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...Nearest subway stop is Houston Street Station on the 1 line, but West 4th St (A, C, E, B, D and F lines) is just a short walk away. How much? $20 per person....
...That’s why more progress needs to be made in various multilateral forums dealing with these issues, including through the G20’s Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative...
...Ramki Muthukrishnan and Ruth Yang, who cover leveraged finance for S&P, agree this is best understood as the gradual restoration of competition, rather than banks surging into the lead....
...The writer is chief economist at German bank LBBW and former chief ratings officer at S&P A debt crisis is ravaging what has been dubbed the “global south”....
...One perspective is that the UK just got lucky: 2012–2013’s mortgage market wouldn’t have weathered the post-pandemic rate cycle anywhere near as smoothly as 2022–23’s mortgage market did....
...If anything, Kraemer argues, the credit rating agencies have been rating too generously, evidenced by figures showing the default ratio for B-rated African countries has historically been much higher than...
...issuing corporate bonds and borrowing from banks”....
...Chart of the day The S&P 500 rose 3.1 per cent in July after closing up 0.2 per cent yesterday at 4,588.96....
...S&P puts the group’s risk-adjusted capital ratio at about 12 per cent, less than most banks core capital....
...Also, S&P Global November PMI data for manufacturing and services UK: GfK Consumer Confidence Survey US: S&P Global November PMI data for manufacturing and services....
...Baker Tilly secured a $1bn investment led by H&F in February. Buyers are spotting an opportunity that has played out inside their own industry....
...As you can see at right, bank credit is still restricted, but spreads don’t care....
...One more thing: We are launching a new central banks newsletter for premium subscribers....
...Rating agency S&P Global has forecast that, by June 2024, corporate default rates in the US will rise to 4.5 per cent, up from 1.7 per cent at the start of 2023....
...Looks like S&P Ratings doesn’t find “attestations” especially convincing, either....
...And the bank expects Japanese P/B ratios to hit an average of 1.8 by 2025, versus 1.4 at the moment and just 0.95 in late 2012....
...S&P says Cameroon also made some late payments on some “noncommercial, bilateral creditors” — we’re guessing some national or supranational development banks — but that it doesn’t classify this as a default...
...Weakest links pertain to companies rated “B minus” and lower with negative outlooks....
...Assured Guaranty provides a niche type of insurance that pays out to lenders if a borrower defaults on its loans....
.../ From J F Siebert, Shetland, UK...
...Brazil, which has a triple B minus credit rating from S&P, six rungs lower than Israel, issued a seven-year dollar paper this week in its first-ever foreign currency sustainable bond with a yield of 6.5...
...Slok: In some cases triple C, even single B credit looks more vulnerable, because those are the firms that are more vulnerable to higher interest rates....
...Across weaker companies and weaker properties, capital structures and valuations need updating, but not every B-grade office building is facing the bulldozer....
...That’s five or six rate cuts, assuming the bank goes 25 basis points at a time. Is the market too giddy?...
...(Bank of America also lent them money for the planes, but as you’d expect from a bank, it demanded interest payments and security over the jets.) Well, we have an update....
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