Fixed Income

• Banking Stock Swoon in Europe Is a Sign of Caution, Not Panic
  A selloff in banking stocks is rarely comforting. But after three years of strong gains, the latest pullback in European lenders looks more like a reset than a crash.
• Venezuela Creditor Bloc Grows to $22 Billion as Debt Talks Eyed
  Venezuela’s creditor group has been expanding and now accounts for nearly 40% of all the debt outstanding, putting it in a stronger position as fresh optimism builds that the nation’s long-delayed restructuring is high on the agenda in Washington and Caracas.
• Liberty Meetings Draw Crowd in London as Virgin Media Bonds Sink
  Liberty Global Ltd. drew a crowd on Thursday at a Morgan Stanley leveraged-finance conference in London as investors peppered executives about the cratering debt of its telecommunications joint venture.
• French Education Firm Seeks to Refinance About €700 Million Debt
  French private school operator Omnes Education is looking to refinance around €700 million ($785 million) of debt, according to a person familiar with the matter, an effort that will play out against the backdrop of the most serious student unrest in the country in years.
• Krugman Says France Poses Risk of Explosive European Debt Crisis
  Nobel Prize-winning economist Paul Krugman warned that France’s deteriorating public finances are on an “unsustainble path” and at risk of unleashing a debt crisis across the euro area.
• Verizon, AT&T Bonds Weaken on SpaceX’s Wireless-Service Plans
  Bonds issued by Verizon Communications Inc. and AT&T Inc. weakened on Friday, following SpaceX’s announcement that it will buy US spectrum that will help the company become a “major mobile carrier” in the US.
• Jefferies Says It Found Fraud in $900 Million of Radiant Deals
  A Jefferies-run fund said in court proceedings that it has evidence of alleged fraudulent conduct by iron ore traders Radiant World and Sapphire Minmetals in receivables-financing deals with a face value of almost $900 million.
• Court Denies Investor Request to Probe Philips Over 2021 Recall
  An Amsterdam court rejected requests from investors for an investigation into Royal Philips NV’s handling of a 2021 recall of its sleep apnea devices.