|Bid||439.10 x 0|
|Ask||439.30 x 0|
|Day's range||424.30 - 445.00|
|52-week range||281.50 - 523.00|
|Beta (5Y monthly)||0.55|
|PE ratio (TTM)||23.03|
|Earnings date||27 Apr 2021|
|Forward dividend & yield||0.11 (2.50%)|
|Ex-dividend date||11 Mar 2021|
|1y target est||9.20|
(Bloomberg) -- The head of the U.K.’s Debt Management Office is hardly batting an eye over the meltdown in U.S. Treasuries that sent shockwaves across global bond markets last week for one key reason: liquidity at home.Chief Executive Officer Robert Stheeman argues gilts are more insulated from the turmoil because of the market’s smaller size and network of primary dealers, or banks tasked with backstopping the market by buying and selling the securities even at times of unexpected volatility.“I think that will certainly help us cope with whatever the market decides to throw at us this year,” he said in an interview on Wednesday. “We’re not the world’s reserve currency, but we do have, without any doubt -- and I say this with a very high degree of confidence because I see the numbers -- a level of liquidity in gilts which frankly stands out.”Last week’s startling gyrations in U.S. Treasury yields sparked investor concern over liquidity in the world’s most important bond market, with reverberations felt across the globe through poorly-received government bond auctions and rising borrowing costs. And it poses a challenge to the DMO, which plans to sell more debt than expected next fiscal year.Read More: Bank of England Aligns With the Fed Over Rout in Bond MarketIn PerspectiveYet for all of the turmoil in recent weeks, U.K. 10-year yields, at 0.78% on Wednesday, remain around 15 basis points below their average going back to the Brexit referendum in June 2016.The 30-year yield premium over five-year counterparts has fallen from the highest level since 2018, back toward the range set in the final four months of last year. Recent bond auctions show that demand for gilts remains robust, with bids for five- and 10-year notes almost triple the amount on offer and the highest since May and October, respectively.“I’m not for a minute denying that it was a significant move over the last few weeks,” Stheeman said of the rise in gilt yields. “But one does need to look at the longer-term context of where yields are today on a historical basis.”No CrisisWhile several measures indicate more elevated funding stress and stretched liquidity in gilt markets, they are far from crisis-era levels.Bid-ask spreads for 10-year gilts have risen in the past two weeks, but are down from the end-February peak. Meanwhile, the premium between three-month sterling Libor and the overnight rate rose to almost four basis points, the highest since July. That’s well below the high set last March at 61 basis points.Heightening borrowing costs have caught the attention of U.K. politicians, with Chancellor Rishi Sunak warning that rates may rise. Yet while the national debt has risen past a record 2 trillion pounds ($2.8 trillion), historically low interest rates means the cost of servicing it is low.Green PlansThe U.K. will likely take advantage of cheaper borrowing costs when it issues its first green debt, Stheeman said. Britain plans to sell green gilts twice in 2021 as it looks to build out a green bond curve, with a minimum issuance of 15 billion pounds in the coming financial year. Strategists at HSBC Holdings Plc see issuance beginning with a 10-year bond followed quickly by a longer maturity.Britain will be a relatively late entrant to the green bond market, which surpassed a record $1 trillion in issuance last year. The Treasury and DMO are working on the technical aspects of the instruments, Stheeman said, and looking at questions such as whether the country will create its own green bond standards similar to those in development from the European Union.There is some evidence that governments that borrow using green debt can save money, as demand drives up prices and pushes down yields. With the Treasury committed to reducing Britain’s debt levels, green gilts could provide slightly cheaper financing by tapping a rush of pent-up demand from specialist funds.“Right now, the chances of us also doing something which could be extremely attractive from a cost effectiveness perspective are certainly rising,” Stheeman said.(Adds HSBC green gilt estimate in 11th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
HSBC let me down after cruise company collapsed. We had paid a total of £3,342 for two holidays but are still out of pocket months later
(Bloomberg) -- South Korean e-commerce giant Coupang Inc. is seeking to raise as much as $3.6 billion from an initial public offering in New York, which will rank as one of the largest-ever Asian listings in the U.S.Seoul-based Coupang and some existing shareholders are offering 120 million shares at $27 to $30 each, according to a filing Monday. At the top end of the range, Coupang will be valued at as much as $51 billion based on the number of shares outstanding.Founded in 2010 by Chief Executive Officer Bom Kim, Coupang has grown faster than the e-commerce market amid fierce competition from retail conglomerates and startups. It has also aggressively expanded its delivery and logistics businesses.A successful IPO would be another windfall for billionaire Masayoshi Son’s SoftBank Group Corp. The Japanese conglomerate invested $1 billion in Coupang in 2015 and its Vision Fund put in another $2 billion in 2018, pushing its valuation to about $9 billion. The SoftBank Vision Fund will own about 37% of the company’s Class A shares after the offering, according to Monday’s filing.The listing would be the fourth-biggest on record by an Asian company on a U.S. exchange and the largest since Alibaba Group Holding Ltd.’s $25 billion IPO in 2014, data compiled by Bloomberg show. It also comes in what is expected to be a record year for Korean listings.Coupang is offering 100 million new Class A shares in the IPO, and 20 million shares are being offloaded by existing investors. Each Class A share is entitled to one vote, while the Class B shares held by Coupang’s founder are entitled to 29 votes. Kim will hold about 76.7% of the voting power at Coupang upon completion of the listing.Kim, a Harvard University dropout, has been considering an IPO for years, but had held off until now so he could focus on expanding the business. Coupang, known as “Korea’s Amazon,” has invested in new business models including food delivery and streaming services.BlackRock Inc. and Greenoaks Capital are also among Coupang’s investors. The company plans to list on the New York Stock Exchange under the symbol CPNG.Goldman Sachs Group Inc., Allen & Co., JPMorgan Chase & Co., Citigroup Inc., HSBC Holdings Plc, Deutsche Bank AG, UBS Group AG, Mizuho Financial Group Inc. and CLSA are working on the offering. Bank of America Corp., which was listed as one of the underwriters in a February registration document, didn’t appear in Monday’s filing.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.