Bank of America Corp. is poised to become the top seller of U.S. structured notes for the second straight year, issuing its highest proportion ever of securities tied to stocks. The bank leads with $3.28 billion of issuance, of which 93 percent, or $3.04 billion, is linked to equities. Morgan Stanley is second with $2.93 [...]
Jefferson County, Alabama, won court approval of a creditor vote on a $1.3 billion debt-reduction plan that is being threatened by interest rates that are higher than the county planned. To read more, click here.
WHAT TO WATCH: U.S. consumer borrowing probably climbed $15 billion in June, according to forecasts, 3 p.m. Cleveland Fed President Sandra Pianalto speaks, 1:40 p.m. The Bank of England for the first time linked the outlook for its benchmark interest rate to unemployment and inflation and will keep its current policy “at least” until the jobless rate falls to 7 [...]
WHAT TO WATCH: BOE publishes quarterly inflation report. Mark Carney press conference on forward guidance. 10.30 a.m. (See page 2.) German industrial output may have risen 0.3 percent in June from May, a survey shows. 11 a.m. Silvio Berlusconi’s Senate membership to be questioned by lawmaker committee. 7 p.m. To read more, click here.
The biggest slump in tanker rates since January is signaling weaker U.S. oil imports. Rates for the biggest crude carriers tumbled 68 percent in the past two weeks, more than reversing their advance since the end of June, according to Clarkson. To read more, click here.
Passport Capital LLC, the $3 billion San Francisco-based hedge-fund firm run by John Burbank, sold its entire portfolio of mortgage debt backed by the U.S. government in the second quarter, according to a letter to investors obtained by Bloomberg News. To read more, click here.
WHAT TO WATCH: The U.S. trade deficit probably narrowed to minus $43.5 billion in June, 8:30 a.m. The Treasury will auction $32 billion in three-year notes, 1 p.m. Charles Evans speaks, 1 p.m. U.K. industrial production rose more than forecast in June as manufacturing surged the most in a year, rebounding from a slump the prior month. To read more, [...]
NEWS: Australia’s central bank cut its policy rate 25 basis points to a record 2.5 percent. The French government needs to continue freeing up its labor market and avoid new taxes, an IMF staff report said. To read more, click here.
State and local-government pension investments gained the most in two years in fiscal 2013, overshadowed by intensifying scrutiny of underfunded municipal retirement plans following Detroit’s bankruptcy. To read more, click here.
Hertz Global Holdings plans to pay down $1.5 billion to $2 billion in debt over three years using free cash flow as it tries to achieve investment-grade metrics. The company may choose to refinance some of the debt at lower rates as an alternative way to reduce its interest expense. To read more, click here.