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’Collateralised commodity borrowing, BP edition
From BP’s fourth quarter results on Tuesday:
At 31 December 2011, $131 million of finance debt ($128 million at 30 September 2011 and $790 million at 31 December 2010) was secured by the pledging of assets,
Snap news
Breaking pre-market news on Friday,
- National Grid loses Long Island Power Authority Management contract — statement.
- Sports Direct International decides not to procede with offer for Blacks Leisure — statement.
Snap news
Breaking pre-market news on Tuesday,
- UBS Q3 net profit solid at CHF980m despite trading scandal – statement.
- BP Q3 RC net profit down 3.7 per cent at $5.14bn on lower output – statement
- Novartis says Q3 pharma sales $8.159bn, cuts 2,000 positions – statement.
Snap news
Breaking pre-market news on Monday,
- G4S to buy rival ISS for £5.2bn; to be part financed by £2bn rights issue — statement and statement.
- BP drops Gulf of Mexico claims against Anadarko following $4bn payment — statement.
Snap news
Breaking pre-market news on Thursday,
- Glencore International set to sign $800m-$900m loan deal with Bakrie Group — report.
- Ashmore says assets under management fell 10.5 per cent quarter-on-quarter;
CDS as omens of impending doom: starring Morgan Stanley
Sometimes CDS react violently to sudden events that were unpredictable. Sometimes they react to pure, unadulterated uncertainty and fear. And sometimes, just sometimes, CDS spreads are full of hot air.
Regulatory arbitrage with Tony & Nat – redux
More on Tony Hayward’s first big oil deal at his new investment vehicle Vallares– the $2.1bn acquisition, via a reverse takeover, of Turkish E&P company Genel Energy.
We have already mused on whether Genel would be allowed to list in London given the share dealing misdemeanour’s of its executive team,
Snap news
Breaking pre-market news on Monday,
- FTSE 100 seen down 84 points – IG Index.
- Rio Tinto and Mitsubishi launch $1.5bn buyout offer for Coal & Allied — statement.
- Bid target Evolution Group acquires BNP Paribas Private Investment Management — statement.
Snap news
Breaking pre-market news on Tuesday,
- UBS to cut costs by Sfr1.5bn-2bn; 2012 profit target abandoned — statement.
- Q2 results from Deutsche Bank miss forecasts — statement.
- BP reports weaker than expected Q2 underlying profit of $5.6bn;
Big Oil break-ups
First Marathon Oil, then ConocoPhillips, next BP?
The Lex column doesn’t think further Big Oil break-ups are likely:
Whether or not the sum of the parts really is greater than the whole, this is what the market believes and perception is reality.
Snap news
Breaking pre-market news on Friday,
- BP wins $1bn in Macondo payments from MOEX — statement.
- Japan’s Tepco posts record $15 bln loss on nuclear crisis costs – Reuters.
- HMV agrees £53m sale of Waterstones to Alexander Mamut – statement.
Snap news
Breaking pre-market news on Tuesday,
- Talks between BP, Rosneft and AAR shareholders fail to reach agreement – Reuters.
- Babcock full-year profit soars 57 per cent to £228.2m – statement.
- Vodafone sets 2012 guidance in line with forecasts,
Snap news
Breaking pre-market news on Thursday,
- Glencore to raise $9bn-$11bn in London IPO — statement.
- BP and Rosneft extend share swap deadline to May 16 — statement.
- Commerzbank prices cash call at €4.25 a share — statement.
Pink picks
Comment, analysis and other offerings in Wednesday’s FT,
Martin Wolf: the radical right and the US state
What does the rise of libertarianism portend for the future of the US?, asks the FT columnist.
Snap news
Breaking pre-market news on Friday,
- Standard & Poor’s cuts Portugal by two notches to BBB; warns of further downgrade — report.
- BP seeks determination to proceed with Rosneft share swap transaction — statement.
Another market overreaction?
It’s probably not the time to say this, given Tuesday’s sharp sell-off, but are some financial markets overreacting to the Japanese earthquake?
From Nomura:
An annual standard deviation for the Nikkei in just three days! For Nomura’s Owen Job,
The new, increasingly mysterious, BP
Here’s a big table for institutional investors to pore over on Tuesday:
It’s Citigroup’s list of the asset sales and acquisitions made by BP since the start of 2010 — so it includes stuff unloaded when the company had to raise cash to pay its legal bills after the Gulf oil spill.
Exposure in Gaddafi’s Libya
As the Great Socialist People’s Libyan Arab Jamahiriya comes crashing down, despite regime attempts to butcher demonstrators — here’s a timely reminder on corporate exposure.
Much of it, as you’d expect,
Snap news
Breaking pre-market news on Tuesday,
- Deutsche Bank warns Q4 profits will be significantly below expectations — statement.
- BP rejoins dividend list with Q4 payment of 7 cents a share ; to sell half of its US refining capacity – statement and statement.
Snap news
Breaking pre-market news on Thursday,
- OFT will not refer equity underwriting market to the Competition Commission for investigation — statement.
- BSkyB delivers “outstanding” performance in H1 — statement.
Oil shock 2.0, or, the benchmark wars
Concerns are mounting that $100 oil prices, if hit, could be enough to dislodge the precarious global recovery — thrusting the world economy back into recession, or even worse, into another global financial crisis.
Rзflзctions on BP’s Russian dзal
It’s not just US Congressmen who are concerned about BP’s Global and Arctic Strategic Alliance with Rosneft.
BP’s partner in Russia is also worried.
From the FT:
BP’s landmark deal with Rosneft,
BP and Rosneft announce share swap [updated]
Scroll down for updates.
Fresh out of Reuters, via Kleinman:
LONDON Jan 14 (Reuters) – Oil major BP Plc (BP.L), recovering from its Gulf of Mexico oil spill, is to announce an exchange of shares with Russian state-controlled oil company Rosneft (ROSN.MM) on Friday,
Another blow for BP
BP just can’t keep out of the news these days.
After hitting the Gulf coast with its Macondo well oil spill last year, the oil major as of Saturday was seemingly involved in another major oil-infrastructure fail — the shutdown of its Trans-Alaska pipeline system due to a leak.
Snap news
Breaking pre-market news on Monday,
- Dupont to acquire Danisco for $6.3bn — statement.
- Omega Insurance confirms bid approach from Canopius Group — statement.
- Ocado says December sales rose by 26.7 per cent — statement.
SNB collateral, an Irish and BP non-love story
Hat-tip to Lorcan for this — the Swiss National Bank no longer accepts Ireland’s government bonds as eligible collateral in its repo operations.
It’s probably not earth-shaking for holders of Irish government bonds,
Is BP being Shelled?
BP shares opened more than 4 per cent higher on Tuesday after the Daily Mail reported that Shell had come close to making a bid for the distressed oil major during the peak of its Gulf of Mexico oil-spill crisis last summer.
Could Exxon bid for BP?
Yes, says Fred Lucas of JPMorgan, who notes that BP is trading on an implied reserve multiple that’s 30 per cent below its peers and equal to ExxonMobil’s long run finding and development costs:
Who also says investors should not overreact to news that BP could face penalties of $21bn-plus if found libale for damages over the Macondo oil spill.
Snap news
Breaking pre-market news on Monday,
- Bank of Ireland to seek €2.2bn from shareholders, capital markets, internal capital management initiatives — statement.
- Irish Life & Permanent says it needs to raise an additional €100m — statement.