Hints and tips:
...On Monday, the People’s Bank of China held its key medium-term lending rate at 2.5 per cent....
...(Nb: It’s really a sale with a promise to repurchase. That does matter for various reasons, but isn’t super relevant here.)...
...Update: You can see the breakdown of investors in private credit in this GS/Preqin chart (zoomable version): Returning to Rowan’s broader point, some of this lending is genuinely less risky (NB for the...
...The NBS said exports in June fell 8.3 per cent compared with a year earlier....
...(NB, the gap is unusually large, which means the Bloomberg data might be a bit shonky.)...
...At the same time, traditional bilateral lenders aren’t keen to subsidise Chinese lending that is sometimes perceived as . . . reckless....
...Tombs has taken a deep dive into the Mortgage Lending and Administration Return data released by the Bank of England and the Financial Conduct Authority....
...Bankman-Fried directed FTX to divert billions more in customer assets to Alameda to ensure that Alameda maintained its lending relationships, and that money could continue to flow in from lenders and other...
...(NB we’ve tweaked some of the formatting to be clearer on FTAV): Not only has the collapse of FTX and its sister company Alameda Research created a cascade of crypto entity collapses and suspension of withdrawals...
...NB: you’ll get this for 12 months even if you’re no longer in the role! Please submit your application post haste....
...The People’s Bank of China also cut an important lending rate for the first time since April 2020, adding to a series of easing measures over recent months that have coincided with a property slowdown and...
...(NB: for those companies receiving an equity investment for which FTX/Alameda listed a post-raise valuation, we’ve included the assumed stake....
...As recently as 2016, capital formation, including local government infrastructure investments, accounted for more than 40 per cent of China’s economic growth, according to NBS figures....
...That optimism is long gone as the NBS prepares to release its estimate for second-quarter economic growth on Monday, which is expected to come in at 6.2 per cent, according to a recent Reuters poll....
...The NBS manufacturing PMI examines larger, state-owned enterprises, compared to the Caixin survey, which focuses on smaller and private companies....
...Lending by the state banking sector hit a quarterly record of Rmb5.8tn....
...“We expect banks will curb mortgage lending in the coming months.” Mortgage lending is at its highest ever level, with outstanding loans rising 30 per cent year-on-year in the second quarter....
...But corporate lending also fell sharply on both a month-on-month and year-on-year basis....
...Princess Private Equity and NB Private Equity generate dividends of between 4.4 and 8 per cent....
...Sales increased 18.1 per cent year-on-year in June (we calculate monthly year-on-year growth rates from the YTD data published by the NBS)....
...The People’s Bank of China has been cutting its benchmark interest rates since 2012, making mortgage-lending cheaper....
...The People’s Bank of China cut its one-year lending rate to 4.25 per cent on October 23, the sixth such cut in less than a year and eighth since 2012....
...Moreover, lending data for September from the People’s Bank of China (PBoC) showed a sharp rise in net new medium- and long-term corporate loans – the portion of lending that tends to be channelled to long-term...
...Land financing had, consequently, been a key driver of bank lending in China, with land supply growth leading new bank lending by around six months....
...Outstanding margin lending also contracted sharply, hitting revenue from margin financing and securities lending operations....
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