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...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...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....
...Israeli human rights group B’Tselem says 620,000 Jewish settlers are living in East Jerusalem and the West Bank, which have been occupied by Israel since the six-day war in 1967....
...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”....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...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....
.../ 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...
...Across weaker companies and weaker properties, capital structures and valuations need updating, but not every B-grade office building is facing the bulldozer....
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