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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."

Gold falls below $1,650, and copper declines due to worries of a recession

Skylar Williams

Sep 26, 2022 11:20

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Gold and copper prices decreased on Monday as the dollar reached a 20-year high on the back of rising interest rate and recession fears.


As the U.S. fought runaway inflation, the Fed increased interest rates and issued a dire economic forecast.


Eurozone and United Kingdom economic data revealed a sharp decline in business activity, heightening recession fears and diminishing metal market demand.


Spot gold stayed unchanged at $1,643.82 per ounce, while futures fell 0.3% to $1,653.30 per ounce as of 19:31 EDT (23:31 GMT). Last week, both assets reached their lowest level since early 2020.


After briefly reaching its highest level in 20 years, the dollar index fell on Monday. As the Federal Reserve boosts interest rates, the dollar should remain strong.


Rising yields pushed speculators into the dollar and Treasuries, causing a decline in the value of gold. After gold fell below $1,700 and $1,650 last week, traders anticipate further price drops.


On Monday, copper futures lost 0.4% to $3.3575 per pound, approaching two-month lows. After poor economic reports raised anxieties about global growth, prices of the red metal plummeted by over 5% last week.


This year, the economic downturn in China has harmed copper prices. Slowing U.S. and European industrial production has exacerbated losses.


A strike at the world's largest copper mine, Escondida, may increase long-term prices.

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