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technology3 days ago

SpaceX Pursues $40B Debt Deal to Secure Nvidia AI Chips

SpaceX is negotiating to raise $40 billion in financing to purchase Nvidia artificial intelligence chips. The deal structure includes approximately $10 billion in bank loans and $30 billion in investment-grade debt. Apollo is expected to lead the transaction, while PIMCO is involved in discussions. This move highlights the massive capital requirements of the current AI boom, as technology firms compete for advanced processors. SpaceX shares declined 2% in early trading following the report, while Nvidia stock rose 0.5%.

via Investing.com|
#ai-infrastructure#apollo#nvidia
PIMCO Links Private Credit Crisis to Underwriting Lapses
business7 months ago

PIMCO Links Private Credit Crisis to Underwriting Lapses

PIMCO argues the ongoing private credit crisis is driven by bad underwriting, with optimistic projections and technical sloppiness cited as factors; fund managers like Blackstone and Blue Owl have responded to redemption pressures with increased repurchase offers and withdrawal restrictions, while the broader market could see tighter credit conditions and lower investor returns—mid-single-digit default rates with returns shrinking from about 10% to 6-8%.

via Seeking Alpha|
#asset-management#business#credit-crisis
PIMCO pivots from US assets amid Trump unpredictability
business8 months ago

PIMCO pivots from US assets amid Trump unpredictability

A top bond investor, PIMCO, said it will diversify away from US assets for a multiyear period because of Donald Trump’s unpredictability, a move Citi says could weigh on US stocks and the dollar in a so-called Sell America trade. The digest also touches on broader geopolitical and economic shifts, including a US–Taiwan trade deal aimed at boosting semiconductor manufacturing and other international developments.

via Semafor|
#bond-markets#business#diversification
Pimco Reduces Long-Term US Debt Holdings Amid Rising Deficits
finance1 year ago

Pimco Reduces Long-Term US Debt Holdings Amid Rising Deficits

Pimco, a major US bond fund manager, is reducing its exposure to long-term US government debt due to concerns over rising deficits and potential inflation under Donald Trump. The firm is opting for shorter-term notes to avoid greater interest rate risks, as the US federal budget deficit has increased to $1.8 trillion. Pimco's decisions are closely watched as they can influence global financial markets. The firm is also diversifying its bond investments internationally, citing the UK and Australia as more fiscally stable options.

via Financial Times|
#bond-market#finance#inflation
Pimco Anticipates Global Economy's "Harder Landing"
finance3 years ago

Pimco Anticipates Global Economy's "Harder Landing"

Bond fund giant Pimco is preparing for a "harder landing" for the global economy, indicating increased concerns about the economic outlook. Pimco's cautious stance reflects worries about rising inflation, potential interest rate hikes, and the impact of the Delta variant on economic recovery. The company's preparations include reducing exposure to riskier assets and increasing holdings of cash and government bonds.

via ForexLive|
#bond-fund#finance#global-economy
Credit Suisse's Bond Write-Off Causes Major Losses for Investment Managers.
finance3 years ago

Credit Suisse's Bond Write-Off Causes Major Losses for Investment Managers.

Pacific Investment Management Co (PIMCO) lost $340 million when a category of bonds were wiped out on Sunday in UBS’s takeover of Credit Suisse. Swiss regulators made the decision to wipe out $17 billion-worth of Additional Tier 1 (AT1) debt in order to allow the Credit Suisse and UBS merger to go through. Shareholders, who would usually be among the biggest losers, will at least see some return from UBS’s takeover price of 0.76 Swiss francs ($0.8191) per share—the equivalent of $3.23 billion.

via Fortune|
#bonds#credit-suisse#finance
Credit Suisse CoCo bond losses hit Pimco and Invesco hard.
finance3 years ago

Credit Suisse CoCo bond losses hit Pimco and Invesco hard.

Pimco and Invesco are among the largest AT1 bondholders in Credit Suisse, with over $1.1 billion of investment in the risky bonds written down to zero by Swiss regulator Finma as part of the merger with UBS. The news shocked investors of the $275 billion AT1 bond market, triggering a sell-off in other European bank debt. AT1 bondholders are preparing to fight back on Finma’s move.

via MarketWatch|
#at1-bondholders#coco-bonds#credit-suisse
Credit Suisse's AT1 bond write-off causes turmoil in bank convertible bond market.
finance3 years ago

Credit Suisse's AT1 bond write-off causes turmoil in bank convertible bond market.

PIMCO lost around $340 million on Credit Suisse's Additional Tier 1 (AT1) bonds that were wiped out by the takeover by UBS, with the American investment manager's overall exposure to the Swiss lender running into billions. Swiss authorities decided to wipe out some $17 billion worth of Credit Suisse's AT1 debt under a deal which saw shareholders receive $3.23 billion. PIMCO's current holdings of Credit Suisse bonds, excluding the AT1 debt, were worth over $4 billion.

via Reuters|
#at1-bonds#credit-suisse#finance