S&P Global Inc. reports company news across data, benchmarks and analytics for capital, commodity and automotive markets. Coverage includes its credit ratings and market intelligence businesses, S&P Global Energy and Platts price assessments, and S&P Global Mobility products such as CARFAX vehicle history reports, listings, car care tools and recall data.
Recurring updates also include investor conference appearances, product and data launches, board and governance changes, and corporate-status developments involving the Mobility division.
S&P Dow Jones Indices and Experian reported data for the S&P/Experian Consumer Credit Default Indices through August 2020. The composite default rate increased one basis point to 0.67%. The bank card default rate fell 41 basis points to 3.45%, while the auto loan default rate rose by six basis points to 0.53%. In major metropolitan areas, Miami saw a significant increase of 16 basis points to 1.99%. Overall, four out of five MSAs reported higher default rates.
S&P Global Platts announced that Cairn India Ltd., a unit of Vedanta Ltd., has adopted the Platts Dated Brent crude oil benchmark for pricing its Rajasthan crude sales. This marks the first instance of indigenous crude in India being priced against a global benchmark, effective from April 2020. Platts Dated Brent is utilized for over 60% of the world's oil pricing. Cairn India is India's largest private crude oil producer, and this transition reflects the trust in Platts' price reporting methods, according to Vera Blei, Head of Oil Markets at S&P Global Platts.
Douglas L. Peterson, CEO of S&P Global (NYSE: SPGI), will speak at the virtual Barclays Global Financial Services Conference on September 14 from 8:15 a.m. to 8:55 a.m. EDT. The session, which will feature forward-looking information, will be webcast live and available for replay on the company's Investor Relations website for three months, until December 10, 2020. S&P Global is a leading provider of credit ratings, benchmarks, and analytics, supporting global capital and commodity markets with over 160 years of experience.
S&P Global Market Intelligence has partnered with Snowflake to enhance data accessibility for clients. This collaboration eliminates data ingestion processes, allowing for quicker access to S&P Global's financial, textual, ESG, and alternative data. The integration aims to boost productivity in today's fast-paced markets. Over 20 datasets are available including Compustat, S&P Capital IQ Fundamentals, and ESG Scores. This initiative reflects S&P Global's commitment to providing high-quality data through innovative delivery platforms.
S&P Global Market Intelligence announced an exclusive agreement with Citigroup to provide its investment research to clients on an embargoed basis. This collaboration allows S&P clients access to Citi's research reports as part of their Aftermarket Research subscription, enhancing S&P's offerings which already include extensive reports from over 1,800 providers. Citigroup is consistently ranked among the top 3 research firms globally, providing insights across various sectors, including technology and healthcare.
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The S&P/Experian Consumer Credit Default Indices data for July 2020 indicates that the composite default rate remains stable at 0.66%. The default rate for bank cards decreased by 37 basis points to 3.86%, while auto loans increased by 7 basis points to 0.47%. First mortgage defaults rose 3 basis points to 0.44%. Notably, Miami reported the highest default increase of 43 basis points, reaching 1.83%, while Dallas and Chicago experienced slight decreases. These indices are crucial for understanding consumer credit trends.
S&P Global (NYSE: SPGI) announced the expiration of its cash tender offer for outstanding Senior Notes on August 14, 2020. The offer was for three series of notes, totaling $900 million for the 2026 Notes, $297 million for the 2037 Notes, and $500 million for the 2048 Notes. Valid tenders included $228.39 million of 2026 Notes (25.38%), $3.84 million of 2037 Notes (1.29%), and $217.18 million of 2048 Notes (43.44%). Payment for purchased notes is scheduled for August 17, 2020.
S&P Global Platts has launched the first Sustainable Aviation Fuel (SAF) price assessment in Europe, effective August 17, 2020. This initiative aims to enhance market transparency as the aviation sector shifts towards cleaner energy solutions amid pressures from decarbonization goals. The daily price assessment reflects costs associated with SAF produced from used cooking oil. The aviation industry accounted for over 6% of Europe’s energy CO2 emissions in 2019, and the new pricing model intends to facilitate comparisons between traditional jet fuel and SAF costs. This launch follows extensive consultations with industry stakeholders.