THE WALL STREET JOURNAL. * Tuesday, December 1, 2020 |B9
Net
Stock Sym Close Chg
SiriusXM SIRI 6.49 -0.06
Skyworks SWKS141.17 5.01
sSlackTech WORK42.88 2.21
Smartsheet SMAR58.03 0.98
SmithAO AOS 56.31 -0.77
Smith&NephewSNN 39.35 0.37
Smucker SJM117.20 0.70
Snap SNAP44.42 -1.61
SnapOn SNA175.85 -1.15
sSnowflake SNOW325.84 -2.95
SOQUIMICHSQM 47.07 -1.08
SolarEdgeTechSEDG277.98 -10.25
sSolarWinds SWI 22.88 -0.05
Sony SNE 93.29 -0.78
SoteraHealthSHC 27.06 -0.91
Southern SO 59.85 -0.80
SoCopper SCCO59.37 -1.48
SouthwestAirLUV 46.34 -1.39
Splunk SPLK204.18 0.15Spotify SPOT291.37 13.75
Square SQ 210.96 -1.56
StanleyBlackDckSWK184.31 -2.70
Starbucks SBUX98.02 -0.64
StateStreet STT 70.48 -1.11
SteelDynamicsSTLD36.21 -1.44
Steris STE193.81 2.12
sSTMicroelecSTM39.65 0.10
StoneCo STNE73.22 -0.06
Stryker SYK233.40 0.59
SumitomoMitsSMFG 5.77 -0.26
SunComms SUI 139.00 0.39
SunLifeFinancialSLF 44.49 -1.16
SuncorEnergySU 16.09 -1.16
SunRun RUN 64.08 -2.67
Suzano SUZ10.43 0.12
SynchronyFinSYF 30.47 -0.62
SyneosHealthSYNH65.84 -0.82
Synnex SNX160.31 -2.51
Synopsys SNPS227.50 2.08
Sysco SYY 71.29 0.05TUV
TAL EducationTAL 70.06 -3.05
TC Energy TRP 43.93 -1.34
TE ConnectivityTEL113.97 -1.34
Telus TU 19.32 -0.10
TJX TJX 63.51 0.29
sT-MobileUS TMUS132.94 1.04
TRowePrice TROW143.41 -2.22
TaiwanSemi TSM97.02 -1.72
sTakeTwoSoftwareTTWO180.51 4.10
TakedaPharmTAK 17.83 -0.14
Tapestry TPR 28.32 -0.68
Target TGT179.53 -0.24
TataMotors TTM11.94 -0.44
TeckRscsB TECK15.80 -0.20
TeladocHealthTDOC198.77 2.32
TeledyneTechTDY377.94 -8.30
Teleflex TFX382.75 11.70
Ericsson ERIC12.24 -0.19Net
Stock Sym Close ChgNet
Stock Sym Close Chg TelefonicaTelekmIndonesiaTEFTLK 22.45 -1.874.40 -0.10
10xGenomicsTXG153.11 2.44
Tenaris TS 15.18 -0.66
TencentMusicTME 16.76 -0.24
Teradyne TER110.34 0.94
sTesla TSLA567.60 -18.16
TevaPharm TEVA 9.51 -0.31
TexasInstrumentsTXN161.25 2.26
Textron TXT 45.10 -1.77
ThermoFisherSciTMO464.98 11.58
ThomsonReutersTRI 79.33 -0.53
3M MMM172.73 -4.16
Tiffany TIF131.48 0.34
Toro TTC 90.71 -0.44
TorontoDomBkTD 53.73 -0.88
Total TOT 42.14 -3.00
ToyotaMotorTM134.46 -5.70
TractorSupplyTSCO140.81 1.44
sTradeDesk TTD901.07 27.97
Tradeweb TW 59.65 -0.08
TraneTech TT 146.24 2.74
TransDigm TDG579.19 -12.35Net
Stock Sym Close Chg
TransUnion TRU 91.09 -1.76
Travelers TRV129.65 -4.79
Trex TREX74.82 0.19
Trimble TRMB59.87 -0.58
Trip.com TCOM33.59 -0.62
TruistFinl TFC 46.42 -2.08
Twilio TWLO320.09 1.04
Twitter TWTR46.51 -0.08
TylerTech TYL427.60 1.49
TysonFoods TSN 65.20 0.64
UBS Group UBS 14.14 -0.41
UDR UDR38.47 -0.75
UGI UGI 35.48 -1.68
US Foods USFD31.48 -0.77
Uber UBER49.66 -1.06
Ubiquiti UI 248.11 1.54
UltaBeauty ULTA275.40 -5.89
UltragenyxPharmRARE118.54 -3.88
UnderArmour AUAA 16.57 -0.11
UnderArmour CUA 14.55 -0.16
Unilever UL 61.06 0.55
UnionPacificUNP204.08 -1.56
UnitedAirlinesUAL 45.05 -0.25Net
Stock Sym Close Chg
sUnitedMicro UMC 7.13 0.16
UPS B UPS171.07 2.18
UnitedRentalsURI 226.98 -5.93
US Bancorp USB43.21 -1.00
UnitedHealthUNH336.34 -1.60
sUnitySoftwareU 151.98 4.36
sUnivDisplay OLED229.04 4.73
UniversalHealthBUHS130.58 -1.53
VEREIT VER 7.09 -0.25
VF VFC 83.40 -2.32
VICI Prop VICI25.29 -0.39
VailResorts MTN275.84 -6.83
sVale VALE14.56 -0.17
ValeroEnergy VLO 53.77 -2.85
VarianMed VAR173.98 0.08
VeevaSystemsVEEV276.87 0.42
Ventas VTR 47.91 0.01
VeriSign VRSN200.72 0.20
VeriskAnalyticsVRSK198.31 0.08
Verizon VZ 60.41 -0.17
VertxPharm VRTX227.75 1.04
ViacomCBS AVIACA36.48 0.12
ViacomCBS BVIAC35.28 0.22Net
Stock Sym Close Chg
Viatris VTRS16.82 -0.23
Vipshop VIPS 25.54 -0.46
Visa V 210.35 -0.65
Vistra VST 18.68 -0.91
VMware VMW139.89 -2.19
Vodafone VOD 16.58 -0.27
VornadoRealtyVNO 38.91 -1.42
VoyaFinancialVOYA57.63 -1.70
VulcanMatlsVMC139.65 -2.68
WXYZ
WEC EnergyWEC94.95 -0.79
WEX WEX173.24 -8.28
W.P.Carey WPC 69.21 -0.68
WPP WPP 48.33 -1.44
Wabtec WAB73.30 -0.52
WalgreensBootsWBA38.01 -0.99
Walmart WMT152.79 1.19
WarnerMusicWMG29.73 1.38
WasteConnectionsWCN103.98 -0.40
WasteMgt WM119.13 -0.06
Waters WAT232.01 3.74Net
Stock Sym Close Chg
Watsco WSO227.36 4.27
Watsco B WSOB227.16 -3.23
Wayfair W 254.36 -6.32
Weibo WB 42.25 -0.86
WellsFargo WFC27.35 -1.11
Welltower WELL62.98 -1.56
WestPharmSvcsWST275.16 -2.80
WesternDigitalWDC44.88 -0.97
WesternUnionWU 22.56 0.04
WestlakeChemWLK75.15 -2.02
WestpacBankingWBK14.74 -0.36
WestRock WRK42.21 -1.85
WeyerhaeuserWY 29.04 0.33
WheatonPrecMetWPM39.14 0.13
Whirlpool WHR194.61 -6.35
Williams WMB20.98 -0.48
Williams-SonomaWSM109.47 -0.47
WillisTowersWLTW208.19 -1.36
Wipro WIT 5.15 0.05
Wix.com WIX255.43 -3.19
Woodward WWD111.83 -2.50
Workday WDAY224.79 0.93
WynnResortsWYNN100.50 -0.72Net
Stock Sym Close Chg
XP XP 41.01 -0.65
XPO LogisticsXPO106.68 0.86
XcelEnergy XEL 67.36 -0.26
sXilinx XLNX145.55 8.06
XPeng XPEV58.76 -5.52
Xylem XYL 95.97 -1.17
Yandex YNDX68.96 1.77
YatsenHoldingYSG 16.71 -0.87
YumBrands YUM105.80 -1.38
YumChina YUMC56.38 -2.02
ZTO ExpressZTO 28.24 -1.27
sZaiLab ZLAB110.78 2.64
ZebraTech ZBRA378.42 1.42
Zendesk ZEN133.50 -1.69
Zillow C Z 107.81 -0.24
Zillow A ZG 110.35 -0.25
ZimmerBiometZBH149.12 -0.90
Zoetis ZTS160.38 -1.09
ZoomVideo ZM 478.36 6.75
ZoomInfoTechZI 51.25 2.47
Zscaler ZS 155.75 6.01
Zynga ZNGA 8.25 0.02Net
Stock Sym Close Chg
Continued From Page B6
Biggest 1,000 Stocks|WSJ.com/stocks
NetYTD
Fund NAV Chg %Ret
American Century Inv
Ultra 74.28 -0.08 42.4
American Funds Cl A
AmcpA p 38.33 -0.23 16.2
AMutlA p 43.99 -0.40 2.7
BalA p 30.32 -0.13 8.2
BondA p 14.19 +0.02 10.3
CapIBA p 61.82 -0.51 0.3
CapWGrA 56.86 -0.49 10.2
EupacA p 65.09 -0.57 16.9
FdInvA p 66.56 -0.43 9.8
GwthA p 66.49 -0.37 30.0
HI TrA p 9.99 ... 4.5
ICAA p 43.16 -0.37 10.9
IncoA p 23.20 -0.14 2.3
IntBdA p 14.24 +0.01 7.1
N PerA p 59.18 -0.50 25.2
NEcoA p 57.74 -0.23 26.3
NwWrldA 82.66 -0.66 17.2
SmCpA p 74.04 -0.01 25.9
TxExA p 13.56 ... 3.9
NetYTD
Fund NAV Chg %Ret
WshA p 49.45 -0.44 4.3
Baird Funds
AggBdInst 11.89 +0.01 8.3
CorBdInst 12.24 +0.01 8.4
BlackRock Funds
HiYBlk 7.69 ... 3.9
HiYldBd Inst 7.69 ... 4.0
BlackRock Funds A
GlblAlloc p 21.66 -0.16 17.0
BlackRock Funds Inst
StratIncOpptyIns10.29 ... 5.8
Bridge Builder Trust
CoreBond 11.01 ... 8.1
CorePlusBond10.78 +0.01 8.6
Intl Eq 12.95 -0.22 8.0
LargeCapGrowth20.57 ... 29.9
LargeCapValue14.14 -0.19 4.8
Columbia Class I
DivIncom I 25.22 -0.18 4.9
Dimensional Fds
5GlbFxdInc10.89 ... 1.5NetYTD
Fund NAV Chg %Ret
EmgMktVa 27.03 -0.53 -3.8
EmMktCorEq22.59 -0.44 5.6
IntlCoreEq 13.82 -0.26 1.6
IntSmCo 19.18 -0.31 2.0
IntSmVa 18.11 -0.41 -6.1
LgCo 27.84 -0.13 13.9
TAUSCoreEq221.94 -0.20 10.2
US CoreEq128.42 -0.24 11.1
US CoreEq225.73 -0.25 10.0
US Small 35.74 -0.79 2.9
US SmCpVal32.23 -0.99 -5.6
USLgVa 36.36 -0.50 -4.1
Dodge & Cox
Balanced 103.22-1.22 4.9
Income 14.94 +0.02 8.8
Intl Stk 42.31 -0.78 -3.0
Stock 193.25-3.45 2.9
DoubleLine Funds
CoreFxdIncmI11.30 -0.02 NA
TotRetBdI 10.70 -0.03 3.6
Edgewood Growth InstitutiMonday, November 30, 2020Mutual Funds Fund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTD
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
e-Ex-distribution.f-Previous day’s quotation.g-Footnotes x and s apply.j-Footnotes e
and s apply.k-Recalculated by Lipper, using updated data.p-Distribution costs apply,
12b-1.r-Redemption charge may apply.s-Stock split or dividend.t-Footnotes p and r
apply.v-Footnotes x and e apply.x-Ex-dividend.z-Footnote x, e and s apply.NA-Not
available due to incomplete price, performance or cost data.NE-Not released by Lipper;
data under review.NN-Fund not tracked.NS-Fund didn’t exist at start of period.EdgewoodGrInst52.44 +0.18 36.1
Fidelity
500IdxInstPrem125.93-0.56 14.0
Contrafund K618.36 -0.02 26.9
ExtMktIdxInstPre78.64 -0.86 23.3
FidSerToMarket12.55 -0.07 15.6
IntlIdxInstPrem44.26 -0.75 3.0
MidCpInxInstPrem26.28 -0.17 11.9
SAIUSLgCpIndxFd19.45 -0.09 13.9
SeriesBondFd10.81 ... 7.6
SeriesOverseas11.97 -0.11 11.0
SmCpIdxInstPrem23.18 -0.44 10.5
TMktIdxInstPrem104.41-0.59 15.6
USBdIdxInstPrem12.48 ... 7.6
Fidelity Advisor I
NwInsghtI 39.30 -0.05 20.2
Fidelity Freedom
FF2020 17.32 -0.12 10.1
FF2025 15.45 -0.13 10.6
FF2030 19.25 -0.17 11.1
Freedom2020 K17.30 -0.13 10.1
Freedom2025 K15.43 -0.13 10.7
Freedom2030 K19.23 -0.18 11.2
Freedom2035 K16.37 -0.18 11.9
Freedom2040 K11.54 -0.14 12.5
Fidelity Invest
Balanc 27.56 -0.17 17.6
BluCh 158.35-0.44 53.3
Contra 17.50 -0.01 28.5
ContraK 17.54 -0.01 28.6
CpInc r 10.55 -0.02 7.0
DivIntl 45.84 -0.39 13.2
GroCo 34.47 +0.20 61.4
GrowCoK 34.56 +0.21 61.6InvGrBd 11.87 ... 9.2
LowP r 48.14 -0.75 3.3
Magin 12.67 +0.03 24.2
OTC 16.70 -0.04 39.2
Puritn 25.91 -0.05 17.5
SrsEmrgMkt23.74 -0.56 15.1
SrsGlobal 13.81 -0.26 4.9
SrsGroCoRetail28.99 +0.17 63.3
SrsIntlGrw 19.76 -0.23 12.8
SrsIntlVal 9.82 -0.21 -0.8
TotalBond 11.28 ... 8.6
Fidelity SAI
TotalBd 10.72 +0.01 8.3
Fidelity Selects
Softwr r 26.44 -0.02 37.5
Tech r 29.28 -0.09 53.2
First Eagle Funds
GlbA 60.33 -0.75 4.1
Franklin A1
CA TF A1 p 7.79 +0.01 4.6
IncomeA1 p 2.25 -0.02 0.9
FrankTemp/Frank Adv
IncomeAdv 2.23 -0.02 1.0
FrankTemp/Franklin A
Growth A p140.42+0.01 25.1
RisDv A p 78.28 -0.20 13.3
Guggenheim Funds Tru
TotRtnBdFdClInst30.27 +0.05 14.3
Harbor Funds
CapApInst111.62-0.04 47.4
Harding Loevner
IntlEq 26.79 -0.39 NA
Invesco Funds Y
DevMktY 50.17 -0.98 10.0JPMorgan I Class
CoreBond 12.47 +0.01 7.8
EqInc 19.24 -0.21 0.8
JPMorgan R Class
CoreBond 12.49 +0.01 8.0
Lord Abbett A
ShtDurIncmA p4.20 ... 2.5
Lord Abbett F
ShtDurIncm 4.19 ... 2.3
Lord Abbett I
ShtDurInc p 4.19 ... 2.4
Metropolitan West
TotRetBd 11.70 +0.01 NA
TotRetBdI 11.70 +0.01 NA
TRBdPlan 11.00 +0.01 NA
MFS Funds Class I
Growth I 161.75+0.24 27.2
ValueI 44.45 -0.40 1.0
MFS Funds Instl
IntlEq 29.44 -0.50 5.7
Old Westbury Fds
LrgCpStr NA ... NA
Parnassus Fds
ParnEqFd 52.04 -0.12 17.4
PGIM Funds Cl Z
TotalReturnBond NA ... NA
PIMCO Fds Instl
AllAsset 12.07 -0.11 4.0
HiYld 8.98 ... 3.8
InvGrdCrBd11.28 +0.01 6.7
ShortT 9.86 ... 2.5
TotRt 10.97 ... 8.6
PIMCO Funds A
IncomeFd 11.97 ... NAPIMCO Funds I2
Income 11.97 ... NA
PIMCO Funds Instl
IncomeFd 11.97 ... NA
Price Funds
BlChip 163.49-0.64 31.5
DivGro 58.27 -0.18 10.3
EqInc 30.54 -0.43 -2.9
EqIndex 96.39 -0.43 13.8
Growth 96.52 -0.27 31.6
HelSci 101.23+0.70 24.3
LgCapGow I58.90 -0.25 33.7
MidCap 113.12+0.06 18.7
NHoriz 89.41 +0.23 50.6
R2020 24.27 -0.14 9.9
R2025 19.72 -0.14 10.9
R2030 28.93 -0.23 11.7
R2035 21.40 -0.19 12.5
R2040 30.63 -0.29 13.2
PRIMECAP Odyssey Fds
AggGrowth r55.08 -0.23 22.7
Putnam Funds Class Y
StDurInc 10.10 ... 1.5
Schwab Funds
1000 Inv r 82.44 -0.40 15.9
S&P Sel 56.31 -0.25 14.0
TSM Sel r 64.66 -0.37 15.5
TIAA/CREF Funds
BdIdxInst 11.69 ... 7.4
EqIdxInst 26.99 -0.15 15.6
VANGUARD ADMIRAL
500Adml 335.09-1.49 14.0
BalAdml 43.70 -0.15 13.3
CAITAdml 12.35 ... 4.3CapOpAdml r185.26-1.81 17.4
DivAppIdxAdm37.55 -0.10 12.6
EMAdmr 39.58 -0.84 8.8
EqIncAdml 77.56 -0.85 -0.1
ExplrAdml118.06-0.91 NA
ExtndAdml116.92-1.28 23.3
GNMAAdml10.71 ... 3.4
GrwthAdml125.40+0.15 34.5
HlthCareAdml r93.85 -0.10 NA
HYCorAdml r5.93 ... 4.1
InfProAd 28.31 +0.04 9.7
IntlGrAdml154.19-1.84 50.0
ITBondAdml12.66 ... 9.4
ITIGradeAdml10.70 +0.01 9.7
LTGradeAdml12.21 +0.02 15.6
MidCpAdml247.37-0.99 13.6
MuHYAdml11.87 ... 4.2
MuIntAdml14.80 ... 4.6
MuLTAdml 12.21 ... 5.4
MuLtdAdml11.24 ... 3.1
MuShtAdml15.94 ... 1.8
PrmcpAdml r160.75-1.64 11.5
RealEstatAdml119.01-1.28 -7.2
SmCapAdml87.20 -1.31 10.9
SmGthAdml86.98 -0.49 24.9
STBondAdml10.87 +0.01 4.6
STIGradeAdml11.01 +0.01 4.9
TotBdAdml11.64 ... 7.5
TotIntBdIdxAdm23.36 -0.05 4.1
TotIntlAdmIdx r30.97 -0.58 5.1
TotStAdml 91.06 -0.52 15.8
TxMCapAdml190.19-0.89 16.1
TxMIn r 14.52 -0.26 4.2
USGroAdml168.48+0.03 51.2ValAdml 45.10 -0.50 -1.3
WdsrllAdml70.08 -0.80 NA
WellsIAdml69.42 -0.27 7.3
WelltnAdml79.62 -0.38 8.3
WndsrAdml73.43 -1.30 NA
VANGUARD FDS
DivdGro 33.12 -0.17 NA
INSTTRF202026.34 -0.15 9.2
INSTTRF202527.21 -0.18 10.0
INSTTRF203027.72 -0.21 10.4
INSTTRF203528.21 -0.24 10.6
INSTTRF204028.70 -0.26 10.9
INSTTRF204529.11 -0.28 11.2
INSTTRF205029.18 -0.29 11.3
INSTTRF205529.30 -0.29 11.3
IntlVal 38.10 -0.90 1.5
LifeCon 22.66 -0.10 9.2
LifeGro 39.79 -0.36 11.0
LifeMod 31.54 -0.21 10.2
STAR 31.83 -0.22 NA
TgtRe2015 16.43 -0.06 8.2
TgtRe2020 35.52 -0.20 9.2
TgtRe2025 21.82 -0.14 10.0
TgtRe2030 40.22 -0.30 10.3
TgtRe2035 24.91 -0.21 10.6
TgtRe2040 43.39 -0.40 10.9
TgtRe2045 27.49 -0.27 11.3
TgtRe2050 44.28 -0.45 11.3
TgtRet205548.07 -0.48 11.3
TgtRetInc 15.03 -0.05 8.2
TotIntBdIxInv11.68 -0.03 4.1
USGro 64.99 +0.01 51.1
WellsI 28.66 -0.11 7.2
Welltn 46.10 -0.23 8.2WndsrII 39.49 -0.45 NA
VANGUARD INDEX FDS
IdxIntl 18.51 -0.35 5.1
SmValAdml57.61 -1.33 -0.8
TotBd2 11.56 ... 7.1
TotIntlInstIdx r123.86-2.33 5.2
TotItlInstPlId r123.88-2.33 5.2
TotSt 91.02 -0.52 15.7
VANGUARD INSTL FDS
BalInst 43.71 -0.15 13.3
DevMktsIndInst14.54 -0.26 4.2
DevMktsInxInst22.73 -0.41 4.3
ExtndInst 116.91-1.28 23.3
GrwthInst 125.41+0.16 34.5
InPrSeIn 11.53 +0.01 9.8
InstIdx 323.88-1.44 NA
InstPlus 323.89-1.45 NA
InstTStPlus77.91 -0.45 NA
MidCpInst 54.65 -0.22 13.6
MidCpIstPl269.50-1.09 13.6
SmCapInst 87.20 -1.31 10.9
STIGradeInst11.01 +0.01 4.9
STIPSIxins 25.56 +0.01 4.1
TotBdInst 11.64 ... 7.6
TotBdInst211.56 ... 7.2
TotBdInstPl11.64 ... 7.6
TotIntBdIdxInst35.05 -0.08 4.1
TotStInst 91.08 -0.51 15.8
ValueInst 45.10 -0.50 -1.3
WCM Focus Funds
WCMFocIntlGrwIns23.79 -0.05 25.8
Western Asset
CoreBondI NA ... NA
CorePlusBdI12.66 +0.01 NA
CorePlusBdIS12.66 +0.02 NAData provided byBANKING & FINANCE
WASHINGTON—U.S. regula-
tors pressed banks to stop us-
ing the London interbank of-
fered rate on new transactions
by the end of 2021 while back-
ing a plan to allow many exist-
ing transactions to mature be-
fore Libor fully winds down in
June 2023.
Monday’s moves amount to
the strongest and clearest guid-
ance yet from regulators about
the risks to banks for writing
new contracts based on Libor,
an interest-rate benchmark that
global policy makers moved to
scrap after concluding it was
balky and prone to manipula-
tion. Entering into new con-
tracts using Libor after 2021
would “create safety and
soundness risks,” U.S. regula-
tors warned in a joint state-
ment, pledging to “examine
bank practices accordingly.”
At the same time, U.S. offi-
cials said they welcomed a plan
to offer an additional 18 months
for so-called legacy contracts—
the roughly $200 trillion of ex-
isting interest-rate derivatives
and business loans tied to the
rate—to mature before Libor
fully winds down in June 2023.
Previously, U.K. and U.S. policy
makers have said Libor couldn’t
be guaranteed after 2021.
“These announcements rep-
resent critical steps in the ef-
fort to facilitate an orderly
wind-down” of dollar-based
Libor transactions, John Wil-
liams, president of the Federal
Reserve Bank of New York,
said in a statement. “They
propose a clear picture of the
future, to help support transi-
tion planning over the next
year and beyond.”
Regulators estimate that
most of the legacy contracts
will mature before June 2023.
For the rest, legislation will be
needed to switch benchmarks
for contracts that lack a clear-
cut fallback once Libor ceases
to exist, senior Fed officials told
reporters on Monday. “Today’s
plan ensures that the transition
away from Libor will be orderly
and fair for everyone—market
participants, businesses, and
consumers,” Fed Vice Chair for
Supervision Randal Quarles
said in a statement.
The Bank Policy Institute, an
industry group, said that “the
decision to extend Libor for leg-
acy contracts until 2023 is a
prudent step that will help fa-
cilitate an orderly transition.”
Deeply rooted in markets, Li-
bor was exposed by a 2012
scandal that led to convictions
for some traders and penalties
for numerous banks.
If the transition doesn’t go
as planned, consumers could
end up on the hook for in-
creased payments on credit-
card loans and other borrow-
ings, while small businesses
could face higher fixed rates
for loans.BYANDREWACKERMANBanks
Pressed
On Ending
Libor Use
metal and one of the rarest ele-
ments on Earth. Prices have
jumped in 2020 to $16,100 a
troy ounce, surpassing their
previous record from 2008.
Rhodium has left gold, which
has gained 17%, and palladium,
up 26%, in its wake.
“Demand far outweighs the
supply,” said Joseph Stefans,
head of trading at MKS (Swit-
zerland) SA, a precious-metals
trader. “We have seen a huge
amount of demand from Asia.”
Unlike gold, oil, or wheat,
there is no futures market for
rhodium. Mining companies,
catalyst manufacturers and
auto makers hedge against
price moves by striking private
deals with banks such as Stan-
dard Chartered PLC. Moneymanagers speculate by buying
metal or investing in the
Xtrackers Physical Rhodium ex-
change-traded contract, up
142% in 2020.
The market is tiny, so small
shifts in supply and demand
can spark big swings in price.
The amount of rhodium stored
around the world is something
of a mystery, but stockpiles are
thought to be significantly
smaller than those for palla-
dium and platinum.
Just under 760,000 troy
ounces, or 23.5 metric tons, of
rhodium were mined in 2019,
according to British chemicals
firm Johnson Matthey PLC. Al-
most all of it was from South
Africa. That much metal would
cost around $12 billion at to-day’s prices. In contrast, 3,300
tons of gold were mined last
year, according to the U.S. Geo-
logical Survey, valued at $190
billion at current prices.
Rising prices have kept some
old mines going but haven’t
spurred mining companies to
dig more rhodium out of the
ground because the metal is
mined alongside larger batches
of platinum, whose price has
steadily fallen. Though plati-
num has shown signs of life re-
cently, prices are roughly flat
for 2020 and have fallen more
than 40% over the past decade
to $962.70 a troy ounce.
Unresponsive supplies have
combined with surging demand
to create a rhodium shortage.
Auto makers looking to complywith stricter emission stan-
dards are applying more expan-
sive coatings of precious metals
inside catalytic converters. A
trend toward SUVs and other
vehicles with bigger engines
has also lifted demand, said Da-
vid Jollie, head of sales at An-
glo American Platinum Ltd.,
which mines rhodium.
At high temperatures, rho-
dium, palladium and platinum
catalyze reactions that turn
carbon monoxide, hydrocar-
bons and nitrous oxides into
carbon dioxide, steam and ni-
trogen—all harmless to
breathe. Hard, reflective rho-
dium is particularly good at re-
moving nitrous oxides, a focus
for regulators in the European
Union.Rhodium prices are soaring
to records, making the precious
metal that helps to strip pollut-
ants out of car fumes one of
the best-performing commodi-
ties in 2020.
A drive to
improve air
quality has boosted purchases
of unreactive metals used in
catalytic converters, driving up
prices for rhodium and its more
abundant sister, palladium.
Adding to demand is the revival
in car sales since the nadir of
the downturn caused by the
coronavirus pandemic.
The result is a steep rise in
the price of rhodium, already
the most expensive precious
BYJOEWALLACE
Rhodium Rallies on Emissions Clampdown
Production,inmillion
troyounces*
1.000.52019 ’20Arhodiumshortagecausedpricestomorethandoublein2020.
Spotpricesforpreciousmetals
Sources: Anglo American Platinum (production); FactSet (prices)
*Total quarterly output by Anglo American Platinum of platinum-group metals in concentrate.
Comprises platinum, palladium, rhodium, iridium, ruthenium and gold.
$15,00005,00010,000a troy ounce2017 ’18 ’19 ’20RhodiumPalladium
Gold
PlatinumCompanies and governments
have issued a record $9.7 tril-
lion of bonds and other debt
this year, as extraordinary sup-
port from the Federal Reserve
and other central banks has
fueled a borrowing bonanza.
The total covers the year to
Nov. 26 and includes nearly
$5.1 trillion of corporate bonds,
as well as some kinds of loans,
including riskier leveraged
loans, according to Refinitiv.
Both figures already exceed
those for any prior full year.
Global debt has risen $15
trillion to $272 trillion in the
first nine months of this year,
according to the Institute of In-
ternational Finance, and is set
to hit $277 trillion by year-
end—a record 365% of world
gross domestic product. The IIF
is an industry group represent-
ing hundreds of financial insti-
tutions. Its figures are broader,
and include household debt.
The huge sums reflect how
the Fed and its peers, by slash-
ing interest rates and buying
trillions of dollars of fixed-in-
come securities, have helped
borrowers ride out tough times
caused by the global pandemic.
As markets have recovered
from panic-stricken levels in
March, the extra yields, or
spreads, that investors demand
to hold riskier securities com-
pared with safe government
debt have also compressed.
“With interest rates remain-
ing exceptionally low, and with
credit spreads having retraced a
lot, it makes sense for public
sector, financial institution and
corporate clients to look to lock
in funding at these very, very
low levels,” said Sean McNelis,
HSBC’s co-head of global debt
capital markets in Hong Kong.
“There has been no problem
in absorbing the massive debt
issuance seen in 2020 due to
the combination of central-bank
asset purchases and the sharp
rise in private savings,” saidGene Frieda, London-based
global strategist at Pacific In-
vestment Management Co.
U.S. corporate-bond mar-
kets make up a large chunk of
overall issuance, and have
seen some of the greatest in-
creases in borrowing, after the
Fed said it would cut interest
rates to zero and buy corpo-
rate bonds for the first time.
American companies with
investment-grade credit ratings
have issued more than $1.4 tril-
lion of debt this year, up 54%
over the period in 2019, Refini-
tiv data show. Issuers span
companies, such as Apple Inc.,
which have been relatively un-scathed by the coronavirus
pandemic and others, such as
aerospace giant Boeing Co.,
which have been more seri-
ously affected. Boeing sold $25
billion of bonds in the year’s
biggest corporate deal.
Among riskier borrowers,
U.S. junk-bond issuance has
soared 70% to $337 billion, Re-
finitiv data show. American
deals make up the majority of
sub-investment-grade debt
globally. Companies in indus-
tries hit hard by the economic
effects of Covid-19, from Macy’s
Inc. to cruise operators such as
Carnival Corp. and Royal Carib-
bean International, have been
able to tap the market.
“It may be counterintuitive
that investors will buy bonds
from cruise liners, but they’re
thinking ahead and expect eco-
nomic growth to return, and
they’re also thinking about the
better returns they’ll be getting
in the meantime,” said Todd
Schubert, head of fixed-income
research at Bank of Singapore.
“Low rates incentivize people to
go to riskier assets.”
Easy access to funding has
helped stave off much financial
distress, by enabling borrowers
to raise new debt at cheaper
rates and to refinance debts
they would otherwise struggle
to pay back. In the longer term,
however, high debts could in-crease financial fragility.
The IIF says it isn’t clear
how global debt levels can be
brought back down without
significantly hurting economic
activity. Sonja Gibbs, the IIF’s
Washington-based head of
sustainable finance, said it
was concerning that credit
ratings and bond spreads
weren’t fully pricing in poten-
tial risks, with spreads on very
risky triple-C-rated U.S. bonds
nearing levels seen last year
before the pandemic.
Others are more optimistic.
Ben Laidler, chief executive of-
ficer of Tower Hudson Re-
search in London, estimated at
least half of the debt raised
this year by companies glob-
ally was precautionary, and
most of that was still sitting
on corporate balance sheets.
Emerging markets could
prove especially vulnerable. In
general, these countries and
their businesses have borrowed
less liberally than the rich
world, although there have
been some eye-catching deals.
Still, emerging countries are
more reliant on foreign-cur-
rency borrowing, have fewer
sources of funding than devel-
oped countries, and often lack
independent central banks, said
Ayhan Kose of the World Bank’s
Prospects Group, which ana-
lyzes the global economy.BYFRANCESYOON
Lower Rates Fuel Borrowing Frenzy
Spreads†onICEBofA
creditindexes*As of third quarter each year †Option-adjusted spreads
Sources: Institute of International Finance (ratio); ICE Data Services (spreads)Annualglobaldebt-to-GDPratios*300050100150200250%2000 ’10 ’20HouseholdsNonfinancial
companiesGeneral
governmentFinancial
borrowers^120246810percentage points2019 ’20Global
highyieldU.S.corporatebondsRhodium is the most expensive precious metal and one of the rarest elements on Earth.ILYA NAYMUSHIN/REUTERSCOMMODITIES