AGL 40.21 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.64 Decreased By ▼ -0.06 (-0.05%)
BOP 6.67 Increased By ▲ 0.06 (0.91%)
CNERGY 4.45 Decreased By ▼ -0.15 (-3.26%)
DCL 8.73 Decreased By ▼ -0.06 (-0.68%)
DFML 41.16 Decreased By ▼ -0.42 (-1.01%)
DGKC 86.11 Increased By ▲ 0.32 (0.37%)
FCCL 32.56 Increased By ▲ 0.07 (0.22%)
FFBL 64.38 Increased By ▲ 0.35 (0.55%)
FFL 11.61 Increased By ▲ 1.06 (10.05%)
HUBC 112.46 Increased By ▲ 1.69 (1.53%)
HUMNL 14.81 Decreased By ▼ -0.26 (-1.73%)
KEL 5.04 Increased By ▲ 0.16 (3.28%)
KOSM 7.36 Decreased By ▼ -0.09 (-1.21%)
MLCF 40.33 Decreased By ▼ -0.19 (-0.47%)
NBP 61.08 Increased By ▲ 0.03 (0.05%)
OGDC 194.18 Decreased By ▼ -0.69 (-0.35%)
PAEL 26.91 Decreased By ▼ -0.60 (-2.18%)
PIBTL 7.28 Decreased By ▼ -0.53 (-6.79%)
PPL 152.68 Increased By ▲ 0.15 (0.1%)
PRL 26.22 Decreased By ▼ -0.36 (-1.35%)
PTC 16.14 Decreased By ▼ -0.12 (-0.74%)
SEARL 85.70 Increased By ▲ 1.56 (1.85%)
TELE 7.67 Decreased By ▼ -0.29 (-3.64%)
TOMCL 36.47 Decreased By ▼ -0.13 (-0.36%)
TPLP 8.79 Increased By ▲ 0.13 (1.5%)
TREET 16.84 Decreased By ▼ -0.82 (-4.64%)
TRG 62.74 Increased By ▲ 4.12 (7.03%)
UNITY 28.20 Increased By ▲ 1.34 (4.99%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 10,086 Increased By 85.5 (0.85%)
BR30 31,170 Increased By 168.1 (0.54%)
KSE100 94,764 Increased By 571.8 (0.61%)
KSE30 29,410 Increased By 209 (0.72%)

Bonds of Germany's Bayer AG rose in value early on Tuesday, as investors shrugged off a downgrade by credit rating agency Standard & Poor's, while auto bond traders were eagerly awaiting second-quarter results from Ford.
S&P lowered pharmaceutical and agrochemical conglomerate Bayer's long-term corporate credit rating to A from A+ late on Monday, citing Bayer's plans to buy the over-the-counter division of Swiss pharmaceuticals manufacturer Roche for 2.38 billion euros.
But Moody's Investors Service already rated Bayer lower at A3. Moody's affirmed its Bayer ratings earlier on Monday, as well as its stable outlook.
"Investors are taking the Moody's decision as the key event and ignoring the S&P announcement. However, volume is still thin at this time of the morning," a bond trader in London said.
Bayer's six percent euro bond due April 2012 was two basis points tighter on the day at 72 basis points over government debt, the trader said.
Bayer announced the Roche acquisition shortly after its decision to spin-off to shareholders its Lanxess chemical unit, which represents one-fifth of its sales. The deals would fuel a transformation of the 140-year-old Bayer.
S&P affirmed Bayer's short-term A-1 rating, but upgraded its outlook to stable from negative.
Elsewhere, auto bonds, among the most liquid in the European corporate bond market, traded slightly lower in value ahead of Ford Motor Co's second-quarter earnings, due for release later on Tuesday.
Ford's 5.75 percent euro bond due 2009 was bid at 141 basis points over government bonds by 0725 GMT, he said.

Copyright Reuters, 2004

Comments

Comments are closed.