Latest news with #Eurobonds
Euractiv
a day ago
- Business
- Euractiv
FIREPOWER: Nursing NATO hangovers at the EU summit
Take a free trial of Euractiv Pro to get FIREPOWER in your inbox. Good morning and welcome back to Firepower, After going daily this week to keep up with the NATO and EU summits, the newsletter will return to its weekly schedule, delivering what you need to know about European defence policy and spending to your inbox every Friday. The EU summit in Brussels had the feeling of a hungover group brunch after a wild night out. European leaders tended to their throbbing headaches, mortification, and wounded pride while trying to fill in the gaps on exactly what occurred in The Hague. Everyone agreed to 5%, right? They're also checking their credit cards to see just how much they spent during their NATO bender. From what Firepower heard, lots of ideas were tossed around for how the EU can make the financing work: more "flexibility" on budget rules to "Eurobonds" to more defence cash stuffed in the EU's next budget. They didn't find a miracle hangover cure, but know they must make it work somehow. More on the possibilities below. A rich country's world DANES TAKE CHARGE. Copenhagen will take charge of the rotating Council presidency on Tuesday, and from what we've heard, they're putting defence at the top of the agenda. Until 2022, Denmark had an opt-out on EU defence policy, so their embrace of the issue underscores its importance – and the huge shift in thinking Europe has seen over the past few years. That said, the COUNCIL CONCLUSIONS on defence were rather thin on substance even after EU leaders spent nearly three hours discussing the topic in Brussels. Firepower overheard one person quip that the meeting was more of 'a post-NATO therapy session' (perhaps they discussed their daddy issues ). EU leaders come back in October for a progress review of the defence readiness agenda. Until then, watch out for the presentation of the Commission's proposal for the EU's next seven-year budget (the Multiannual Financial Framework, MFF) on 16 July. MORE FINANCING? Now that (almost) all Europeans have committed to the 5% target, it's time to ask how to fund the scale up. Several EU countries raised the idea yesterday of getting more flexibility around the EU's Stability and Growth Pact budget rules. Currently, 16 countries have asked the Commission to activate the national escape clause , allowing them to go beyond their deficit cap and borrow an extra 1.5% of annual GDP for defence over the next four years. Another option batted around in Brussels is repurposing cohesion funds for dual-use 'defence-related' projects (think tech or infrastructure). The idea was raised once again by Ursula von der Leyen and Kaja Kallas in a joint letter . That spending, by the way, would now count towards NATO's new accounting that counts spending of up to 1.5% of GDP on defence-related items. DEFENCE BANK COMING UP? The possibility of creating a publicly backed multilateral bank to provide financing to the arms industry has been gaining traction, according to the man pitching the idea. Rob Murray, a former NATO official and current defence industry executive, spoke with Firepower recently about his pitch to create the Defence, Security & Resilience Bank (DSR), which he believes could start 'initial operations' as early as the end of the year. Poland proposed creating a defence bank at a meeting of EU defence ministers in early April, but it's yet to gain enough support to become a reality. WHY A BANK? There have been widespread complaints from defence industry leaders that they've struggled to secure financing for ramping up production and innovation – partly because investors are unsure whether rearmament will remain enough of a long-term priority to justify major outlays. Murray said an institution like the DSR could step in to provide cheaper credit and a long-term perspective to allow industry to increase capacity and invest in innovation. He envisioned launching the bank with €100 billion in capital. Murray declined to say WHICH LEADERS have expressed a willingness to sign up, but said that none of the 'dozens of countries I talked to" appeared uninterested in the project. Europe is a focus, but Murray said it would make sense to involve countries like Canada, New Zealand, Japan, South Korea, and Australia. Those countries host important production capacities, and would also bring scale. What matters, he said, is "less about the number but rather about the size of GDP – we need a blend'. RARE EARTH MINERALS are becoming a European defence headache. China dominates global production and processing, and Russia is a major player in other key raw materials. As our data deep dive shows , that puts Europe's grand military ambitions at risk since rare earths are important in components for a huge range of modern military hardware. In April, China turned up the heat by restricting exports of crucial minerals, underscoring the potentially serious strategic vulnerability for defence industry production. Europe has been eyeing deals in Central Asia and Ukraine to secure alternative supplies, but let's be real: there's no quick fix. This is a modern arms race where the weapons are mined and refined, not made On your EU radar HIDDEN SURPRISE. Europe's €500 million plan to boost European ammunition production (ASAP) expires in just a few days, and the final chance for ambassadors to extend comes today. That looks pretty unlikely, even though sources had told Firepower that EU countries informally pledged hundreds of millions to keep it going. A source close to the file said the spirit of ASAP – which has sought to boost production in order to supply Ukraine and replenish arsenals – will be part of the long-term European Defence Industry Programme (EDIP) as planned. For now, countries will focus their attention on using large parts of the EU's €150 billion SAFE joint procurement loan scheme specifically to BUY AMMO AND MISSILES FOR UKRAINE, two other sources told Euractiv. SPEAKING OF EDIP. Negotiations over the text of the proposed programme will start on Monday between the Council and Parliament, two sources told Firepower. Ambassadors settled on their preferred text last week while Parliament agreed on their version back in April . OMNIBUS DEADLINE? Parliament President Roberta Metsola said yesterday that MEPs plan to finalise legislation on the Commission's so-called defence omnibus proposal by the end of the year. The omnibus would roll back some existing EU laws on procurement and sustainability in hopes of boosting production, and it contains two legislative proposals as well as a proposed directive that all need to be negotiated with the Parliament and Council.
Business Wire
2 days ago
- Business
- Business Wire
Eurofins Announces the Success of Its New Schuldschein Issuance of €500m to Refinance its 2025 Schuldschein Loans
LUXEMBOURG--(BUSINESS WIRE)--Regulatory News: Eurofins Scientific (Paris:ERF) ( rated Baa3 by Moody's and BBB- by Fitch), a global leader in bioanalytical testing, announces that it has successfully issued a new €500m Schuldschein loan (the ' New SSD ') offering a blended interest rate of 3.8%* with an average maturity of 6.4 years. The New SSD is structured in tranches of 5, 7 and 10 years, with 66% of the transaction on the 7-year and 10-year tenors. Demand was strong, with the order book totalling more than 1.6x the final size of the issuance. The proceeds of the New SSD will primarily be used to refinance the €234m in Schuldschein loans that are maturing in July and October 2025, respectively. The remainder of the new SSD will be used for general corporate purposes. With the issuance of the New SSD as well as the issuance of a new €400m hybrid bond (NC7) on 4 April 2025, Eurofins has reinforced its strong balance sheet by refinancing all debt and hybrid bonds with maturities or first calls in 2025. As a result, Eurofins has no major refinancing requirements until the outstanding €302m senior Eurobonds become due for repayment on 17 July 2026. BayernLB and UniCredit acted as joint arrangers, Sabadell as a passive arranger and UniCredit as the loan agent for the transaction. *Calculated at current market values of the Euribor (floored) Notes to Editors: About Eurofins – the global leader in bio-analysis Eurofins is Testing for Life. The Eurofins Scientific SE network of independent companies believes that it is a global leader in food, environment, pharmaceutical and cosmetic product testing and in discovery pharmacology, forensics, advanced material sciences and agroscience contract research services. It is also one of the market leaders in certain testing and laboratory services for genomics, and in the support of clinical studies, as well as in biopharma contract development and manufacturing. It also has a rapidly developing presence in highly specialised and molecular clinical diagnostic testing and in-vitro diagnostic products. With ca. 63,000 staff across a decentralised and entrepreneurial network of more than 950 laboratories in over 1,000 companies in 60 countries, Eurofins offers a portfolio of over 200,000 analytical methods to evaluate the safety, identity, composition, authenticity, origin, traceability and purity of a wide range of products, as well as providing innovative clinical diagnostic testing services and in-vitro diagnostic products. Eurofins companies' broad range of services are important for the health and safety of people and our planet. The ongoing investment to become fully digital and maintain the best network of state-of-the-art laboratories and equipment supports our objective to provide our customers with high-quality services, innovative solutions and accurate results in the best possible turnaround time (TAT). Eurofins companies are well positioned to support clients' increasingly stringent quality and safety standards and the increasing demands of regulatory authorities as well as the evolving requirements of healthcare practitioners around the world. The Eurofins network has grown very strongly since its inception and its strategy is to continue expanding its technology portfolio and its geographic reach. Through R&D and acquisitions, its companies draw on the latest developments in the field of biotechnology and analytical chemistry to offer their clients unique analytical solutions. Shares in Eurofins Scientific SE are listed on the Euronext Paris Stock Exchange (ISIN FR0014000MR3, Reuters Bloomberg ERF FP). Until it has been lawfully made public widely by Eurofins Scientific SE through approved distribution channels, this document contains inside information for the purpose of Regulation (EU) 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, as amended. Important disclaimer: This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgment of Eurofins Scientific SE's management as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific SE disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the information available to the Company's management as of the date of publication, but no guarantees can be made as to their completeness or validity.
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Egypt issues Second Sovereign Sukuk Offering Worth $1 Billion
Taarek Refaat In a strategic move to diversify its funding sources and deepen its presence in Islamic finance markets, the Egyptian Ministry of Finance has announced the successful launch of its second sovereign sukuk issuance, valued at $1 billion. The sukuk—structured in compliance with Shariah principles—was issued as a private placement during the current fiscal year. Full Subscription by Kuwait Finance House According to the Ministry's official statement, the entire issuance was fully subscribed to by Kuwait Finance House (KFH). This signals growing confidence in Egypt's Islamic finance instruments and reflects successful efforts by the government to attract a broader base of international and regional investors. The issuance is part of a broader strategy to: Diversify funding instruments Expand the investor base Reach non-traditional markets beyond conventional Eurobonds Key Details of the Sukuk Value: $1 billion Structure: Sovereign sukuk compliant with Islamic finance principles Coupon (Profit Rate): 7.875% annually Tenor: 3 years, maturing in 2028 Investor: Fully subscribed by Kuwait Finance House Type: Private placement Context and Long-Term Strategy This marks Egypt's second sovereign sukuk issuance under its international sukuk program, which has a total capacity of up to $5 billion. The first issuance took place in February 2023, making Egypt one of the few African and Middle Eastern countries actively leveraging Islamic finance tools to support fiscal needs. The move also aligns with Egypt's broader financial strategy to: Reduce reliance on short-term external debt Lower borrowing costs over time Enhance Islamic finance integration into national debt instruments Energy and Investment Partnerships Expanding The issuance comes as Egypt continues to broaden its financial and energy partnerships, including a recently signed oil exploration agreement with a Russian firm in Egypt's Eastern Desert. These initiatives reflect the government's dual-track strategy of securing foreign investment while managing its debt portfolio prudently. Looking Ahead Egypt's return to the sukuk market demonstrates a measured and strategic approach to debt diversification, especially at a time when global markets are watching emerging economies with renewed scrutiny. By anchoring its latest Islamic bond issuance with a major Gulf financial institution, Egypt is not only attracting stable funding but also reinforcing regional financial cooperation. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Yahoo
4 days ago
- Business
- Yahoo
MarketAxess Holdings Inc. (MKTX): A Bull Case Theory
We came across a bullish thesis on MarketAxess Holdings Inc. (MKTX) on DIY Investor's Substack. In this article, we will summarize the bulls' thesis on MKTX. MarketAxess Holdings Inc. (MKTX)'s share was trading at $224.44 as of 10th June. MKTX's trailing and forward P/E were 38.76 and 29.41 respectively according to Yahoo Finance. A close-up of a computer monitor, showing the interface of a financial trading platform. MarketAxess Holdings (MKTX) is a dominant force in electronic fixed income trading, specializing in credit products such as U.S. investment-grade, high-yield, Eurobonds, and emerging market debt, with expansion into Treasuries and municipal bonds through strategic acquisitions like LiquidityEdge and MuniBrokers. The company has also diversified into regulatory services via the Regulatory Reporting Hub. Historically treated as a GARP stock, MKTX traded around 30 P/E with 33% growth post-GFC, peaking at a stretched 73 P/E in 2020. Today, it trades at a more grounded 30 P/E with expected 12% annual growth over the next three years, pricing in solid yet reasonable expectations. Based on consensus EPS estimates for 2025 and 2026, the stock's fair value is $243—an 8% premium to the current price of $223, offering a 15% annual return if valuation holds steady. Morningstar echoes this with a $260 fair value, citing a wide moat, exemplary management, and high uncertainty. MKTX's economic moat stems from strong network effects, embedded client workflows, proprietary trading protocols, and an unmatched dealer-client ecosystem supporting its Open Trading platform. Its specialization in illiquid and fragmented markets gives it efficient scale, while high operating leverage fuels ongoing R&D without sacrificing margins. Despite some risks, primarily transaction volume volatility and reliance on variable fees- its global reach and countercyclical traits provide balance. Capital allocation has been disciplined, with $540M in cash, no long-term debt, and prudent buybacks. Selective M&A and consistent investment in machine learning and trading protocols show a forward-looking strategy. Overall, MKTX presents a resilient, moaty business with attractive upside. Previously, we covered a bullish thesis on Robinhood (HOOD) from Chit Chat Stocks, which acknowledged the platform's controversial reputation while emphasizing its explosive asset growth and under-monetized user base as drivers of long-term upside. In contrast, DIY Investor's thesis on MarketAxess (MKTX) champions a more conventional compounder—a moaty, capital-efficient platform with embedded workflows, steady growth, and network effects—offering a fundamentally sound, lower-volatility path to long-term returns. MarketAxess Holdings Inc. (MKTX) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held MKTX at the end of the first quarter which was 45 in the previous quarter. While we acknowledge the risk and potential of MKTX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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First Post
10-06-2025
- Business
- First Post
Two neighbours, two paths: India beats poverty, Pakistan backs terror
The latest World Bank data reveals the starkly different paths India and Pakistan have taken since independence in their fight against poverty. While India has made massive strides in poverty reduction, Pakistan continues to struggle amid rising debt and a deep state-driven terror policy. read more The latest World Bank data paints a striking picture of two neighbours born together — India and Pakistan — and their vastly different journeys in tackling poverty. India's data, released on Saturday, compares poverty levels between 2011–12 and 2022–23. For Pakistan, the report analyses the period from 2017–18 to 2020–21. The release comes at a time when India has overtaken Japan to become the world's fourth-largest economy, while Pakistan made headlines last month for seeking yet another bailout from the IMF to stay financially afloat. STORY CONTINUES BELOW THIS AD While India's success is largely credited to its governance model focusing on development and poverty alleviation, Pakistan's worsening economic plight stems from misappropriation of funds and its long-standing policy on terror. Revised global poverty line Taking inflation into account, the World Bank has updated its global poverty threshold from $2.15 to $3 per person per day, in order to assess the proportion of people living above the 'extreme poverty' line. According to the World Bank's Poverty and Shared Prosperity report, despite this upward revision in the threshold, India witnessed a sharp decline in extreme poverty – from 27.1 per cent in 2012 to 5.3 per cent of the total population in 2022. The report notes that 75.24 million people in India were living in extreme poverty during 2022–23, a significant drop from 344.47 million in 2011–12. This means that 269 million individuals – more than Pakistan's entire population – were lifted out of extreme poverty in just 11 years. Pakistan's worsening poverty In contrast, Pakistan's numbers paint a bleak picture. Extreme poverty rose from 4.9 per cent to 16.5 per cent between 2017 and 2021 – in less than five years. Experts suggest the real figures could be even higher, owing to the outdated Household Income and Expenditure Survey used by the Pakistani government. Furthermore, the overall poverty headcount – calculated at $4.2 per person per day – increased from 39.8 per cent in 2017 to over 44.7 per cent in 2021. A debt-ridden economy Pakistan's economy has become heavily dependent on loans from global financial institutions and allied nations. It has taken 25 IMF bailout packages amounting to $44.57 billion, in addition to $38.8 billion in loans from the World Bank, Asian Development Bank, and Islamic Development Bank. On top of that, Pakistan owes over $25 billion to China, $7.8 billion through instruments like Eurobonds and Sukuks, and has received several billion more from countries like Saudi Arabia, the UAE, and members of the Paris Club. Lack of transparency in Pak and their obsession with India Despite receiving such extensive financial support, Pakistan has been repeatedly criticised by international institutions for its lack of transparency in fund allocation. Islamabad and Rawalpindi's persistent obsession with India, and their habitual comparisons with New Delhi, have resulted in massive funds being funnelled to the military. STORY CONTINUES BELOW THIS AD This military, in turn, operates with a long-standing doctrine of 'bleeding India with a thousand cuts' – promoting asymmetric warfare by funding terror networks, building terror infrastructure, and supporting cross-border attacks through various extremist outfits. Pak deep state: De-facto power holder In Pakistan, an informal coalition of the military and intelligence agencies (primarily the ISI) operates beyond civilian accountability and holds de facto control over political, security, and foreign policy decisions. This nexus supports terrorism and engages in a proxy war with India. Backing terror has long been a cornerstone of its strategy against New Delhi. Whenever India responds with decisive action, Rawalpindi uses the situation to consolidate internal power and strengthen its footprint in the country. The ISI is deeply intertwined with extremist groups, including the Taliban, Lashkar-e-Taiba (LeT), Jaish-e-Mohammed (JeM), and the Haqqani Network. For decades, it has funded, trained, and sheltered these groups – deploying them as proxies in Afghanistan and Jammu & Kashmir.
