Bond market

ConocoPhillips Announces Extension of the Expiration Date for Exchange Offers and Consent Solicitations

Friday, January 15, 2021 - 1:48am

ConocoPhillips, in its sole discretion, may modify or terminate any or all of the Exchange Offers and may further extend the Expiration Date (as defined herein) and/or the settlement date with respect to any or all of the Exchange Offers, subject to applicable law.

Key Points: 
  • ConocoPhillips, in its sole discretion, may modify or terminate any or all of the Exchange Offers and may further extend the Expiration Date (as defined herein) and/or the settlement date with respect to any or all of the Exchange Offers, subject to applicable law.
  • Any such modification, termination or extension by ConocoPhillips will automatically modify, terminate or extend the corresponding Consent Solicitation, as applicable.
  • The complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the Offering Memorandum and Consent Solicitation Statement, a copy of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers and Consent Solicitations, at (866) 470-3800 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or Contact@gbsc-usa.com .
  • The New ConocoPhillips Notes have not been and will not be registered under the Securities Act or any state securities laws.

MacKay Municipal Managers Announces Top Five Municipal Market Insights For 2021

Tuesday, January 12, 2021 - 2:00pm

PRINCETON, N.J., Jan. 12, 2021 /PRNewswire/ --MacKay Municipal Managers, the municipal bond team of fixed income and equity investment management firm MacKay Shields LLC, today published its top five insights for the municipal bond market in 2021.

Key Points: 
  • PRINCETON, N.J., Jan. 12, 2021 /PRNewswire/ --MacKay Municipal Managers, the municipal bond team of fixed income and equity investment management firm MacKay Shields LLC, today published its top five insights for the municipal bond market in 2021.
  • John Loffredo and Robert DiMella, co-heads of MacKay Shields Municipal Managers, commented on the firm's outlook: "2020 brought unprecedented market turbulence and uncertainty to the municipal market, and although we anticipate 2021 will continue to present notable challenges, the resilience historically driven by the essential nature of the municipal market offers some optimism for the year ahead.
  • We believe that through disciplined credit analysis, a relative value focus and the ability to actively adjust as market conditions shift, investors can achieve success with municipal bonds in their portfolios."
  • In addition, investor anticipation of the Biden Administrationpushing taxes higher (more likely a 2022 event) increases the value of tax exemptionand municipal demand.

Steven Kellner to retire from PGIM Fixed Income after 35-year career

Tuesday, January 12, 2021 - 1:00pm

PGIM Fixed Income, a global asset manager offering active solutions across all fixed income markets, today announced that Steven Kellner, head of Corporates, will retire in April 2022.

Key Points: 
  • PGIM Fixed Income, a global asset manager offering active solutions across all fixed income markets, today announced that Steven Kellner, head of Corporates, will retire in April 2022.
  • Kellner will be succeeded by Terence Wheat and David Del Vecchio , who have been named as co-heads to lead the U.S. Investment Grade Corporate team.
  • Under Steves leadership corporate bond assets have grown from $44 billion in 1999 to $357 billion,1 said Mike Lillard, head of PGIM Fixed Income.
  • Kellner joined the firm in 1986 and has managed corporate bonds since 1989.

Berry Global Group, Inc. Announces Proposed Offering of First Priority Senior Secured Notes

Monday, January 11, 2021 - 2:20pm

Berry Global Group, Inc. (NYSE:BERY) (Berry) announced today that its wholly-owned subsidiary, Berry Global, Inc. (the Issuer), plans to issue a new series of first priority senior secured notes due 2024 (the Notes).

Key Points: 
  • Berry Global Group, Inc. (NYSE:BERY) (Berry) announced today that its wholly-owned subsidiary, Berry Global, Inc. (the Issuer), plans to issue a new series of first priority senior secured notes due 2024 (the Notes).
  • The net proceeds from the offering are intended to prepay a portion of certain existing term loans of the Issuer and to pay certain fees and expenses related to the offering.
  • Any offers of the Notes will be made only by means of a private offering memorandum.
  • Berry is a leading global supplier of a broad range of innovative rigid, flexible, and non-woven products used every day within consumer and industrial end markets.

ICE Bonds Announces Record Notional Volume for Portfolio Trading

Tuesday, January 5, 2021 - 1:30pm

ICE FI Select offers direct access to the full suite of ICE Bonds execution venues and trading protocols alongside ICEs Continuous Evaluated Prices and fixed income analytics.

Key Points: 
  • ICE FI Select offers direct access to the full suite of ICE Bonds execution venues and trading protocols alongside ICEs Continuous Evaluated Prices and fixed income analytics.
  • ICE Bonds was established to bring greater efficiency and improved trading protocols to the fixed income markets, said Peter Borstelmann, President of ICE Bonds and Head of ICE ETF Hub.
  • ICE Bonds Portfolio Auction allows institutional investors to trade a portfolio of bonds on an all-or-nothing basis to one or multiple platform participants in a discrete, pre-determined period of time.
  • Securities products and services are offered through ICE Bonds Securities Corporation or ICE Bonds, member FINRA , MSRB, NFA and SIPC .

Wells Fargo Utilities and High Income Fund Announces Sources of Distribution

Monday, January 4, 2021 - 9:07pm

The quoted distribution rate is a figure that uses the funds previous distribution to calculate an annualized figure.

Key Points: 
  • The quoted distribution rate is a figure that uses the funds previous distribution to calculate an annualized figure.
  • The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price.
  • The Wells Fargo Utilities and High Income Fund is a closed-end equity and high-yield bond fund.
  • Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company.

Turkiye Garanti Bankasi A.S.: Distribution Results of Bank Bonds to Qualified Investors

Monday, January 4, 2021 - 6:03pm

Dissemination of a Regulatory Announcement, transmitted by EQS Group.

Key Points: 
  • Dissemination of a Regulatory Announcement, transmitted by EQS Group.
  • The issuer is solely responsible for the content of this announcement.
  • The issuance of the bank bonds in the nominal value of TRY 122,150,000 with a maturity of 84 days with 28 days coupon payments indexed to BIST TLREF index; to be sold to qualified investors has been realized as of (04.01.2021).

Archrock Announces Closing of $300 Million of Senior Notes Offering

Thursday, December 17, 2020 - 9:15pm

HOUSTON, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE: AROC) (Archrock) today announced the closing of the previously announced private offering by Archrock Partners, L.P. (Archrock Partners), a wholly-owned subsidiary of Archrock, of $300 million aggregate principal amount of 6.250% senior notes due 2028 (the New Notes).

Key Points: 
  • HOUSTON, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE: AROC) (Archrock) today announced the closing of the previously announced private offering by Archrock Partners, L.P. (Archrock Partners), a wholly-owned subsidiary of Archrock, of $300 million aggregate principal amount of 6.250% senior notes due 2028 (the New Notes).
  • Archrock Partners Finance Corp., a wholly-owned subsidiary of Archrock Partners (together with Archrock Partners, the Issuers), is the co-issuer of the New Notes.
  • The New Notes were offered as additional notes under an indenture, dated December 20, 2019 (the Indenture), pursuant to which the Issuers previously issued $500 million aggregate principal amount of 6.250% senior notes due 2028 (the Initial Notes).
  • The New Notes have identical terms as the Initial Notes, other than the issue date, and the New Notes and the Initial Notes will be treated as a single class of securities under the Indenture.

Berry Global Group, Inc. Announces Proposed Offering of First Priority Senior Secured Notes

Tuesday, December 15, 2020 - 1:49pm

Berry Global Group, Inc. (NYSE:BERY) (Berry) announced today that its wholly-owned subsidiary, Berry Global, Inc. (the Issuer), plans to issue a new series of first priority senior secured notes (the Notes).

Key Points: 
  • Berry Global Group, Inc. (NYSE:BERY) (Berry) announced today that its wholly-owned subsidiary, Berry Global, Inc. (the Issuer), plans to issue a new series of first priority senior secured notes (the Notes).
  • The net proceeds from the offering are intended to prepay a portion of certain existing term loans of the Issuer and to pay certain fees and expenses related to the offering.
  • Any offers of the Notes will be made only by means of a private offering memorandum.
  • Berry is a leading global supplier of a broad range of innovative rigid, flexible, and non-woven products used every day within consumer and industrial end markets.

Archrock Announces Upsizing and Pricing of $300 Million of Senior Notes

Monday, December 14, 2020 - 9:57pm

HOUSTON, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE: AROC) (Archrock) today announced the pricing of an upsized private offering by Archrock Partners, L.P. (Archrock Partners), a wholly-owned subsidiary of Archrock, of $300 million aggregate principal amount of 6.250% senior notes due 2028 (the New Notes) at an issue price of 104.875% of their face value.

Key Points: 
  • HOUSTON, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE: AROC) (Archrock) today announced the pricing of an upsized private offering by Archrock Partners, L.P. (Archrock Partners), a wholly-owned subsidiary of Archrock, of $300 million aggregate principal amount of 6.250% senior notes due 2028 (the New Notes) at an issue price of 104.875% of their face value.
  • The size of the offering was increased by $50 million from the previously announced offering size of $250 million.
  • The New Notes are being offered as additional notes under an indenture, dated December 20, 2019 (the Indenture), pursuant to which the Issuers previously issued $500 million aggregate principal amount of 6.250% senior notes due 2028 (the Initial Notes).
  • Archrock Partners Finance Corp., a wholly-owned subsidiary of Archrock Partners, will serve as co-issuer of the New Notes.