged" ETN after new issuances of the notes, which doubled one market's returns, were suspended.
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But the new nature of these digital token issuances has meant that the regulatory landscape globally is fragmented with each country looking at ICOs in different ways.
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Abousleiman has a rare financial background in the cabinet, having acted on sovereign debt issuances for Egypt, Tunisia, Albania, Bahrain, Jordan and Morocco for law firm Dechert.
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As of August 4, SRC's stock price was down 6.4% from the release of 1Q17 earnings, making any potential equity issuances more dilutive and therefore less likely.
|
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The Mitchell/Wray/Watts MMT textbook argues that the purpose of these bond issuances is to prevent interest rates in the private economy from falling too low.
|
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Proceeds from the issuance will be used for the repayment of $287.5 million 6.25% and $150 million 6.00% subordinated debt issuances currently outstanding and general corporate purposes.
|
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"In making all of these adjustments, the FHLBanks are being aided by more favorable bond rates for longer-term debt, making these issuances less expensive," he said.
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Even though corporate bond issuances have increased, there are fewer market-makers, more unfilled orders and decreased bond market liquidity, leading to unexplained stresses on the marketplace.
|
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Since 2010, about one-fifth of new corporate bond issuances have been below investment grade, according to the O.E.C.D. Last year, that proportion grew to one-fourth.
|
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Issuances of BAA debt have equaled or outpaced new sales of riskier high-yield debt every quarter since the fourth quarter of 2016, according to the Fed.
|
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A Treasury official said Italy is pressing its partners to accept a "sub-aggregation," allowing separate votes for different groups of bond issuances, to protect small investors.
|
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Part of that is due on regulatory pressures on issuances by local governments and property developers, but it is also likely a reaction to rising interest rates.
|
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As such, improving performance and accountability within VBA and the board through the issuances of timely, quality decisions must be part of VA's overall suicide prevention strategy.
|
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The outline of the Senate bill is silent on other issuances the House measure would end, including tax-free debt for professional sports stadiums and tax-credit bonds.
|
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It told The New York Times in a statement: "Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex."
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They saw a record number of issuances last year, as central bank bond buying program forced government bond yields to record lows, sparking a fresh hunt for yield.
|
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With one day to go, the all-time high of $44 billion in issuances, from mid-2008, is well within striking distance (Dealogic's data tracks back to 1995).
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DERIVATION SUMMARY The ratings on Indosat Ooredoo's bond and sukuk programmes and the issuances from these programmes are aligned with the National Long-Term Rating on the company.
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President Alassane Ouattara said in October the government was in a position to curb Eurobond issuances and let the private sector play a bigger role in funding infrastructure.
|
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In each of the three bond issuances that Goldman undertook for 1MDB, Mr. Low provided directions on who to bribe in order to secure contracts, according to filings.
|
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Special bond issuances with set quotas are viewed by Beijing as a way to control "invisible" local government fund-raising through so-called local government financing vehicles (LGFVs).
|
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"The EBRD's participation in the bond is expected to boost market confidence and contribute to building scale and critical mass for locally listed bond issuances," the EBRD said.
|
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LSI has been successful at addressing the latter through the public bond and private placement issuances through which the company did not need to utilize the bridge facility.
|
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Overall metrics of market performance, such as corporate debt issuances are near all-time highs, and key measures of corporate bond market liquidity are well within historical norms.
|
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So-called "jumbo issuances" were seen in Saudi Arabia and other Gulf Cooperation Council (GCC) economies in 2017, whereas 2016 saw Islamic-majority Malaysia issue the most sukuk.
|
|
Fitch anticipates coverage will sustain in the high-2x range through the forecast period as DDR limits debt balances and refinances higher cost debt with new unsecured bond issuances.
|
|
The company's statement on Thursday did not reveal how large the initial sukuk issue would be, merely saying sukuk would be offered from time to time through multiple issuances.
|
|
This is credit positive as it lessens FC liquidity risk, but the impact will be modest as the new bond issuances are small relative to total term FC lending.
|
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These will include future bond issuances from DanaInfra Nasional for mass rapid transit projects and for the Pan-Borneo Highway, and from Prasarana Malaysia for road and highway projects.
|
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Modest debt reductions are projected in 0003 and deleveraging in 2018 is expected to be related to the payment of local issuances for MXN5 billion and higher EBTIDA generation.
|
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"Tether issuances have not been affected by this attack, and all Tether tokens remain fully backed by assets in the Tether reserve," the company stated in its blog post.
|
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In 2012, for example, the TVIX premium rose to 90% after Credit Suisse temporarily suspended further issuances of TVIX shares due to internal limits on the size of ETNs.
|
|
Banks now do less short-term unsecured borrowing than they did before the 2008 financial crisis and receive much of their funding through deposits and longer-term debt issuances.
|
|
These increases reflect both contractual rent escalations and participation by way of overage rents; --Annual investments of approximately $700 million to $800 million (net of the CNL transaction) through 7503, with a yield of 9%; --Sufficient unsecured bond issuances for 2017 and 2018; --Annual public equity issuances between $200 million to $300 million from 2017 to 2018, though issuance is at management's discretion; --Approximately $5 million to $10 million of capital expenditures annually through 0003.
|
|
"I expect this successful issue to induce some follow-up issuances in the coming fiscal year, to capitalise on Eurobond proceeds as a main source of FX inflows," Farahat said.
|
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The increase was predominately due to residential mortgage-backed securities (RMBS) and auto-loan asset-backed securities (ABS) issuances, although limited by a significant fall in collateralised loan obligation issuance.
|
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"India's software exports could be impacted if immigration policy turns more restrictive considering that India remains the biggest user of H1B visas, about 70 percent of issuances," Citi analysts flagged.
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This "will add support to the investor base as well as improve liquidity levels for the government's issues as well the issuances of government-owned companies," the finance ministry said.
|
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The plan is to look in to, potentially, another currency, euro is a possibility-, MA: Later this year, and we are continuing with our local issuances, on a monthly basis.
|
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Cordray also insisted that the CFPB's actions were not limiting consumer choices, pointing to increases in mortgage issuances, credit union memberships and auto loans since the bureau's opening in 2011.
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Nonprofit organizations are generating funds through bond issuances to buy large forest properties when they go up for sale, ensuring that they remain forested and protected from development and fragmentation.
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Mitsubishi UFJ Morgan Stanley Securities Co Ltd had been co-lead manager for a total of 130 billion yen ($1.17 billion) worth of bond issuances by Toray Industries Inc (3402.
|
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Indrawati did not provide a new deficit estimate, but she said the additional financing "may not be too big", and would be covered by bond issuances on domestic and international markets.
|
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Last year, Peru issued a 10.25 billion sol bond in a debt swap transaction that the government described as one of the biggest global issuances denominated in an emerging market currency.
|
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Frequent and oversubscribed equity issuances have supported rapid expansion while maintaining low leverage, recently demonstrated in October 2017, when the company raised EUR325 million - more than 70% above the initial target.
|
|
While an attorney will charge startups thousands of dollars, typically, to handle their seed financings, Clerky's Fundraising tool costs $99 for six months of unlimited issuances of SAFEs or convertible notes.
|
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"We have lined up about $13 billion of issuances," he said, declining to name the potential issuers but indicating that the various bond sales are expected to take place this year.
|
|
SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings of subordinated debt issued by FNFG are primarily sensitive to any change in KEY's VR, as the issuances have been assumed by KEY.
|
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The suit accuses the defendants of withholding other information from Design Within Reach's minority shareholders, including several issuances of new stock that re-raised the amount of the companies outstanding shares.
|
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So city representatives voted to take on new debt to pay for the project's rising costs on four separate occasions, and decided to attempt funding through a series of bond issuances.
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"Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex," Jan Ludovicus van der Velde, Bitfinex's chief executive, said in a statement.
|
|
To reach the target buffer and fully rebuild its creditor reputation, Greece should tap the markets more than once before August 2018, and with issuances of different, longer maturities, officials added.
|
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"The effects of the lower corporate tax rate, including the dilution from planned equity issuances, will partially offset ... organic growth," said Chief Financial Officer Steve Young said on a post-earnings call.
|
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A new partnership like this would presumably deluge the startup with customers, hence the large fundraising now in anticipation of a potential rapid growth in loan issuances sometime in the near future.
|
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That is a change from the last several years, when miners focused on cutting costs instead and investors lost confidence in the industry after years of dilutive share issuances and pricey acquisitions.
|
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KEY RATING DRIVERS The final rating of the fourth debenture issuance is one notch below SASA's Long-term National Rating and equivalent to the existing rating of the first and third debenture issuances.
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However, the market lacks commonly agreed standards or criteria for evaluating what a green bond is and for ensuring that proceeds from issuances are invested in the environmental projects claimed in the prospectus.
|
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Fitch views TTX's access to the capital markets at favorable terms and the ability to further narrow the spread premium of its debt issuances relative to those of its railroad owners as positive.
|
|
The Finance Ministry said it will grant local governments a quota of 2.15 trillion yuan for special bond issuances this year, sharply higher than the 1.35 trillion yuan quota it granted in 2018.
|
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Local government special bond issuance was 1.95 trillion yuan last year, the finance ministry said in a separate statement on Wednesday, sharply up from 800 billion yuan of special bond issuances in 2017.
|
|
"We should expect to see one, maybe two, relatively large issuances throughout the year if conditions are appropriate, either in domestic or foreign markets, mostly with a focus on liability management," Reusche said.
|
|
"YTD commodity price improvements and equity issuances have resulted in much stronger balance sheets," wrote equity analyst Jorge Beristain, pointing to a 12 percent rally in metals and mining commodity prices last quarter.
|
|
The recently completed $1.75 billion debt issuances by QCP and subsequent dividend to HCP, along with significant progress on dispositions resolve the uncertainty and execution risk that the previous Rating Watch Negative captured.
|
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A Dickensian tale is playing out in bond markets, where investment-grade corporate bond issuance took off in February but high-yield issuances remain low and are regarded as practically toxic in 2016.
|
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The United States regained its position as the biggest issuer of green bonds by country in the second quarter from China, with 22.8 percent, driven by multiple issuances by the U.S. municipal sector.
|
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We understand that the company intends to utilise more borrowing base facilities for its working-capital financing, in particular for the issuances of letters of credit (LCs), rather than for secured debt drawdowns.
|
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SUBORDINATED SECURITIES Due to the current compression in the rating of Macro's subordinated issuances, a potential upgrade of the bank's VR will not necessarily result in a similar action on outstanding subordinated notes.
|
|
Jesse Fried and Charles Wang argued earlier this year that the real amount of buybacks is overstated by politicians who focus on gross share repurchases that are partially offset by new share issuances.
|
|
Chinese issuers accounted for $15.4 billion of new green bond issuances in 2019, and Asian investors are expected to turn greater attention to sustainable investing in order to keep pace with established markets.
|
|
Capital Access: The company has demonstrated strong access to the unsecured bond market, likely due to the company's absolute size and size of its issuances, which offer a liquid trading market for its bonds.
|
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Argentina plans to issue US$1.5bn-$2bn of Swiss franc bonds in two to three issuances this year, one of which will be in the first quarter, Reuters quoted Finance Minister Luis Caputo saying.
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"It is quite incredible what is going on, and you see this in all these new issuances, especially the euro-denominated space," said Marcelo Assalin, head of emerging market debt at NN Investment Partners.
|
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For deal financing, ChemChina would need to pay around 0.4 to 0.8 percent of the amount to be borrowed either via bond issuances, loan packages or a combination of both, according to Freeman estimates.
|
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The market is relatively nascent, but Fitch expects issuances to gain traction in the near to medium term, with larger players, such as China Reinsurance Corporation and Korean Reinsurance Company, having led the way.
|
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The bill would also limit general obligation bond allocations to $2 billion a year beginning in fiscal 2018, then apply that same cap to issuances and spending starting in fiscal 2019, the OFA said.
|
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Fitch projects that GPT's fixed-charge coverage ratio will sustain at the high-3.0x level through 2019, driven by accretive acquisitions and developments, and partially offset by increased interest expense from unsecured bond issuances.
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Last year Peru sold a 10.25 billion sol bond in a debt swap transaction that the government described as one of the biggest global issuances of a bond denominated in an emerging market currency.
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Fideres said it analyzed more than 700 bond issuances between 2010 and 2015, and found that, on average, U.S. corporate bond prices rose over 0.50 percent in the first few days after hitting the market.
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Ali Hassan Khalil also said Lebanon was determined to abide by its commitments towards issuances of Eurobonds and those who hold them and would continue to issue them according to the "same commitments and standards".
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In addition, the Australian sovereign (AAA/Stable) has mechanisms to limit the financial impact on a state from natural catastrophes and has supported the states in the past by providing guarantees for their debt issuances.
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Before the duo came in, GGP had been the largest borrower of commercial-mortgage-backed securities in the US market, putting it in a precarious position when the global financial crisis dried up loan issuances.
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The People's Bank of China (PBOC) has relied on daily issuances of seven-day reverse repos during daily open market operations this year, injecting cash on a regular basis to manage short-term money supply.
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"You will be hearing a lot more of these issuances, especially the ijara sukuk type," said Payam Afzali, vice-president at Kardan Investment Bank, which is advising several local companies on their sukuk issuance plans.
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Several firms remain in a negative net debt position and 2123 saw the introduction of perpetual preferred issuances by two issuers in the sector, with proceeds, to date, used to improve operating flexibility and liquidity.
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VIABILITY RATINGS Fitch assesses that excessive growth, particularly in WMP issuances, exposures in entrusted investments and non-loan credit, may render capital more vulnerable to deterioration beyond what is implied by the current rating levels.
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"There are lot of issuances coming up in this region and beyond due to the drop in oil prices and restructuring in the UAE, Gulf and globally," Philippe Ghanem told Reuters at a company event.
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In a statement on Monday, the Malaysian conglomerate said it had already begun selling some of its assets, while also boosting its balance sheet by implementing measures such as perpetual sukuk issuances and share placements.
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Equity and equity-linked issuances by Indian companies surged 22000 percent to $21 billion in the first half of 264.8500 from the same period a year earlier, according to Thomson Reuters data released on Monday.
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Analysts expect between A$30 billion and A$50 billion of new sovereign bond issuances before the end of June, compared with A$30.2 billion between February and May 2009 during the global financial crisis.
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Analysts expect between A$30 billion and A$50 billion of new sovereign bond issuances before the end of June, compared with A$30.2 billion between February and May 2009 during the global financial crisis.
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Under the proposal, close to $50 billion of the debt would be covered by having creditors accept $38 billion up front and exchange current bonds for new bond issuances that would have different recovery rates.
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The original purpose of creating a statutory debt limit in 1917 was not to prevent the government from running up too much debt, but to remove the requirement that Congress authorize individual issuances of debt.
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Citi expects net interest income to grow in 2017 supported by the December 2016 rate hike, the benefit of card investments maturing in the second half of the year, offset by TLAC-related debt issuances.
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There were a record number of issuances for green bonds last year as firms, financial institutions and governments raised $235 billion in total to fund environmentally sustainable projects, according to data from law firm Linklaters.
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Fitch has affirmed the ratings and revised Outlooks as indicated: HSBC Mexico --Long-Term Foreign and Local Currency IDR at 'A'; Outlook to Stable from Negative; --Short-Term Foreign and Local Currency IDR at 'F1'; --Support Rating at '1'; --Viability Rating at 'bbb-'; --Long-term National scale rating at 'AAA(mex)'; Outlook Stable; --Short-term National scale rating at 'F1+(mex)'; --Long-term National scale rating for local senior debt issuances at 'AAA(mex)'; --Long-term National scale rating for local subordinated debt issuances at 'AAA(mex)'.
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This investor pushback comes as companies rated B3 by Moody's Investors Service made up 44% of new bond and loan issuances in 2018, against 22% in 2007, the ratings agency said in a May 29 report.
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Proceeds of both issuances are to be used to fund the company's tender offer for up to $600 million aggregate principal amount of Discovery's existing 5.05% senior notes due 2020 and 5.625% senior notes due 2019.
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Dollar bond issuances by Chinese companies started to pick up in 2013, and many of them carried call options that usually allowed issuers to redeem bonds three years later, so there could soon be a flurry.
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The entity has a global debt issuance and is planning to place debt in the local market through a program for up to MXN103,000 million that allows the placement of either short- or long-term issuances.
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KEY RATING DRIVERS Leverage Strong for Rating: Fitch expects leverage to remain between 5.0x-5.5x through the forecast horizon as MAA continues to utilize a mix of unsecured bond issuances and dispositions to fund investment activity.
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Fitch does not expect a significant change to this funding mix, although the society is looking for ways to diversify its wholesale funding base, with expected issuances of covered and senior debt in the medium-term.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES DCOM's trust preferred issuances are rated four notches below DCOM's Viability Rating (VR) of 'bbb' in accordance with Fitch's assessment of the instruments' non-performance and loss severity risk profiles.
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Italian banks also reported an annual increase in November in their funding through bond issuances, which has grown by roughly 3.5 billion euros ($3.86 billion), or 1.5% year-on-year to 240 billion euros ($264.53 billion).
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LIMA (Reuters) - Peru will work to boost the liquidity of sol-denominated debt instruments as it takes a break from global debt markets and pivots to local bond issuances, the country's finance minister told Reuters on Thursday.
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Combined total debts - including borrowing via loans and bond issuances - amounted to 29.9 trillion yuan ($274.4 trillion) at the end of March, the slowest pace of growth year-on-year since at least 22004, the analysis showed.
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VIABILITY RATINGS Fitch assesses that excessive growth, particularly in wealth-management product (WMP) issuances, investments in receivables and non-loan credit, may render capital more vulnerable to deterioration beyond what is implied by the current rating levels.
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Spreads in bond yields between local and New York-law issuances have also spiked this month as investors have started to grow anxious about the potential of debt restructuring if President Macri is voted out in October.
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Malaysian firms raised close to 100 billion ringgit in 2016, of which about 87 billion was through corporate bond issuances and initial public offerings (IPOs), commision Chairman Ranjit Ajit Singh said in a speech at an event.
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"This additional reference point would be valuable for long-term financing pricing in the kingdom as a whole; it will support developmental and infrastructure projects, as well as public and private sector debt issuances," the DMO said.
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And like Cetinkaya - the first Islamic finance specialist to become central bank governor in modern Turkey - Kilimci's resume includes practical experience, having worked on Turkey's first Islamic Exchange Traded Fund (ETF) and some early Islamic bond issuances.
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I don't know if they're in full panic mode or not, but they are doing everything in their power to stimulate their economy including record loan issuances, which don't always work out well in the longer term.
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Italy has asked to clarify that the new CACs clauses will not rule out the so-called sub-aggregation, allowing separate votes for different groups of bond issuances to protect small investors, a government official told Reuters.
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The committee asked the judge overseeing the island's bankruptcy to appoint it as a trustee with the power to investigate past debt issuances, as well as pursue fraud, negligence, and breach of fiduciary duty claims against individuals.
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While regulatory uncertainties still loom over Korea and Japan, in Southeast Asia, the MAS has already released its opinion "A Guide to Digital Token Offering" that illustrates the application of securities laws to digital token offerings and issuances.
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Getting a flood of corporate bond issuances to close out a first quarter when banks globally came under fire for the quality of their energy loans has the potential to reverse an ugly trend before earnings are reported.
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A spate of 973-year and 297-year issuances have seen average maturities rise to 2120 years, from 210 in 2011, according to JP Morgan's global government bond index - a huge shift for the multi-trillion dollar market.
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Successful issuances of tier 1 (USD700 million) and tier 2 (KWD125 million) instruments in 2015 have supported Fitch's view on the bank's high ability to raise capital and boost regulatory ratios to adhere to additional D-SIB capital requirements.
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Salameh said he and Finance Minister Ali Hassan Khalil had on Tuesday agreed a plan to attract funding for government debt issuances and said Lebanon's banking sector is capable of financing the state's foreign and domestic debt in 2019.
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While it is still not clear how much the ECB intends to buy at this stage, market analysts have said it is likely to be €5 to maximum €10 billion per month, depending on the level of new issuances.
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A few planned corporate issuances were postponed in the immediate aftermath of the coup attempt, but since then the syndication rollover rates by banks have ranged between 64% and 145% and the cost of funding has risen only marginally.
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"As he laid out in his Orlando remarks, Mr. Trump will describe the need to temporarily suspend visa issuances to geographic regions with a history of exporting terrorism and where adequate checks and background vetting cannot occur," Miller said.
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According to Paloma San Valentin, a managing director for the U.S. and the Americas at the New York-based ratings company, there are tentative signs of renewed appetite for new issuances of sovereign and corporate debt in Latin America.
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Beijing could allow local governments to issue off-budget bonds to finance acquisitions of land from zombie firms to expedite the process, Ge said, adding that those special-bond issuances should not be included in local governments' debt assessment.
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"The investment need for transmission and power plants is quite significant so probably one of the next issuances will be from our electricity company," Soemarno said, naming telecom, construction and mortgage banking as other sectors likely to tap the Komodo market.
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To diversify the structure of financial services sector, the programme aims to increase the share of capital markets assets — total domestic market capitalization and outstanding debt issuances registered at the exchange — to 45 percent in 2020 from 41 percent in 2016.
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"Last year, many of the banks were preparing for Basel III in terms of capital and liquidity and with their bond issuances, so a lot has been done to prepare for NSFR," said Simon Chen, senior analyst at Moody's Investors Service.
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Improving Capital Access STAG's issuances of senior unsecured notes in July 33711, December 3371212, February 33710003 and December 33710278 have been important milestones in the company's transition to a predominantly unsecured borrowing strategy, evidencing broader access to unsecured debt capital.
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MUMBAI, Sept 30 (Reuters) - India's troubled Infrastructure Leasing and Financial Services Ltd (IL&FS), whose recent defaults have roiled Indian markets, said on Sunday its shareholders have approved a plan allowing it to raise fresh funds through debt and equity issuances.
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Retailer Staples, for instance, saw its US$2bn loan funding a dividend recapitalization drop a point to 98.25-98.375 on the break after wrapping up earlier this month, among the largest issuances this year in a slow leveraged loan market.
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Bishop would be of more assistance to bondholders if he would prevail upon the Securities and Exchange Commission to investigate the bond issuances and the many well-heeled interests that arranged and benefited from the reckless borrowing that bankrupted Puerto Rico.
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For the sukuk programme and issuances, the ratings also take into account the sukuk's structure and documentation, which include the following features: - The sukuk will represent the company's unsecured obligations and will rank pari passu with all its other unsecured obligations.
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Proceeds from the issuances, together with borrowings under the new term loans and cash on hand, as well as additional liquidity sources are to be used to fund the previously announced acquisitions of Carmike Cinemas and Odeon and UCI Cinemas Limited.
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TORONTO, Jan 7 (Reuters) - Royal Bank of Canada led the pack of banks advising on debt issuances for corporations and governments as activity in that space stayed strong despite market choppiness, according to data from Thomson Reuters released on Thursday.
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The state council also said it will ensure a significant increase in credit for the manufacturing sector this year and that there will be a significant increase in bond issuances by financial institutions in order to make loans to smaller companies.
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Beijing has rolled out a series of measures to support growth, including reductions in market interest rates and including front-loading 1 trillion yuan ($142.1 billion) worth of local government special bonds issuances from the 2020 quota to this year.
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KEY ASSUMPTIONS Fitch's key assumptions within the rating case for LXP include: --1.5% same-store NOI growth through 031; --G&A to maintain historical margins relative to total revenues; --$650 million of dispositions in 2016 followed by $100 million annually in 2017-2018 at an 8% cap rate; --LXP will use proceeds from asset sales, equity issuances and unsecured debt issuances in 2018 to fund acquisitions on a leverage neutral basis; --LXP will repay near-term secured debt with asset sales; --Capex to maintain historical margins relative to recurring operating EBITDA; --AFFO payout ratio of approximately 65%-70% through 103.
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But since low oil prices started impacting liquidity in the local banking system, authorities have encouraged more bond issuances as bonds allow a larger investor base such as insurance and pension funds to be tapped, therefore reducing the strain on the banking system.
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While resorting to alternate channels will put more pressure on funding costs, developers said the move comes as Beijing is slowing approvals for onshore and offshore bond issuances to curb aggressive bidding for land, after premiums paid spiked in the first quarter.
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Nevertheless, Fitch recognizes that the company's funding profile compares favourably to other rated NBFIs in terms of the number and diversity of funding providers that include local and international commercial banks, local development banks, as well as local and international bond issuances.
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"Our debt issuances in international debt markets have been highly valued and we're not obligated to issue any more because our debt requirements have been met," Rubio told Reuters on the sidelines of a banking conference in the seaside-resort city Acapulco.
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SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Davivienda's subordinated debt is rated one notch below its VR to reflect lower expected recoveries, while there is no notching differentiation based on incremental non-performance risk given the terms of the issuances (plain-vanilla subordinated debt).
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PDVSA began negotiating private issuances last year to settle years-old suppliers' bills, with at least $310 million of notes in 2015 to companies including General Electric Co. PDVSA did not say which service companies were involved in the notes issued this year.
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Following a number of demos and self-released issuances, this new-ish project from creator Tim Messing is seeing its maiden physical release today via CA label Sentient Ruin Laboratories, and features new mastering and all new artwork by noise guru Anderson Cook.
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Not only did it rank low among United States-based global advisers on big corporate mergers and stock and bond issuances, it suffered from the perception of a flawed culture, due to its role in the Libor scandal and other regulatory troubles.
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FULL LIST OF RATING ACTIONS Grupo Televisa S.A.B. --Long-term Foreign Currency and Local Currency IDRs affirmed at 'BBB+'/Outlook Stable; --Senior unsecured debt ratings affirmed at 'BBB+'; --National long-term rating affirmed at 'AAA(mex)/Outlook Stable'; --Domestic notes issuances affirmed at 'AAA(mex)'.
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Moving STLC issue ratings such as treasury bills to the proposed new STLC 'F21176+' scale from the Long-term local currency (LTLC) scale would affect rated issuances for an estimated 203 countries, although we do not envisage any changes in rating relativities from this transition.
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In March, dozens of House Democrats sent a letter to Zinke, asking that he "halt all trophy imports, initiate a full regulatory process for the policies, make license issuances public and require annual reports from countries where FWS will allow imports," according to The Hill.
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This new explanation for climate change was added because "there are many definitions for climate change floating around right now," and the department needs "to ensure that whenever the term is used in Department of Defense issuances, it has a specific definition," Mr. Osial wrote.
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Fitch recognizes that the secured notes, as well as any potential future secured note issuances, structurally subordinate contracted cash flows to service corporate debt and believes that adjusted corporate leverage metrics, excluding rig secured debt and associated cash flows, could rise above the consolidated metrics.
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New issuances now under discussion include exchange-trade funds along with the long-anticipated issuance of a yuan-denominated bond at MOEX, said Marich, who expected fixed income to be a main driver, with some Russian sovereign bonds offering yields of more than 8 percent.
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China, the U.S., France and Germany dominated the green bond market in 353, accounting for 40% of all proceeds globally, while Sweden was crowned the green bonds "hotspot," having recorded 78 new issuances in 2019, 24 more than either the U.S. or Japan in second.
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Fitch expects Bunge to manage the maturing notes through either long-term debt issuances or with bank borrowings as the company did for the $250 million of unsecured notes due in March 24.875 given the company's current sources of liquidity and access to the capital markets.
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Packages of loans to scientific projects deemed viable for investment by NIH would be sold in Eye Bond issuances of no more than $250 million per year for four years, backed by a limited federal guarantee to encourage private investors to invest in a complex field.
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Backtracking on reforms, even if bond issuances were successful, could increase creditors' appetite to push Greece to consider a precautionary credit line from the euro zone bailout fund, the European Stability Mechanism (ESM), after the end of its current bailout program, the third since 2010, officials said.
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SAN JUAN (Reuters) - Puerto Rico's federally created financial oversight board said on Thursday it sued some owners of potentially invalid bonds of the bankrupt U.S. commonwealth, as well as Wall Street banks and firms that participated in various debt issuances in an effort to recoup more than $1 billion.
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U.S. government debt is broken into two categories: that which is held by the public, which includes Treasurys and other similar issuances, and intragovernmental holdings, or debt the government essentially owes itself through the shuffling of funds, as would occur in this case under the extraordinary measures provision.
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Besides WYNN's recent dividend cut, other notable actions include selling over $100501 billion in equity through secondary offerings since its 1005016 IPO, including two issuances during the bottom of the last recession, and passing on Singapore in order to focus on its developments in Macau and Las Vegas.
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The investigation revealed annual meetings that were postponed at the last minute, sales of stock by company insiders soon after the name change, dilutive share issuances on favorable terms to large investors, confusing SEC filings and evidence that a major shareholder was selling shares while everyone else was buying.
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Fitch currently rates SASA as follows: --Long-term Foreign and Local Currency IDRs 'BB-'; Outlook Negative; --Short-Term Foreign and Local Currency IDRs 'B'; --National Long-term Rating 'AA-(bra)'; Outlook Negative; --National Short-term Rating 'F1+(bra)'; --National Long-term Rating of first and third debenture issuances 'A+(bra)'.
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"This, combined with the current market conditions and the volume of recent issuances focusing on UK real estate, led the board to conclude that the initial portfolio and pipeline would be better funded privately over the near to medium term," said Richard Croft, the chief executive of M7 Real Estate.
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While some analysts have estimated that liberalisation may lead foreigners to pour as much as $600 billion into China's interbank market, some argue that lack of clarity on taxation, concerns about a flood of upcoming issuances and worries about legal recourse for foreign investors will put a cap on flows.
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The investigation revealed annual meetings that were postponed at the last minute, sales of stock by company insiders soon after the company's name change, dilutive share issuances on favorable terms to large investors, confusing SEC filings and evidence that a major shareholder was selling shares while everyone else was buying.
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"The oversight board has alternated between slow-walking a proper investigation into potential causes of action relating to Puerto Ricos debt issuances, actively obstructing the committees own efforts to investigate the debtors prior conduct and indebtedness, and simply allowing causes of action to lapse by failing to anticipate and meet statutory deadlines," the motion stated.
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"The oversight board has alternated between slow-walking a proper investigation into potential causes of action relating to Puerto Rico's debt issuances, actively obstructing the committee's own efforts to investigate the debtors' prior conduct and indebtedness, and simply allowing causes of action to lapse by failing to anticipate and meet statutory deadlines," the motion stated.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Telefonica Chile S.A. --Long-Term Foreign and Local Currency IDRs at 'BBB+'/Outlook Stable; --National long-term rating at 'AA(cl)'/Outlook Stable; --National short-term rating at 'N1+(cl)'; --Senior unsecured USD500 million notes due 2022 at 'BBB+'; --Local debt issuances at 'AA(cl)'.
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The urgency was heightened by the need to deal with China's corporate debt overhang - Chinese firms had become almost entirely dependent on bank loans for financing, which naturally prejudiced economic development toward collateral-rich heavy industry and away from the innovative, nimble technology companies that tend to rely more on stock issuances to fund quick growth.
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KEY RATING DRIVERS Bond and Sukuk Programmes The ratings on Indosat Ooredoo's bond and sukuk programmes and the issuances from these programmes are the same as Indosat Ooredoo's National Long-Term Rating of 'AAA(idn)' as the risk of default of these senior unsecured obligations is aligned with that of Indosat Ooredoo in accordance with Fitch's rating definitions.
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In addition, a sustained and material deterioration in profitability, the deterioration of the liabilities/equity ratio to above 5.0x; an increase in the financial leverage to above 25% for a sustained period; a fall in the interest coverage ratio to below 3.0x; or a significant reduction in the holding's liquidity, could negatively affect the ratings of SASA and its debt issuances.
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A CNBC investigation in February 2018 found a number of red flags at Riot Blockchain, including annual meetings that were postponed at the last minute, sales of stock by company insiders soon after the company's name change, dilutive share issuances on favorable terms to large investors, confusing SEC filings and evidence that a major shareholder was selling shares while everyone else was buying.
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A number of red flags in the company's SEC filings also might make investors leery: annual meetings that are postponed at the last minute, insider selling soon after the name change, dilutive issuances on favorable terms to large investors, SEC filings that are often Byzantine and, just this week, evidence that a major shareholder was getting out while everyone else was getting in.
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Still, implementing such innovative concepts continues to run into outdated local governance norms for investing in public infrastructure, including municipal bond issuances that do not easily quantify disaster resilience as a calculable return on investment and political resistance to consolidating design, build, and maintenance contracting, which can lure private investment into public projects but risks reducing overall contracting opportunities and creating new user fees.
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A CNBC investigation in February found a number of red flags in the company's SEC filings that might make investors leery: annual meetings that are postponed at the last minute, insider selling soon after the name change, dilutive issuances on favorable terms to large investors, SEC filings that are often Byzantine and evidence that a major shareholder was getting out while everyone else was getting in.
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Fitch currently rates Bimbo as follows: --Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BBB'; --Long-Term Local Currency IDR at 'BBB'; --National Long-term Rating at 'AA+(mex)'; --USD800 million senior notes due 5003 at 'BBB'; --USD800 million senior notes due 2022 at 'BBB'; --USD800 million senior notes due 2024 at 'BBB'; --USD500 million senior notes due 2044 at 'BBB'; --Local Certificados Bursatiles Issuances at 'AA+(mex)'.
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FULL LIST OF RATING ACTIONS Fitch affirms Bimbo's ratings as follows: --Long-Term Foreign Currency IDR at 'BBB'; --Long-Term Local Currency at IDR 'BBB'; --National Scale long-term rating at 'AA+(mex)'; --USD13 million senior notes due 2020 at 'BBB'; --USD800 million senior notes due 2022 at 'BBB'; --USD800 million senior notes due 2024 at 'BBB'; --USD500 million senior notes due 2044 at 'BBB'; --Local Certificados Bursatiles Issuances at 'AA+(mex)'.
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KEY ASSUMPTIONS Fitch's key assumptions within the agency's rating case for the issuer include: --Internal operating cash flows grow by 1.5% driven principally by contractual base rent increases; --Net acquisitions totalling $900 million in 2017, $1.1 billion in 2018 and $1.3 billion in 2019 at a 103% cap rate; --Recurring operating EBITDA margins remain around 90%; --Sufficient equity and debt issuances throughout the rating horizon to repay debt, fund acquisitions and maintain leverage at or below 5.25x.
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These increases reflect both contractual rent escalations, rental renewal rates and occupancy assumptions; --Net annual investments of $1.15 billion in 2017 and $625 million annually from 2018-7503 with a yield of 8%; --Unsecured bond issuances of $450 million for 2017, $400 million in 2019, and $1 billion in 2020; --Equity issuance of $850 million in 2017 and $0003 million in both 2018 and 2019; --Approximately $5 million-$10 million of capital expenditures annually through 2020.
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Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Further tenant credit issues that negatively impact portfolio quality and/or performance; - Fitch's expectation of leverage sustaining above 7.0x; - Fitch's expectation of FCC sustaining below 2.0x; - Fitch's expectation of a liquidity shortfall; - Should contingent liquidity from the unencumbered pool weaken due to adverse selection or overcollateralization in the Master Trust facility; - Should SRC be unable or unwilling to refinance and rebalance its capitalization via public or private placement debt issuances due to weaker capital access.
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FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: El Puerto de Liverpool S.A.B. de C.V. --Long-Term Foreign and Local Currency IDRs at 'BBB+', Stable Outlook; --Long-Term National rating at 'AAA(mex)', Stable Outlook; --Short-Term National rating at 'F1+(mex)'; --USD300 million Senior Notes due 2024 at 'BBB+'; --USD750 million Senior Notes due 2026 at 'BBB+'; --Long-term Certificados Bursatiles issuances (LIVEPOL 08,10,10U, 13-2) at 'AAA(mex)'; --Short-term Certificados Bursatiles program for up to MXN5 billion at 'F1+(mex)'.
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Fitch has affirmed the ratings as follows and revised Outlooks as indicated: Citibanamex: --Long-Term Foreign Currency IDR at 'A'; Outlook to Stable from Negative; --Short-Term Foreign Currency IDR at 'F1'; --Long-Term Local Currency IDR at 'A'; Outlook to Stable from Negative; --Short-Term Local Currency IDR at 'F1'; --Viability rating at 'a-'; --Support Rating at '1'; --Long-term National-scale rating at 'AAA(mex)'; Outlook Stable --Short-term National-scale rating at 'F1+(mex)'; --Long-term National-scale rating for local senior debt issuances at 'AAA(mex)'.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: --Annual same-store NOI growth of negative 1.5% in 2017 due to declining same store occupancy and positive 1.5%-2.0% growth in 2018 and 13 reflecting flat same store occupancy, contractual rent escalations and positive rent spreads; --Net acquisitions of $1 billion in 2017 and $800 million in 2018 and 2019; --Equity issuance of $560 million and $500 million in 2017 and 2018, respectively, used to fund external growth on a leverage-neutral basis; --Common share dividends of $0003 million in 2017 are expected to grow by $30 million-$40 million per year as the company issues additional equity; --$900 million of unsecured bond issuances in 2018 and $500 million in 2019; --Approximately $100 million of maintenance capital expenditures in 2017 and 7503 declining to $35 million per year in 2019.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: --Brent oil price that trends up from $21000/barrel in 2110 to a longer-term price of $21000/barrel; --Pro forma contracted backlog is forecast to remain intact with no material renegotiations; --Market day-rates assumed to be at or near cash breakeven levels; --Fleet composition considers announced rig retirements and attempts to adjust for uncompetitive rigs due to their technological obsolescence, undifferentiated market position, or cost-prohibitive through-the-cycle economics; --Capital expenditures of approximately $211 million, $21500 million, and $21000 million in 212000, 4807123, and 212001, respectively, plus Songa Offshore spending generally consistent with recent levels over the next couple of years; --Songa Offshore acquisition completed by YE2017 assuming the announced transaction funding, including approximately $660 million convertible bond, $540 million Transocean equity, and $480 million cash; --No additional Shell UDW secured debt issuances.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: --Brent oil price that trends up from $21000/barrel in 212000 to a longer-term price of $4807123/barrel; --Pro forma contracted backlog is forecast to remain intact with no material renegotiations; --Market day rates assumed to be at or near cash breakeven levels; --Fleet composition considers announced rig retirements and attempts to adjust for uncompetitive rigs due to their technological obsolescence, undifferentiated market position, or cost-prohibitive through-the-cycle economics; --Capital expenditures of approximately $212001 million, $165 million, and $190 million in 2017, 2018, and 2019, respectively, plus Songa Offshore spending generally consistent with recent levels over the next couple years; --Repayment of debt at the scheduled maturity dates considering recent open market and tendering activities; --Songa Offshore acquisition completed by YE 2017 assuming the announced transaction funding, including approximately $13 million convertible bond, $540 million Transocean equity, and $480 million cash; --No additional Shell UDW secured debt issuances.
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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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