Although another robust earnings season drove the blended growth rate for the Nasdaq-100® to 15.9%, concerns over elevated valuations meant the margin for error remained small. In addition to the pockets of private credit stresses we cited last month impacting U.S. high yield corporate spreads relative to Treasurys, the recent flood of corporate debt issuance as tech companies increasingly look to fund AI investments through the debt markets has also likely impacted corporates spreads. Even though leading A ...

Core Viewpoint - Bristol Myers Squibb has successfully priced €5 billion of senior unsecured notes, indicating strong market demand and the company's solid financial position [1] Group 1: Financial Details - The €5 billion issuance consists of multiple tranches, with varying maturities and interest rates, reflecting the company's strategy to optimize its capital structure [1] - The notes are expected to be used for general corporate purposes, which may include refinancing existing debt and funding ongoing operations [1] Group 2: Market Implications - The successful pricing of these notes suggests a favorable environment for corporate debt issuance, highlighting investor confidence in the pharmaceutical sector [1] - This move may enhance Bristol Myers Squibb's liquidity and financial flexibility, positioning the company for future growth opportunities [1]

Company Overview - ArcelorMittal is one of the world's leading integrated steel and mining companies, operating in 60 countries with primary steelmaking operations in 15 countries [9] - It is the largest steel producer in Europe and among the largest in the Americas, with a growing presence in Asia through its joint venture AM/NS India [9] - In 2024, ArcelorMittal generated revenues of $62.4 billion, produced 57.9 million metric tonnes of crude steel, and 42.4 million tonnes of iron ore [9] - The company's purpose is to produce smarter steels that are cleaner, stronger, reusable, and made using innovative processes that use less energy and emit significantly less carbon [9] Financial Activity - ArcelorMittal announced the issuance of €650,000,000 3.250 per cent notes due 30 September 2030 [1] - The proceeds from this issuance will be used for general corporate purposes and refinancing of existing indebtedness [1]

Core Viewpoint - Rexel has announced a senior notes offering for a nominal amount of €400 million, which aims to enhance its financial structure and extend its debt maturity profile at favorable financing conditions [1][2]. Company Overview - Rexel is a global expert in multichannel professional distribution of products and services for the energy sector, operating in three main markets: residential, non-residential, and industrial [6]. - The company has a network of over 1,950 branches across 17 countries and employs more than 27,000 people [6]. - Rexel reported sales of €19.3 billion in 2024 [6]. Financial Details - The senior unsecured notes will be due in 2030 and are callable at Rexel's discretion starting from September 2027 [1]. - Proceeds from the notes will be used for general corporate purposes [2]. - The notes are expected to be rated by Moody's and Standard & Poor's, with announcements from the rating agencies anticipated shortly [3]. Regulatory and Market Information - The offering will be conducted exclusively for investors outside the United States and is expected to be listed on the Luxembourg Stock Exchange (Euro MTF) [2]. - In France, the sale will be limited to qualified investors, with no public offering planned [5][20]. - The notes are directed only at relevant persons in the United Kingdom and will not be available to retail investors [21][22]. Additional Information - Rexel is listed on the Eurolist market of Euronext Paris and is included in various indices recognizing its performance in Corporate Social Responsibility (CSR) [7].