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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."

WTI fluctuates below $80 as investors redirect their attention to Fed comments

Alina Haynes

Nov 30, 2022 15:23

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) are fluctuating below the key resistance of $80.00 during the early European session. As investors anticipate a fresh impetus from Federal Reserve (Fed) chairman Jerome Powell's upcoming address, oil prices have been neglected by market players.

 

The black gold has drifted sideways following Monday's phenomenally strong buying action near $74.00. Prior to Fed Powell's speech, the recent increase and bullish expectations for oil prices are contingent on considerable pressure on the US Dollar. After a dip in inflation in October, investors are eager to know if the Federal Reserve is seriously considering a slower rate of interest rate increases.

 

The United States American Petroleum Institute (API) reported a large decline in oil inventories for the week ending November 25. This has also contributed to a rise in oil prices. The oil supply has decreased by 7.85 million barrels. This is the third straight decline in oil inventory published by the API, which has given the oil bulls a shot of adrenaline. However, investors will await the Energy Information Administration's (EIA) official oil inventory report for relevant indicators.

 

The case for supply concerns has been supported by news reports from Russia that the country will not provide oil under a price cap anyway, as stated by the country's Deputy Prime Minister, Alexander Novak.

 

In addition, predictions that OPEC+ will expand supply cutbacks at its December meeting are keeping oil bulls in check. The oil cartel declared that the promise to reduce production by two million barrels per day will be extended to the end of CY2023. In light of the current decline in oil prices, the oil mafia may increase production cuts.


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