Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Sovereign Debt] For the first time, China sold Dollar-denominated bonds directly to U.S. investors. The $6 billion offerings received bids worth $27 billion, as investors were primarily attracted to China’s economic recovery from the pandemic.
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[Industrials] U.K. engineering giant Rolls Royce is set to raise £2 billion in bonds paying coupons higher than the European benchmark of 3.73% for high yield debt. The pandemic has struck Rolls Royce due to the drop in demand for aircraft engines. Rolls Royce follows Jaguar Land Rover, who raised $700 million in 5-year bonds, paying 7.75% as a coupon.
[Unemployment] Unemployment claims in the U.S. rose to 898,000 last week, according to Thursday’s Labor Department report.
[Earnings] Morgan Stanley reports its profits rose 25% in Q3 compared to the year before. One of the only big three American banks to report a profit this quarter posted a profit of $2.72 billion, or $1.66 a share.
[Value Investing] AJO Partners, a quantitative, value investing fund that manages close to $10 billion, will shut down at the end of the year and return money to its clients. It’s largest fund suffered a 15.5% loss up till September 2020.