US DEBT CEILING DEAL
Goldman Sachs posts strong Q2 profits on debt underwriting and fixed-income trading surge
Goldman Sachs' profit more than doubled in the second quarter, bolstered by higher fees from debt underwriting and a strong performance in its fixed-income trading business.
Ahead of budget, US-India forum urges FM Sitharaman for stable & predictable tax environment
The US-India Strategic Partnership Forum (USISPF) has urged Union Finance Minister Nirmala Sitharaman to prioritize a stable and predictable tax environment in the upcoming Union Budget 2024-25. Emphasizing the need for measures that stimulate growth across sectors, the US-India Tax Forum, a part of USISPF, recommended enhancing ease of doing business, rationalizing business costs, and simplifying tax rates.
Biocon Biologics to raise debt of Rs 4,500 crore for Viatris Payout
Biocon Biologics plans to raise ₹4,500 crore with HSBC and MUFG's aid for a $175 million Aflibercept option. Previous funding by Kotak and Edelweiss and Crisil predicts ₹4,800 crore debt by FY26. Tackling $1.2 billion debt, Biocon's net profit at 7% due to high-interest costs. Revenue at 57% in FY24. Ownership stands at 70%, market improved post-Viatris transition.
ONGC Videsh to raise USD 800 million from 3 banks
The pricing of the loan could change depending on the level of interest from other participating banks, a second person said. At 120 basis points above the three-month SOFR rate, which is currently trading at about 5.30%, the loan could be priced at about 6.50%. One basis point is 0.01 percentage point.
Promoter selling can cross Rs 1 lakh crore mark as retail investors buy using MFs
With retail investors continuing to be on a buying spree using the mutual fund route, the trend of stake sale by promoters in NSE500 companies looks on track to cross the Rs 1 lakh crore mark.
US fund Platinum acquires Inventia Health in India foray
Platinum Equity makes its debut in India by acquiring a majority stake in Mumbai's Inventia Healthcare. With a valuation of Rs 2,500 crore, the deal sees PE investors exiting while the promoter retains a minority stake. Platinum Equity, managing over $48 billion in assets, is well-known for its expertise in the healthcare sector.
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Reports: Michael Jackson was deeply indebted when he died. Know about amount and reasons for his financial woes
Michael Jackson's death in 2009 revealed his deep financial troubles, including over $500 million in debt. His extravagant lifestyle and legal battles worsened his situation.
BigBasket, 1mg’s plans for capex; win for epharmacies in Madras HC
Tata’s online grocery BigBasket and epharmacy 1mg will largely depend on debt capital to fuel expansion this fiscal. More on this in today’s ETtech Morning Dispatch.
Gilts to shine brighter from tomorrow
JP Morgan will include 27 fully accessible Indian government bonds in its GBI-EM global index suite starting June 28, allowing global investors to deploy funds in these bonds.
Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
FPIs infuse Rs 12,170 crore in equities in Jun on hopes of policy reform continuation, eco growth
Staging a strong comeback after general election results, foreign investors pumped Rs 12,170 crore in Indian equities so far in June, mainly driven by expectations of continued policy reforms and sustained economic growth.
Debt ceiling standoff could trigger US rating downgrade, TD's Goldberg says
Gennadiy Goldberg, head of U.S. rates strategy at TD Securities, warns of a potential severe debt ceiling standoff in the U.S. in 2025, similar to the 2011 crisis, which could lead to another sovereign credit rating downgrade. Despite Congress suspending the debt ceiling until 2025, concerns over rising U.S. debt persist following forecasts by the Congressional Budget Office of significant deficits for fiscal years 2024 and 2025.
Realty Co Total Environment has raised Rs 1600 crore from top lenders
Total Environment has paid off approximately ₹2,070 crore of debt raised from top-tier financial institutions, driven by robust residential sales.
OPEC+ says goodbye to its $100-a-barrel oil quest
The OPEC+ cartel appears to be shifting away from its pursuit of $100-a-barrel oil, announcing a deal to gradually increase production through 2025. This move could lower oil prices and ease global inflation, impacting market dynamics and Saudi Arabia's financial outlook as it seeks to balance grandiose spending plans with declining oil revenues.
T-Mobile to buy US Cellular's wireless operations in deal valued at $4.4 billion
T-Mobile announced $4.4 billion deal to acquire most of U.S. Cellular’s wireless operations, including customers, stores, and spectrum assets. The company assumed up to $2 billion in debt through an exchange offer with some debtholders. Verizon had also been in discussions for parts of the regional carrier.
Consumer, fintech top sectors for venture debt funding in 2023: Report
According to a report from Stride Ventures, fintech led with a more than 55% share of the total investment of $1.2 billion in 2023, followed by the consumer sector at around 25%. Meanwhile, in 2024, founders and venture debt firms expect clean tech, especially electric vehicles (21.6%), consumer (19.5%), and fintech (15.8%) sectors to raise more venture debt, the report said.
The U.S. government is headed into a shutdown. What does it mean, who's hit and what's next?
The longest government shutdown happened between 2018 and 2019 when then-President Trump and congressional Democrats entered a standoff over his demand for funding for a border wall. The disruption lasted 35 days, through the holiday season, but was also only a partial government shutdown because Congress had passed some appropriations bills to fund parts of the government.
View: The US suspending its debt ceiling is not a solution but a short-term hedge
The debt limit set by the US Congress last week matters. The US treasury is already borrowing to repay old borrowing. It is even borrowing to pay interest on borrowings. Failure of Congress to raise the debt limit would have led the treasury to postpone repayments and interest payments. In other words, to default on obligations until enough revenue comes in.
Joe Biden expected to sign budget deal to raise debt ceiling
President Joe Biden is expected to sign legislation on Saturday to raise the debt ceiling, just two days before the US Treasury warned that the country would struggle to pay its bills. The bipartisan measure, which was approved this week by the House and Senate, eliminates the potential for an unprecedented government default.
US debt ceiling deal to face its first test in Congress
Both Democratic President Joe Biden and the top Republican in Congress, House Speaker Kevin McCarthy, have predicted they will get enough votes to pass it into law before Monday, when the U.S. Treasury Department says it will not have enough money to cover its obligations. Representative Stephanie Bice, a Republican vote counter, said she was confident it would pass.
US debt deal optimism drives Sensex, Nifty higher in early trade
Among Sensex stocks, UltraTech Cement, ITC and HCL Tech were the top gainers, rising over 1% each. Kotak Bank, Titan, NTPC, Wipro, Bajaj Finance and Tech Mahindra also opened higher. On the flip side, Nestle, SBI, IndusInd Bank, Tata Steel, and Asian Paints opened in the red.
Sensex surges 500 points, Nifty above 18,600 on US debt ceiling deal
From the Sensex pack, M&M, HDFC, Kotak Bank, IndusInd Bank and HDFC Bank were the top gainers, rising 1-3%. Bajaj Finserv, NTPC, and Nestle also opened higher. Whereas, only Sun Pharma and Power Grid opened in the red.
Asian shares, US futures rise on debt ceiling deal
Asian shares and US stock futures have both risen following a deal between US President Joe Biden and congressional Republican Kevin McCarthy to suspend the government's debt ceiling. This ends months of concern and anxiety among investors who feared an economically destabilising default. The deal will now go through the Democrat-controlled Senate and House of Representatives. The positive news lifted the S&P 500 futures by 0.4%, while the Nasdaq futures firmed by 0.6%. AMSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.3%.
Proposed US debt deal may be bad news for markets
U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Saturday reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling, two sources familiar with the negotiations said, potentially averting an economically destabilizing default.
Joe Biden, Kevin McCarthy have tentative US debt ceiling deal
The deal will avert an economically destabilizing default, so long as they succeed in passing it through the narrowly divided Congress before the Treasury Department runs short of money to cover all its obligations, which it warned Friday will occur if the debt ceiling is not raised by June 5.
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