Sanctions on Russia’s debt entangle default insurance coverage payouts

By Davide Barbuscia and Karin Strohecker



Illustration shows Russian Rouble and U.S. Dollar banknotes


© Reuters/DADO RUVIC
Illustration reveals Russian Rouble and U.S. Greenback banknotes

NEW YORK (Reuters) – Traders hit by Russia’s debt default might should settle a few of their positions privately if the U.S. Treasury doesn’t green-light an public sale that will permit billions of {dollars} of insurance coverage to be paid out.

Russia final month defaulted on its worldwide bonds for the primary time in many years beneath the stress of Western sanctions. Whereas traders have already written down a big a part of their debt holdings, an impressive query is how they’ll recoup

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Evergrande dodges default once more; property sector debt considerations linger

The corporate brand is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Track

  • Bondholders obtain overdue coupon funds – supply
  • Chinese language property shares, bonds stage aid rally
  • Broader liquidity considerations stay, extra money owed coming due

SINGAPORE/HONG KONG, Nov 11 (Reuters) – Money-strapped developer China Evergrande Group as soon as once more averted a destabilising default on the final minute, with a supply on Thursday saying a number of bondholders had obtained overdue coupon funds.

Evergrande (3333.HK), the world’s most indebted developer, has been stumbling from deadline to deadline in

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Evergrande and different Chinese language property giants have sizeable off-balance sheet debt – JPMorgan

The China Evergrande Centre constructing signal is seen in Hong Kong, China, September 23, 2021. REUTERS/Tyrone Siu//File Photograph

LONDON, Oct 7 (Reuters) – Funding financial institution JPMorgan has estimated that troubled Chinese language property big Evergrande and plenty of of its main rivals have billions of {dollars} value of off-balance sheet debt that, as soon as added on, ramp up their leverage ratios.

JPMorgan’s China and Hong Kong property analysts mentioned the tactic is more likely to have been used to assist companies appear like they had been conforming with new borrowing cap guidelines launched final 12 months, however Evergrande’s

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Dimon, enterprise leaders warn debt ceiling brinkmanship dangers ‘disaster’

By Steve Holland and Trevor Hunnicutt



U.S. President Joe Biden holds a meeting with business leaders in Washington


© Reuters/KEVIN LAMARQUE
U.S. President Joe Biden holds a gathering with enterprise leaders in Washington

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen, JPMorgan Chase &Co Chief Government Jamie Dimon and Nasdaq CEO Adena Friedman warned on Wednesday of economic and financial disaster if Congress fails to boost the debt ceiling.

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The three and different enterprise leaders met U.S. President Joe Biden on the White Home to strain Republicans in Congress to vote for a debt ceiling enhance, saying their opposition will take America “proper to the brink.” Yellen has warned the Treasury

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The Week in Enterprise: A Debt Deadline Looms

The Federal Reserve indicated on Wednesday that it’d quickly ease measures it put in place to help the financial system because the depths of the pandemic downturn. Jerome H. Powell, the Fed chair, stated the central financial institution’s month-to-month purchases of $120 billion in government-backed bonds “nonetheless have a use, however it’s time for us to start to taper them,” and indicated that it’d sluggish this system as early as November. In the meantime, half the Fed’s policymakers stated they anticipated to boost rates of interest subsequent yr.

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Subprime auto lender Honor Finance arrange ‘home of playing cards’ debt deal that was ‘doomed to fail,’ SEC claims

A Chicago-area automobile lender offered a $100 million subprime auto bond deal 5 years in the past that the U.S. Securities and Change Fee now claims was “secretly stuffed” with “dangerous loans,” disguised to look higher than they really had been, in accordance a grievance filed by the regulator on Thursday.

The SEC described the 2016 Honor Finance bond deal, or the “HATS” securitization, as “a home of playing cards which was doomed to fail, and it predictably collapsed when their scheme unraveled,” in its grievance.

Roughly a 12 months after the sale, points began to come back to mild,

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