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...Warrington’s precarious finances drove the Department of Levelling Up, Housing and Communities to commission an external review in 2023, which it has not released to the public....
...This is roughly comparable to average default rates observed in companies that receive a B credit rating from S&P (3.4 per cent) and a B3 from Moody’s (4 per cent)....
...His most recent collection, 2021’s Mutiny, is similarly preoccupied with rebellion and riot, with borders and the reasons they’re maintained, with the legacy of colonialism and communities torn apart by...
...New York Community Bancorp, which we wrote about yesterday, has raised $1bn in equity and received an infusion of new leadership....
...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....
...And sector-wide, Barclays says regional-bank credit spreads are pretty tight relative to the SPDR S&P Regional Banking ETF....
...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)....
...The blue-chip S&P 500 was up 0.5 per cent in mid-afternoon trade, while the tech-heavy Nasdaq Composite was up 0.7 per cent....
...New York Community Bancorp, with $115bn or so in assets, is having serious problems, and the broad market (here represented by the S&P 1500) indifferent: Admittedly the regional bank index is underperforming...
...Still, though, the bank’s new credit rating, two notches below investment-grade, includes the likes of AT&T and Walgreens. It isn’t yet obvious this is a bank failure waiting to happen. Disagree?...
...In a curtain-raising speech, Georgieva foreshadowed that adjustments to the G20’s Common Framework for debt treatments would be a focus this week....
...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”....
...issuing corporate bonds and borrowing from banks”....
...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....
...In the past three weeks, Japan’s Aozora, Deutsche Bank and New York Community Bancorp have all flagged potentially large losses due to their exposure to the US office market....
...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...
...Looks like S&P Ratings doesn’t find “attestations” especially convincing, either....
...Some of the world’s biggest banks — Morgan Stanley, Wells Fargo and Bank of America — are all reportedly lining up to get involved in bitcoin, too....
...That’s what I’ve enjoyed most about Unhedged: the space to think things through alongside a community of generous, engaged and smart readers....
...The bond’s guaranteed principal payment is expected to be AAA-rated by S&P, according to the World Bank. The bond will be listed on the Luxembourg Stock Exchange....
...Goldman Sachs and UBS have upgraded their year-end forecasts for the S&P 500 this year, and this month Bank of America raised its year-end prediction to 5,400 — about 5 per cent above the index’s current...
...Adding to the market jitters ahead of the Fed announcement was a 35 per cent drop in the shares of New York Community Bank after it reported an unexpected loss in the fourth quarter and said it would cut...
...of Japan Governor Kazuo Ueda speaks at FIN/SUM event in Tokyo US Federal Reserve board vice-chair Michael Barr speaks at the National Interagency Community Reinvestment Conference in Portland, Oregon...
...And there were no sovereign defaults last year, the bank added. But this year’s elections could stress these benign conditions....
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