Telix Raises $650 Million at 2.375% Interest
Biotech sensation Telix Pharmaceuticals has successfully raised $650 million through convertible debt, offering an interest rate of 2.375%. This move comes after the company decided not to list on the Nasdaq exchange. Telix, a pioneer in the radiopharmaceuticals field, utilizes isotopes to diagnose and treat cancers. The convertible bonds can be turned into shares if they reach a conversion price of $24.78, representing a 32.5% premium over the reference price of $18.70 and a notable premium to the last ASX price of $20.31. Proceeds from the notes will support Telix’s clinical development programs and provide funds for mergers and acquisitions.

Iron Ore Buckles Below $US100 a Tonne
Iron ore prices fell below $US100 a tonne on Tuesday, influenced by a disappointing policy meeting in China that failed to deliver significant stimulus. The material dropped by as much as 3.5% to $US99.85 in Singapore, marking the third consecutive day of losses. The Third Plenum, a bi-decade conclave of Communist Party officials, did not meet investor expectations, providing little to boost metals demand or address the property crisis. Additionally, increased supply from Brazil, the world’s second-largest iron ore exporter, contributed to the decline. The global seaborne market surplus and weak steel-product demand have caused iron ore to drop by more than a quarter this year, making it one of the worst-performing commodities.

New Government Bond Sale Gets $55.5 Billion in Orders
A new Australian government bond, maturing in December 2035, has garnered over $55.5 billion in orders, including $2.2 billion from joint lead managers. According to the terms sheet, the bond issue is expected to raise between $11 billion and $12 billion at a yield of 4.42%. The order books closed at 9 am, with Westpac serving as both the bookrunner and risk manager. This strong interest underscores the demand for government debt amidst a volatile economic environment. The substantial oversubscription highlights investor confidence in the Australian government’s creditworthiness and the appeal of fixed-income securities in the current market.