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Wednesday, 19 October 2016

Saudi prices maiden bond, addition to petroleum subsidies, Goldman up + BlackRock down

Other national and international stories worth noting this morning include:

  • Saudi Arabia has announced pricing for its first international bond issue, breaking them into 5-, 10- and 30-year maturities, pricing them at 160-235 bps over comparable US Treasuries, Bloomberg reports. The Financial Times, meanwhile, continues to dominate coverage of the story, noting that the order-taking process has begun.
  • Goldman Sachs net income surged 58% in the third quarter, while BlackRock, the world’s largest asset manager, “reported a drop in revenue for the third quarter compared with the year before as clients continued to march away from actively managed investment strategies,” the Financial Times (paywall) writes.
  • The Wall Street Journal’s series on the decline of actively managed funds this morning with three reasons why “the passive-investing revolution is set to last” (paywall).

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