A defaulted bond issued by an old Venezuelan power company and long regarded as a lost-cause by investors has almost doubled in value this year as investors look for ways to profit from Venezuela’s new-found rapport with the US. The notes , issued by Electricidad de Caracas , or Elecar, have leaped 98% to about 31 cents on the dollar since December, according to Trace data, triple the return on an...
A defaulted bond issued by an old Venezuelan power company and long regarded as a lost-cause by investors has almost doubled in value this year as investors look for ways to profit from Venezuela’s new-found rapport with the US. The notes , issued by Electricidad de Caracas , or Elecar, have leaped 98% to about 31 cents on the dollar since December, according to Trace data, triple the return on any other corporate debt in Latin America. That has handed outsize gains to investors like Grantham Mayo Van Otterloo & Co. LLC , which has owned around a quarter of the debt for many years. The $650 million of bonds are drawing attention from investors hunting for ways to bet on a recovery in South America’s most distressed debt, after the capture of Nicolas Maduro paved the way for the US to reestablish diplomatic relations. With the nation’s sovereign debt up more than 40% this year — getting a fresh boost from surging oil prices amid the war in the Middle East — traders are looking to smaller, illiquid securities to continue profiting from an eventual restructuring. “As the entire Venezuelan bond complex has gapped higher this year after the ousting of Maduro, investors begin to look for lower priced claims, even if they are less liquid,” said Carl Ross , a partner and sovereign credit analyst at GMO. Nationalization Elecar issued the bonds in 2008, shortly after late President Hugo Chavez nationalized the country’s power grid and bundled up several electricity firms — including Elecar — into a state-managed corporation. The notes expired in 2018, and have been in a years-long default along with the rest of the country’s debt. They had traded as low as five cents on the dollar as the US ramped up sanctions against the Maduro administration. Now, as Washington eases sanctions on the energy industry and restores diplomatic ties with Venezuela’s acting administration under Delcy Rodriguez, bondholders see increasing odds of getting paid on their investments. Sovereign bonds ...
Ellington Credit Company ( EARN ) announced on Wednesday the commencement of an underwritten public offering of unsecured notes due 2031. The public offering price, interest rate, and other terms will be determined through negotiations between the fund and the underwriters. The 2031 Notes have been rated ‘BBB’ by Egan-Jones Ratings Company, an independent rating agency unaffiliated with the Fund. ...
Ellington Credit Company ( EARN ) announced on Wednesday the commencement of an underwritten public offering of unsecured notes due 2031. The public offering price, interest rate, and other terms will be determined through negotiations between the fund and the underwriters. The 2031 Notes have been rated ‘BBB’ by Egan-Jones Ratings Company, an independent rating agency unaffiliated with the Fund. The Fund intends to grant the underwriters a 30-day option to purchase additional 2031 Notes at the same price and on the same terms and conditions to cover overallotments, if any. The Fund expects to use the net proceeds from the offering for general corporate purposes, including funding purchases of additional assets in accordance with the Fund’s investment objectives and strategies and (ii) repaying short-term borrowings under reverse repurchase agreements, which the Fund uses to finance many of its investments. The 2031 Notes are expected to be listed on the New York Stock Exchange and to trade thereon within 30 days of the original issue date under the ticker symbol “ELLA”. EARN -0.91% premarket to $4.36. Source: Press Release More on Ellington Credit Company Ellington Credit: Chasing High Carry In CLO Equity And Mezzanine Tranches (Hold) Dividend scorecard for Ellington Credit Company
chameleonseye PayPal Holdings ( PYPL ) named Alyssa Henry , the former CEO of Block's ( XYZ ) Square business, to its board as another director chose not to stand for re-election, the company said on Wednesday. Henry brings more than three decades of experience scaling global commerce, payments, and technology platforms to the board, the company said. The change comes as PayPal ( PYPL ) strives to...
chameleonseye PayPal Holdings ( PYPL ) named Alyssa Henry , the former CEO of Block's ( XYZ ) Square business, to its board as another director chose not to stand for re-election, the company said on Wednesday. Henry brings more than three decades of experience scaling global commerce, payments, and technology platforms to the board, the company said. The change comes as PayPal ( PYPL ) strives to accelerate its growth plan after Alex Chriss was ousted as CEO because his plan didn't progress quickly enough. "Her expertise in software-driven merchant solutions, omnichannel payments, and global platform expansion will be invaluable as we strengthen our position as a strategic payments partner to merchants and consumers worldwide," said PayPal President and CEO Enrique Lore. Gail J. McGovern, who has served on PayPal's ( PYPL ) board since 2015, will not stand for re-election at the company's annual stockholders meeting in May. Independent Director Ann Sarnoff will succeed McGovern as chair of the Corporate Governance and Nominating Committee of the board after the annual meeting. With Henry's appointment, the board consists of 12 directors, 11 of whom are independent. PayPal ( PYPL ) stock rose 1.3% in premarket trading. More on PayPal PayPal: Mr. Market Is Ignoring Just How Cheap It Is PayPal: The Great Algorithmic Mistake And The Valuation Paradox With A P/E Of 8 PayPal: Not Broken Enough To Sell Venmo users can send/receive payments from PayPal users Mastercard recruits 85 partners to new crypto program, including Circle, PayPal
Earlier this month Honda decided to cancel a trio of electric vehicles it was planning to build in the US. And those cancellations are having a ripple effect. Today Sony Honda Mobility—the automaker's joint venture with the electronics and entertainment company—announced that it won't bring its EVs to market either. Although Honda was an early adopter of hybrid technology, it has been left badly l...
Earlier this month Honda decided to cancel a trio of electric vehicles it was planning to build in the US. And those cancellations are having a ripple effect. Today Sony Honda Mobility—the automaker's joint venture with the electronics and entertainment company—announced that it won't bring its EVs to market either. Although Honda was an early adopter of hybrid technology, it has been left badly lagging when it comes to developing battery-electric cars. The diminutive Honda e might look like the most adorable city car you've ever seen , but it struggled to find more than 12,000 buyers in four years across Europe and Japan. Here in North America, the Prologue has done much better: Honda sold 33,000 in 2024, and another 39,000 last year. But the rebadged GM, which shares a platform with the Chevrolet Blazer, has seen sales implode since the end of the federal clean vehicle tax credit last fall, and it, too, leaves production at the end of the year. An earlier plan to use GM's battery platform for lower-cost EVs, meant to arrive in 2027 , died in late 2023 . Read full article Comments
Grandbrothers/iStock Editorial via Getty Images Denali Therapeutics ( DNLI ) added ~9% in the premarket on Wednesday after the U.S. Food and Drug Administration (FDA) approved its lead candidate, tividenofusp alfa, as a treatment for Hunter syndrome, a rare genetic disease. According to a federal database on drug approvals, the FDA approved tividenofusp alfa on Mar. 24 under the brand name Avlayah...
Grandbrothers/iStock Editorial via Getty Images Denali Therapeutics ( DNLI ) added ~9% in the premarket on Wednesday after the U.S. Food and Drug Administration (FDA) approved its lead candidate, tividenofusp alfa, as a treatment for Hunter syndrome, a rare genetic disease. According to a federal database on drug approvals, the FDA approved tividenofusp alfa on Mar. 24 under the brand name Avlayah. Also known as mucopolysaccharidosis type II (MPS II), Hunter syndrome represents a major unmet medical need, as current standard-of-care enzyme replacement therapies are unable to address the neurological symptoms of the disease. In December, Denali ( DNLI ) reached an agreement with Royalty Pharma ( RPRX ) to receive $275M in funding in exchange for a 9.25% royalty on global net sales of tividenofusp alfa. At the time, its Biologics License Application for the treatment, also known as DNL310, was under FDA review, with a decision on a potential accelerated approval expected on or before Apr. 5. More on Denali Therapeutics Denali Therapeutics Inc. (DNLI) Presents at Stifel 2026 Virtual CNS Forum Transcript Denali Therapeutics Inc. (DNLI) Presents at Leerink Global Healthcare Conference 2026 Transcript Denali Therapeutics Inc. (DNLI) Presents at TD Cowen 46th Annual Health Care Conference Transcript Seeking Alpha’s Quant Rating on Denali Therapeutics Historical earnings data for Denali Therapeutics
Olga Yastremska/iStock via Getty Images Spice maker McCormick & Company ( MKC ) doesn’t seem to be in favor with investors. I, however, continue to believe the negative sentiment presents an attractive opportunity for those seeking selective positioning for the long term. Over the past year, shares are down 35%, including an over 20% decline YTD. I last covered MKC following its release of its Q4 ...
Olga Yastremska/iStock via Getty Images Spice maker McCormick & Company ( MKC ) doesn’t seem to be in favor with investors. I, however, continue to believe the negative sentiment presents an attractive opportunity for those seeking selective positioning for the long term. Over the past year, shares are down 35%, including an over 20% decline YTD. I last covered MKC following its release of its Q4 results in late January, and shares are down 14% since that update. This compares to a decline of 5% in the broader S&P ( SPY ) over the same period. Seeking Alpha - 1-YR Shares Price Returns Of MKC Stock In March, Unilever ( UL ) put out a presser that it received an offer for its food business from MKC and that discussions are ongoing. I believe this is an interesting development and could certainly see it being a topic of discussion at the upcoming Q1 release. Ahead of the release, I maintain a bullish view on MKC and continue to see it as a value-add for a consumer staple that I believe still has positive demand fundamentals. MKC Key Stock Metrics At the time of my last publication, MKC was trading at a forward of 22x earnings . Today, shares are even more attractively priced at 16.8x. This is nearly 40% below MKC’s five-year averages. Even on other measures, MKC looks competitively priced. Its enterprise value to sales, for example, stands at just 2.7x compared to the historical average of about 4x. Seeking Alpha - Valuation Metrics Of MKC Stock Consensus targets still see MKC valued appropriately at about the $70/share mark, and I certainly believe MKC can regain this territory. Seeking Alpha - Average Price Target Of MKC Stock At today’s prices, expectations seem awfully low for performance, and I believe this could set up a nice rebound in the share price in the event of any better-than-expected performance. What Is The Outlook for MKC Stock? I continue to view MKC’s forward outlook as relatively solid, especially when you separate near-term noise from underlying fu...