Remember how the mining lobby and their puppets in the LNP bellowed about the increase in sovereign risk that the imposition of the mining tax and carbon pricing would cause? How could you miss it? “Overseas investors will withdraw from Australia and put their money elsewhere” they all said. Well, like every other claim that these “chicken littles” have made, this one has been debunked as well. Debunked by one of their own no less. Fortescue Metals (ASX: FMG) has just finished a capital raising (bonds) from overseas investors that filled FMG’s coffers with $2 billion dollars (that’s equal to eleventy-eleven brazillion dollars in Barnaby Joyce speak). The first billion has a coupon (interest rate) of 6%, and the second billion is at 6.875%. Read
[Read more ...]Mar 152012