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On August 28th, according to foreign media reports, sources familiar with the matter revealed that SoftBank Group is seeking a $10 billion loan to obtain more funds to refinance the debt it incurred for its investment in US tech giant OpenAI. The two-year loan will have an interest rate spread approximately 275 basis points higher than the benchmark Secured Overnight Financing Rate (SOFR), with Mizuho Bank acting as the designated lead arranger and bookrunner. This loan will be one of a series of recent debt financing activities related to SoftBanks bet on OpenAI. Sources indicated that part of the loan funds may be used to repay a $40 billion bridge loan SoftBank obtained earlier this year for its OpenAI investment. The deadline for loan commitments is August 31st, and several banks have already begun discussions to participate in the loan. SoftBank is also considering raising more funds through the bond market, considering issuing $10 billion to $20 billion in bonds to help refinance the bridge loan, while also planning a record 1 trillion yen retail bond issuance in the Japanese domestic market.Sources say SoftBank is seeking a $10 billion loan to refinance debt for its investment in OpenAI.On August 28th, Moodys analysts stated that large-scale investments in artificial intelligence could weaken the credit metrics of US hyperscale cloud service providers, but strong capital buffers can mitigate the pressure. With capital expenditures growing faster than operating cash flow, the free cash flow of US hyperscale cloud service providers is expected to decline in 2026-2027. Leverage pressures are expected to intensify further as companies like Meta, Alphabet, and Oracle increase bond issuance. However, hyperscale cloud service providers possess large cash reserves, and coupled with revenue and EBITDA growth, they can withstand 12 to 24 months of high capital expenditures without significantly impairing credit quality.French Finance Minister: The first batch of economic data released after the summer heatwave was "poor".On August 28th, as the trade dispute between the United States and Canada escalated, US President Trump signed an executive order on the 27th renaming Lake Ontario, located on the US-Canada border, as "Lake of the United States," stating that the order was "effective immediately." Many Canadians expressed dissatisfaction with the US governments renaming of Lake Ontario to "Lake of the United States," believing that the US action would only exacerbate tensions between the two countries.

S&P 500 Pulls Back As Traders Worry That China’s COVID Curbs May Hurt Global Growth

Skylar Shaw

Nov 22, 2022 15:49

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At the beginning of the week, the S&P 500 is declining

As traders worried that the growing number of coronavirus infections in China might hinder global economy and cause further supply chain issues, the S&P 500 retreated toward the 3940 level. The heavily tech-weighted NASDAQ Composite fell more than 1% as a result of a significant sell-off in the tech industry.


Energy stocks, which have come under intense pressure since a WSJ story said that Saudi Arabia and other OPEC+ members may negotiate a production increase of 500,000 bpd, were the main driver of today's decline.


Saudi Arabia has categorically refuted this allegation, and WTI oil has now risen back around the $80 mark after falling as low as $75.50. Energy stock prices, meanwhile, continued to decline. In today's trading session, shares of Diamondback Energy, Halliburton, and Marathon Oil fell by 3% to 5%.


Leading tech stocks have decreased today as well. Tesla, which is vulnerable to news out of China, fell 6% and hit annual lows below $170.


Following Bob Iger's appointment as CEO once again, Disney stock opened close to $100. After the huge increase, the stock fell towards the $97 mark as investors took their profits.


From a broad perspective, additional encouraging triggers are required for the S&P 500 to keep rising. Before Thanksgiving, when trading activity is often slower, it is to be seen whether traders would discover such catalysts.

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