Big Funds Bet the ‘Anything But Bonds’ Trade Is Poised to End
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
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Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Deutsche Bank AG has entered a capital-relief deal with the European Investment Bank that allows the German lender to grant discounts on more than €600 million ($652 million) of green mortgages in its home market.
Feb 27, 2022
Bloomberg News
,(Bloomberg) -- CRH Plc, one of the world’s biggest building materials companies, is nearing a deal to sell its Oldcastle Building Envelope unit to buyout firm KPS Capital Partners for about $3.8 billion, people with knowledge of the matter said.
Dublin-based CRH and the New York-based private equity firm could announce an agreement as soon as this week, said the people who asked not to be identified because negotiations are private. While KPS is poised to beat out several other suitors, talks could still be delayed or fall apart, the people said.
A representative for CRH declined to comment and KPS didn’t immediately respond to a request for comment.
CRH, which has a market capitalization of about $34 billion, began a sale process last year for Oldcastle, which generates around $300 million in annual earnings before interest, taxes, depreciation, and amortization, the people said at the time. The unit makes glass building products for projects ranging from storefronts and building entrances to shower enclosures and skylights.
Chief Executive Officer Albert Manifold has helped build CRH into a leading European and North American provider of materials and services used for buildings and roads through serial transactions. The company, whose roots go back to the merger of two Irish companies in 1970, had revenue of more than $27 billion and over 76,000 employees in 29 countries, according to its website.
CRH is scheduled to present full-year 2021 earnings on March 3.
The decision to sell Oldcastle comes during a rush of proposed building products deals, driven by private equity firms. Clayton, Dubilier & Rice earlier this month made an offer to buy the outstanding shares of publicly traded Cornerstone Building Brands Inc. while investment firm Strategic Value Partners agreed to buy Associated Materials in January.
KPS makes controlling equity investments in manufacturing and industrial companies and had $13.1 billion of assets under management as of December 31, according to its website.
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