Buybacks Must Continue: AAPL, IBM Unveil Major Debt Issuance To Fund Shareholder-Friendliness
With investment grade credit risk soaring, it's now or never for many firms to lever up at "relatively" low costs and two of the biggest buyback-ers are stepping up to the debt issuance window this week. Perhaps helping to explain the carnage in Treasuries at the end of last week (as rate-locks are set), Apple has unveiled a 10-part deal which could price today and IBM a 7 part deal. No size is indicated yet but Apple's previous two issuances were $8bn and $6.5bn.
Larry Summers Launches The War On U.S. Paper Money: "It's Time To Kill The $100 Bill"
Yesterday we reported that the ECB has begun contemplating the death of the €500 EURO note, a fate which is now virtually assured for the one banknote which not only makes up 30% of the total European paper currency in circulation by value, but provides the best alternative to Europe's tax on money known as NIRP.
That also explains why Mario Draghi is so intent on eradicating it first, then the €200 bill, then the €100 bill, and so on.
Turkey Continues To Shell Kurdish Forces In Syria
Turkey continues to shell Syrian Kurdish forces in northern Syria in an attempt to stop them from claiming the town of Azaz, which is located just eight kilometers from the Turkish border. The US and France have both called on Turkey to cease its artillery bombardment against Kurdish targets and de-escalate tensions on all sides.
Empire Fed Contracts For 7th Straight Month, Hovers At 7-Year Lows
The Empire Fed Manufacturing survey has been in contraction (below 0) since July 2015 and while February's -16.64 print was above January's -19.37, it was dramatically worse than the expected -10.0. New Orders and Shipments remain in contraction as both prices paid and recived tumbled. Hope improved modestly but remains markedly below December levels, as CapEx spending expectations weakened once again.
Still - we always have Services to take the pressure off manufacturing, right? Oh wait...