There is something of a clean up (if you’ll forgive the pun) going on at BP.
Yesterday the company sold $3.5bn worth of bonds, with demand high and the 5-year tranche being priced at a respectable (if sector-lagging) 195 bps over US Treasuries. The renewed confidence from the credit markets has helped the cost of insurance on its debt fall to 191bps from a high of 614bps in June. Read more
Prepare for a media scrum next Wednesday. Tony Hayward, BP’s outgoing chief executive, will be grilled by the Energy and Climate Change Select Committee next week as part of its inquiry into the risks of deepwater drilling in the UK following the company’s oil spill in the Gulf of Mexico. It will be Mr Hayward’s first appearance in public for several weeks and will no doubt be watched closely not just by the rest of the oil industry but also by lawmakers in the US. Read more
BP will publish its report into the Gulf of Mexico spill on Wednesday. It should make for some very interesting reading. Read more