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April 15, 2021

Credit Markets

Qatar National Bank’s Q1 net profit falls 7% as provisions climb

Reuters
DUBAI, April 11 (Reuters) – Qatar National Bank (QNB) , the biggest lender in the Gulf, said on Sunday its first quarter net profit fell by 7% from a year earlier to 3.3 billion riyals ($906 million) as it booked 1.4 billion riyals in “precautionary” loan loss provisions. The bank’s......

EDF chief executive says restructuring talks “not at all bogged down”

Reuters
PARIS, April 10 (Reuters) – Negotiations over the restructuring of French state-run utility EDF are not stuck and near daily discussions between Paris and the European Commission continue, chief executive Jean-Bernard Levy said on Saturday. “(The negotiations) are not at all bogged down,” Levy told France Inter radio. The restructuring......

Shares and bond yields rebound; dollar shows strength

Reuters
LONDON (Reuters) – World shares and the dollar zig-zagged higher on Friday, as hopes for economic recovery and the week’s easing of global bond market yields helped lift the mood. FILE PHOTO: A trading screen is seen following the opening of the markets by British Chancellor of the Exchequer Philip......

Exclusive: Credit Suisse considers Greensill investor payout – sources

Reuters
By Oliver Hirt, John O’Donnell ZURICH (Reuters) – Credit Suisse is considering compensating investors hit by the collapse of funds linked to insolvent finance firm Greensill, four people familiar with the matter said, as the bank attempts a damage-limitation exercise. Switzerland’s second-largest bank this month closed around $10 billion of......

Slow Gulf economic recovery to have long-lasting impact on banks – S&P

Reuters
FILE PHOTO: A man walks at the Dubai International Financial Centre, almost empty of people, following the outbreak of coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 18, 2020. REUTERS/Satish Kumar DUBAI (Reuters) – Economic recovery from the coronavirus crisis in the oil-rich Gulf region will be slow, weighing......

Apollo ends talks with Greensill Capital’s administrators – sources

Reuters
FILE PHOTO: Logo of Greensill Bank is pictured in downtown Bremen, Germany, March 10, 2021. REUTERS/Fabian Bimmer LONDON (Reuters) – U.S. private equity company Apollo Global Management has ended talks with the administrators of British financing company Greensill after a JPMorgan investment in Greensill’s technology partner, two sources familiar with......

GFG’s Gupta says seeking standstill with Greensill administrators

Reuters
FILE PHOTO: Logo of Greensill Bank is pictured in downtown Bremen, Germany, March 10, 2021. REUTERS/Fabian Bimmer LONDON (Reuters) – The GFG Alliance is holding talks with administrators of Greensill Capital, which filed for insolvency this week, on a standstill agreement, GFG’s head Sanjeev Gupta said on Friday. “We are......

American Airlines upsizes, prices $10 billion bond and loan offering

Reuters
FILE PHOTO: American Airlines passenger planes crowd a runway where they are parked due to flight reductions to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020. REUTERS/Nick Oxford (Reuters) – American Airlines Group Inc upsized and priced a $10 billion......

Just Energy files to restructure in Canada after Texas freeze hit

Reuters
March 9 (Reuters) – Gas and electric utility Just Energy Group Inc said on Tuesday it was restructuring under the Companies’ Creditors Arrangement Act in Canada and plans to file for Chapter 15 bankruptcy in the United States due to a hit from the unprecedented cold weather in Texas in......

Italy’s Cerved confirms sale talks of its debt collection arm

Reuters
March 7 (Reuters) – Italian credit group Cerved Group SPA confirmed sale talks of its debt collection arm in a statement on Sunday. The confirmation comes a day after Reuters reported about the company’s advanced discussions with U.S. investment firm Centerbridge for a deal. “Cerved Group S.p.A. confirms that negotiations......

Chinese fintech platforms should meet capital requirements in two years

Reuters
FILE PHOTO: China’s top banking regulator Guo Shuqing speaks to reporters on the sidelines of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China, March 5, 2019. REUTERS/Thomas Peter BEIJING (Reuters) – China’s financial technology companies have a maximum of two years to meet......

UK consumer credit slumped as new lockdown hit in January: BoE

Reuters
FILE PHOTO: A general view shows The Bank of England in the City of London financial district in London, Britain, November 5, 2020. REUTERS/John Sibley//File Photo LONDON (Reuters) – British consumer borrowing fell at its fastest pace in January since May last year as the country went back into a......

Global equities rise as U.S. bond yield fears ease

Reuters
NEW YORK (Reuters) – A gauge of global equity markets rose on Wednesday after Federal Reserve Chair Jerome Powell said interest rates will remain low, calming market jitters sparked by a jump in U.S. Treasury yields on fears a robust recovery would drive inflation higher. FILE PHOTO: The German share......

Canadian banks set for earnings decline but investors optimistic about recovery

Reuters
TORONTO (Reuters) – Canadian banks are set to post their fourth straight year-on-year quarterly profit drop when they report results next week, the longest decline streak since the financial crisis, on margin compression and declining commercial lending, but flattening loan loss provisions signal a turning point, investors said. Banks’ profit......

COVID response drives $24 trillion surge in global debt: IIF

Reuters
LONDON (Reuters) – The COVID pandemic has added $24 trillion to the global debt mountain over the last year a new study has shown, leaving it at a record $281 trillion and the worldwide debt-to-GDP ratio at over 355%. FILE PHOTO: Buildings are seen in the Canary Wharf business district,......

Glencore reinstates dividend as 2020 net debt drops

Reuters
JOHANNESBURG, Feb 16 (Reuters) – Glencore on Tuesday reinstated its dividend after net debt fell by 10% in its full-year 2020, helped by surging commodity prices in the second half The commodities trader and miner which scrapped its dividend in August last year after a first-half loss amid the COVID-19......

S&P joins Fitch in downgrade of Ethiopia on potential debt restructuring

Reuters
The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., on December 13, 2018. REUTERS/Brendan McDermid/File Photo (Reuters) – S&P Global Ratings on Friday downgraded Ethiopia’s long-term foreign and local currency sovereign credit ratings to ‘B-’ from ‘B’ on potential debt restructuring,......

Chesapeake Energy emerges from bankruptcy and shifts back to natural gas

Reuters
HOUSTON (Reuters) – U.S. shale producer Chesapeake Energy Corp on Tuesday exited Chapter 11 bankruptcy with business plan that nods to its founders’ emphasis on natural gas after a recent push into crude oil. FILE PHOTO: Chesapeake Energy Corporation’s 50 acre campus is seen in Oklahoma City, Oklahoma, on April......

Portugal’s Millennium bcp wants longer loan repayments freeze for tourism sector

Reuters
LISBON, Feb 9 (Reuters) – Portugal’s largest listed bank Millennium bcp wants the government to extend the loan repayments freeze for pandemic-hit tourism companies beyond September if the health crisis has not been overcome by then, Chief Executive Officer Miguel Maya said. He told a webinar on saving Portugal’s vital......

UPDATE 1-Spain to strengthen support for company solvency soon

Reuters
(Adds quotes from Economy Minister) MADRID, Feb 9 (Reuters) – The Spanish government expects to prepare additional measures to support companies’ solvency soon, Economy Minister Nadia Calvino said on Tuesday. “We can go one step further to support solvent companies, which are in trouble because of the pandemic,” she said......

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