The amount of dollar-denominated bonds issued by companies in Asia is growing almost 10 times faster than the global corporate debt market, raising concern that investors are lowering their standards as they seek to take advantage of the region’s relatively high yields.
More than 60 oil companies are set to bid on exploration permits offshore Brazil, taking on risks of drilling in virgin waters after similar geology across the Atlantic in Ghana and Ivory Coast yielded major discoveries.
Pioneer Natural Resources Co., the second-biggest oil producer in the Permian Basin of Texas, rose the most in more than two years after first-quarter profit beat forecasts and the company accelerated drilling plans in what it estimates may be the biggest crude find in U.S. history.
PT Japfa Comfeed Indonesia, the animal feed maker and chicken breeder, is marketing a sale of U.S. dollar-denominated bonds as China tackles an outbreak of avian flu. Credit risk in the Asia-Pacific region fell.
Sinochem Group, China’s biggest fertilizer trader, considers even a $10 billion bid for Potash Corp. of Saskatchewan Inc. by itself as too much, Caijing magazine said, citing Han Gensheng , the company’s vice president.