Losses on bonds from defaulted companies are likely to be higher than in previous cycles, because U.S. issuers have more debt relative to their assets, according to BoA Corp. strategists. Those high levels of borrowings mean that if a company liquidates, the proceeds have to cover more liabilities. Source: Bloomberg
German company ADL and Iran’s Sepahan Oil Company (SOC) have signed an agreement to cooperate in technology transfer in oil and gas industry lubricants. Source: Oil Price
Russia has moved one step closer to seeing its controversial Nord Stream 2 natural gas pipeline become a reality. On Wednesday, the consortium managing the pipeline said that it has all of the Russian permits needed for installation. Source: Oil Price
Turkey on Friday threatened to respond if the United States levied further sanctions over the detention of an American pastor which has sparked a diplomatic standoff and battered the Turkish currency. Source: Agence France Presse
