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’Snap news
Breaking pre-market news on Monday,
- Transocean makes $1.43bn offer for Aker Drilling — statement.
- UK house prices show first year-on-year fall since September 2009 — report.
- Rockhopper Exploration announces significant reservoir extension;
It was the cement’s fault
BP has published its internal investigation report into the Deepwater Horizon rig disaster in the Gulf of Mexico on 20 April 2010.
The conclusion?
Largely, that it was the well cement’s fault, and thus Halliburton’s a little bit,
BP Turtle-gate
As if the bad press surrounding BP could get any worse.
On Tuesday MyFoxTampaBay.com reported that a boat captain working to rescue sea turtles in the Gulf of Mexico saw BP ships burning the loveable marine critters alive.
BP has nothing to fear…
…But fear itself. Contrast this:
RTRS-FITCH RATINGS SAYS BP’S CDS MOVE OVER DONE
With this:
BP 1-YEAR DEFAULT SWAPS RISE 432.5 BASIS POINTS TO 1,075
While bearing in mind this — five-year CDS on BP widened to 600 bps (+115) earlier on Wednesday,
CDS report: Battering for BP
Markit iTraxx Europe 138bp (-3.5), Markit iTraxx Crossover 621bp (-12)
Markit iTraxx SovX Western Europe 150bp (-15)
Markit iTraxx Senior Financials 191bp (-14)
Greece 740bp (-48), Spain 240bp (-23),
CDS report: Investors discover Hungary
Volatility remains high and the markets, which seemed to be fixated only on the European sovereign situation in the recent past, seem to have many more sources to find volatility. Early in the week,
CDS report: It’s the economy, stupid
Risk aversion receded today as European credit continued to take its cues from US stock markets. A strong finish to the session yesterday had the predictable effect of compressing European credit spreads at the open.
CDS report: Spreads overflowing
Investors with appetite for risk were still on the back foot today as spreads continued to widen. A late sell-off in US markets yesterday ensured that European spreads would open wider this morning.
CDS report: Grinding tighter
Markit’s Gavan Nolan wrote this CDS report
News vacuum helping spreads to tighten
Euro rallying, supporting risky assets
Peripheral sovereigns lagging broader market – Greece 680bp, Italy 215bp (+1),
CDS report: Markets correct as sentiment shifts
This CDS report was written by Markit’s Gavan Nolan
European credit indices were wider today, tracking a downward movement in global stock prices. The Markit iTraxx Europe index closed around 154bp, nearly 6bp wider than Friday’s close.
CDS update: Traders pause for thought
This CDS report was written by Markit’s Gavan Nolan
Credit and equity markets took stock today after yesterday’s robust rally. The Markit iTraxx Europe index was slightly tighter, reflecting a mixed performance in European stock markets.
Revisiting RIGs
UBS on Thursday initiated coverage of the US offshore drilling sector, an area in which FT Alphaville has developed a profound (if belated) interest.
The investment bank also raised its crude forecast for the year by 30 per cent to $115,
Oil’s offshore supply constraint
Most discussions of oil supply constraints tend to focus on the non-renewable nature of the resource and on refinery capacity.
But David Philips, also known as the 10Q Detective, thinks a significant and often overlooked aspect of this discussion – one which has a direct effect on oil company profits – is offshore rigs,
Transocean buys GlobalSantaFe for $18bn
Transocean has agreed to buy GlobalSantaFe in a complex deal worth $18bn that will unite the world’s largest offshore oil and gas drilling companies and could herald further consolidation in the sector.
Spate of US deals signals M&A health
Takeover activity in the US came roaring back on Monday, with a string of transactions from technology to oil rigs that swept aside concerns about the deteriorating health of the credit markets – for now,