Billionaire Anil Agarwal’s Vedanta Resources Ltd. is set to refinance $5.2 billion of US dollar bonds and loans, according to people familiar with the matter, as it seeks to lower borrowing costs by replacing expensive debt after securing credit-rating upgrades. The UK-based conglomerate has hired eight banks, including Barclays Plc , Citigroup Inc , Deutsche Bank and JPMorgan Chase & Co. for the ...
Billionaire Anil Agarwal’s Vedanta Resources Ltd. is set to refinance $5.2 billion of US dollar bonds and loans, according to people familiar with the matter, as it seeks to lower borrowing costs by replacing expensive debt after securing credit-rating upgrades. The UK-based conglomerate has hired eight banks, including Barclays Plc , Citigroup Inc , Deutsche Bank and JPMorgan Chase & Co. for the deal, said the people, who asked not to be identified because the information is private. Part of the proceeds will be used to refinance $3.6 billion of bonds maturing between 2028 and 2033, and $1.6 billion of loans due from 2028 onward, they added. Agarwal is seeking to shore up Vedanta Resources’ balance sheet as the group pursues a split of India-listed unit Vedanta Ltd. into five businesses. Net debt has fallen to $4.9 billion as of March 31 from $8.9 billion five years earlier, according to an investor presentation, while both S&P Global and Moody’s Ratings upgraded the company’s credit ratings last month. The transaction could help Vedanta lower its average borrowing costs from about 10%, Bloomberg Intelligence analyst Mary Ellen Olson wrote in a note. The deal is also likely to smooth the company’s debt maturity profile and cut medium-term repayment and refinance risks, she said. 06/03/2028 $300 million 10.25% 06/24/2026 102.56 09/17/2026 $1,200 million 10.875% 09/17/2029 105.438 07/24/2030 $550 million 9.475% 07/24/2027 104.74 12/03/2031 $500 million 11.25% 12/03/2027 105.62 10/15/2032 $500 million 9.125% 10/15/2027 104.56 04/24/2033 $550 million 9.85% 01/24/2028 104.92 The London-based company is targeting a reduction of as much as 300 basis points in funding costs through the refinancing, the people said. The deal may include amortizing bonds with maturities of five, seven and 10 years, allowing the firm to repay principal gradually over time. Vedanta also plans to start exercising call options on those bonds this year. For securities that are not callable in the...
Germany recorded a trade surplus of € 14.50B in April of 2026, lower than the estimated € 15B. In April 2026, German exports rose by 0.9% and imports by 1.2% compared to March 2026. More on Germany EWG: A Cautiously Optimistic Stance On German Equities Seems Sensible EUFN: European Financials Remain Attractively Valued Ahead Of Potential Rate Hikes CEF Insights: New Germany Fund For European Growt...
Germany recorded a trade surplus of € 14.50B in April of 2026, lower than the estimated € 15B. In April 2026, German exports rose by 0.9% and imports by 1.2% compared to March 2026. More on Germany EWG: A Cautiously Optimistic Stance On German Equities Seems Sensible EUFN: European Financials Remain Attractively Valued Ahead Of Potential Rate Hikes CEF Insights: New Germany Fund For European Growth Opportunities Europe markets dip on renewed geopolitical tensions European markets turn lower tracking global weakness in chip stocks
Alexander Sikov/iStock via Getty Images Quarterly Highlights • The Victory RS Small Cap Growth Fund (Class A Shares, without sales charge) returned -3.91% for the three months ended March 31, 2026, underperforming the Russell 2000 ® Growth Index, which returned -2.81%. • Fund performance relative to the benchmark was negatively impacted during the quarter by stock selection in the Technology and C...
Alexander Sikov/iStock via Getty Images Quarterly Highlights • The Victory RS Small Cap Growth Fund (Class A Shares, without sales charge) returned -3.91% for the three months ended March 31, 2026, underperforming the Russell 2000 ® Growth Index, which returned -2.81%. • Fund performance relative to the benchmark was negatively impacted during the quarter by stock selection in the Technology and Consumer Discretionary sectors. Stock selection within the Producer Durables and Energy sectors offset a portion of the underperformance. • This period's absolute performance was aided in part by the relative performance of secular small-cap growth stocks as small growth, as defined by the Russell 2000 ® Growth Index, outperformed large growth, as defined by the Russell 1000 ® Growth Index, -2.81% vs. -9.78%. • We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Russell 2000 ® Growth Index are the cheapest since the 1979 inception of the index relative to the Russell 1000 ® Growth Index (per FactSet (FDS)). Market Performance / Fundamentals Snapshot Q1 2026 Market Performance Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance does not reflect management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. Click to enlarge Market Commentary First quarter 2026 began much like 2025 ended. Sentiment was largely positive despite some questions surrounding economic growth and future interest rate cuts, and domestic equities continued their march higher early in the year. In fact, the S&P ® 500, the popular proxy for the overall domestic stock market, registered a new all-time high and even briefly breached 7,000 in late Janu...
German industrial production grew for the first time since war broke out in Iran, fueling hope that Europe’s largest economy is weathering the jump in energy costs. Output increased 0.4% in April from the previous month, driven mainly by construction, the German statistics office said Tuesday. That matches the median estimate in a Bloomberg survey. The March reading was revised upward. It now show...
German industrial production grew for the first time since war broke out in Iran, fueling hope that Europe’s largest economy is weathering the jump in energy costs. Output increased 0.4% in April from the previous month, driven mainly by construction, the German statistics office said Tuesday. That matches the median estimate in a Bloomberg survey. The March reading was revised upward. It now shows a slight decrease of 0.1%, instead of the 0.7% decline initially reported. Meanwhile, exports and imports unexpectedly increased in April. The data contrast with more downbeat numbers signaling underlying weakness even before the full impact of the Middle East fighting was felt. Figures Monday showed factory orders dropped more than expected in April, with noticeable declines in the car industry and electrical equipment. While Germany recorded a first-quarter expansion of 0.3% in gross domestic product, the Iran conflict looks set to derail Chancellor Friedrich Merz ’s plans to turn 2026 into a “year of growth.” A spending splurge on infrastructure and defense should help. But additional headwinds could now come from an expected interest-rate increase by the European Central Bank this week, and Europe’s trade dispute with the US. German Factory Orders Decline as Demand for Cars Drops ECB Risks Repeating 2011 Mistake With Rate Hike, Economists Warn A Stock Trader’s Guide to the Start of ECB Interest Rate Hikes
A rebound in equities that began on Wall Street extended into Asia, as cheaper valuations for artificial intelligence shares lured investors. Meanwhile, Bank of America Securities strategists led by Savita Subramanian warned that an increasing number of “bear market signposts” point to an approaching top. Bloomberg's David Savage reports. (Source: Bloomberg)
A rebound in equities that began on Wall Street extended into Asia, as cheaper valuations for artificial intelligence shares lured investors. Meanwhile, Bank of America Securities strategists led by Savita Subramanian warned that an increasing number of “bear market signposts” point to an approaching top. Bloomberg's David Savage reports. (Source: Bloomberg)
Good morning . The AI race heads to Wall Street. OpenAI confidentially files for a US IPO, following Anthropic, while SpaceX’s offering is said to be heavily oversubscribed. Support for rejoining the EU gains traction in the UK a decade after Brexit. And a London mega mansion sells. Listen to the day’s top stories . Market Snapshot S&P 500 futures 7,436.25 +0.3% Euro $1.15 +0.1% Spot gold $4,345.8...
Good morning . The AI race heads to Wall Street. OpenAI confidentially files for a US IPO, following Anthropic, while SpaceX’s offering is said to be heavily oversubscribed. Support for rejoining the EU gains traction in the UK a decade after Brexit. And a London mega mansion sells. Listen to the day’s top stories . Market Snapshot S&P 500 futures 7,436.25 +0.3% Euro $1.15 +0.1% Spot gold $4,345.83 +0.4% WTI crude oil futures $89.98 -1.4% Market data as of 01:49 AM ET. Data is subject to provider delays. OpenAI filed confidentially for an IPO , joining AI rivals in tapping public markets to fund ambitious growth plans. It’s working with Goldman Sachs and Morgan Stanley on a potential listing as soon as the fall, people familiar said. That comes hot on the heels of rival Anthropic, which said last week that it had filed confidentially for an IPO of its own . Meanwhile, SpaceX’s IPO is said to be well oversubscribed . Asian stocks rebounded from their biggest drop since March , as tensions in the Middle East eased and a selloff in AI shares abated. Oil fell after Iran and Israel pledged to ease strikes that threatened peace talks in the Middle East. Read our explainer about how Israel’s battle with Hezbollah fits into the Iran war. And check out our Markets Today live blog for all the latest news and analysis relevant to UK assets. Trump’s $100,000 H-1B Visa Application Fee Rejected by Judge A federal judge struck down a $100,000 fee President Donald Trump ordered for H-1B visa applications, providing a reprieve for US technology companies that rely on hiring skilled foreign workers. Read more Apple used its Worldwide Developers Conference to lay the foundation for a new generation of products. The centerpiece of the company’s latest operating systems is an overhauled assistant called Siri AI. The software is designed to be smarter, more reliable and capable of understanding context, all while being able to precisely control a variety of apps. Read more about how the ...