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On October 17th, according to the Financial Times, Anthropic is offering Blackstone Group a yield exceeding 10% to raise funds to support its latest chip deal. This $60 billion debt financing program, dubbed "Project North Star," will help Anthropic procure approximately 1.5 gigawatts of custom semiconductors, or TPUs, developed by Google. It is expected to be the largest chip financing deal to date and a key test of investor demand for AI-related debt. Sources familiar with the matter revealed that Blackstones funds will invest $9 billion to purchase debt backed by Anthropics chip lease payments over the next five years, representing half of its approximately $18 billion in subprime loans. Blackstone has received a coupon rate offer of 10%, and the total yield will be even higher after accounting for new debt issuance discounts and other fees. According to the Intercontinental Exchanges Bank of America BB-rated U.S. High Yield Bond Index, borrowers with similar credit profiles typically pay around 7% yields when financing in the public bond market.According to the Financial Times, Anthropic offered Blackstone Group a double-digit yield in its latest chip financing deal.In an executive order, U.S. President Trump stated that he would waive certain sanctions, restrictions, and tariffs applicable under the Graham Act on sanctions against Russia and Iran, effective immediately.On October 17th, Russian President Vladimir Putin stated on the 16th that, in response to attacks by Ukrainian authorities on Russian industrial enterprises and fuel and energy complexes, the Russian armed forces continue to strike Ukrainian military-industrial complexes and related facilities. Putin stated that the Russian military is accelerating its offensive across the entire front, and the "safe zone" along the border with Ukraine has significantly expanded in recent months. One of the main tasks on the ground remains the "liberation" of Donetsk. The Russian militarys control of Dobropilya was a landmark event in the special military operation, opening up a passage to Donetsk.On October 17th, German Chancellor Merz stated in Brussels, Belgium, on the 16th that the EU should exercise fiscal restraint in negotiating the next long-term budget, opposing a significant increase in its size and emphasizing that limited funds must be prioritized for defense and competitiveness. Following the conclusion of the two-day EU summit, Merz explicitly opposed the proposal to increase the next budget by approximately 50% at a press conference. He said that drastically increasing the EU budget is "fiscally unfeasible," and the final budget figure must be significantly reduced based on the European Commissions proposal. Merz posted on social media on the 15th that Europes funds are limited and clear priorities must be set. "We must invest funds in key areas that will determine Europes future—defense and competitiveness."

Apollo holds crypto for clients as it expands in digital assets

Skylar Shaw

Nov 01, 2022 15:50

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In a significant effort to introduce bitcoin to institutional investors, one of the biggest asset managers in the world, Apollo Global Management Inc., has started storing cryptocurrency on behalf of its customers via a collaboration with the digital asset exchange Anchorage Digital.


The decision was made amid a difficult year for the cryptocurrency industry, with bitcoin, the biggest digital asset in the world, down more than 50% since the beginning of 2022 as investors seemed uneasy about the world's historically high inflation rates.


Diogo Mónica, president of Anchorage Digital, a cryptocurrency company that possesses a national trust bank license from the Office of the Comptroller of the Currency, said: "It's the affirmation of this relentless drumbeat that [crypto] is here to stay." "The fact that there is short-term volatility doesn't really matter for the huge institutions since this is a process and technology with a very long time horizon."


Apollo said its partnership with Anchorage goes back to the middle of last year, when the company first started looking into how to best protect its customers' crypto assets. Apollo refused to specify what kinds of crypto assets it now owns. Apollo subsequently took part in the Series D investment round for Anchorage, which was completed in December 2021.


Adam Eling, chief operating officer of Apollo's digital assets division, stated, "We look forward to cooperating with Anchorage for the protection of client assets as we explore innovative ways to deploy blockchain technology throughout Apollo's company."


Mónica said that negotiations regarding how Anchorage can eventually strengthen its partnership with Apollo are already underway.


Christine Moy, a former executive at JPMorgan Chase who was recruited by Apollo in April, will oversee the company's digital asset strategy and play a crucial role in its investment choices in cryptocurrencies, blockchain technology, and Web3, a decentralized version of the internet.

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