Author: Nisha Chawla

BONDS of Deutsche Pfandbriefbank (PBB) tumbled deeper into distressed territory on Thursday (Feb 15) after S&P Global Ratings downgraded the German lender citing its excessive publicity to the beleaguered US industrial property market. Shares fell as a lot as 12 per cent to a file low. The scores agency revised its ranking for the issuer to BBB-, one stage above junk. Analysts at S&P mentioned the financial institution’s non-performing loans ratio seemingly jumped to three.9 per cent of complete loans on the finish of 2023 as a result of its excessive publicity to industrial actual property, notably within the workplace…

THE cut-off yield on Singapore’s newest six-month Treasury payments (T-bills) rose to three.66 per cent, in keeping with public sale outcomes launched by the Monetary Authority of Singapore on Thursday (Feb 15). This was in comparison with the cut-off yield of three.54 per cent supplied within the earlier six-month public sale, which closed on Feb 1. Demand is down within the newest public sale for the T-bills. The payments obtained a complete of S$13.5 billion in functions for the S$6.6 billion on supply, representing a bid-to-cover ratio of two.05. In comparability, the earlier six-month tranche obtained S$14.6 billion in functions…

UBS Group has appointed Ben Sung as head of Corporate Book for South-east Asia, main its cost to spice up personal credit score enterprise within the area In his new position, Sung will handle the financial institution’s personal credit score and structured lending for the area, folks accustomed to the matter stated. He was previously UBS’ co-head of Debt Capital Markets in Asia. A UBS spokesperson confirmed the appointment. Sung’s intra-company transfer comes after a number of Singapore-based bankers left Credit Suisse’s APAC Financing Group, following UBS’ takeover. The departures on the financing unit – which targets ultra-high internet price…

GERMANY’S Commerzbank on Thursday (Feb 15) posted its largest revenue in 15 years in 2023, a 55 per cent enhance from the earlier 12 months, because it benefited from greater rates of interest, and the lender mentioned it was aiming for an additional revenue rise in 2024. But the financial institution warned that the sluggish financial system “will remain a challenge”. Full-year web revenue was 2.224 billion euros (S$3.21 billion), up from 1.435 billion euros a 12 months earlier and forward of expectations for two.191 billion euros. Commerzbank, considered one of Germany’s greatest identified banks and partially held by the…

THAILAND’S authorities is weighing a plan to boost about US$1 billion from the worldwide market by way of what could be the nation’s first foreign-currency sovereign bond sale in 20 years. The Finance Ministry goals to wrap up a cost-benefit evaluation and different steps for the providing for the federal government to take a call by May, based on Public Debt Management Office director-general Patchara Anuntasilpa. Such a deal is supposed to offer a benchmark for Thai corporations tapping the abroad markets for his or her funding, he stated. Authorities in South-east Asia’s second-largest economic system have most well-liked elevating…

FWD Group Holdings, the Asian insurer managed by billionaire Richard Li, is contemplating choices together with a possible stake sale after delaying a deliberate preliminary public providing (IPO), in line with sources acquainted with the matter. The firm might search a valuation of greater than US$10 billion in any deal, the sources mentioned, asking to not be recognized as a result of the data is non-public. Global insurers together with Toronto-based Sun Life Financial have approached FWD to specific curiosity in a tie-up, the sources mentioned. While talks with Sun Life hit a snag over value, different insurers eyeing an…

BITCOIN hovered round US$52,000 after a broad cryptocurrency rally that noticed Ether, the second-biggest token, advance again to the place it was earlier than the TerraUSD stablecoin collapsed virtually two years in the past. Bitcoin’s 22 per cent year-to-date acquire has helped to carry the market capitalisation of digital belongings above US$2 trillion for the primary time since April 2022, knowledge from CoinGecko present. Bitcoin and Ether had been up greater than 1 per cent at one level on Thursday (Feb 15) in Singapore, with the latter altering fingers at US$2,785 as at 9.37 am. Sector-specific components have been supporting…

The federal funds charge has elevated by 5.25 share factors since spring 2022, driving Treasury yields larger and 30-year mortgage charges to ranges final seen within the Nineties.The improve in rates of interest has contributed to housing turning into more and more unaffordable, thwarting many would-be homebuyers. Those hoping to purchase a house obtained a reprieve when 10-year Treasury notice yields utilized by banks to set mortgage charges dipped after peaking close to 8% in October. However, yields are climbing once more, leaving many questioning what might occur subsequent.Real Money Pro’s Bruce Kamich is one analyst who hasn’t been shocked by…

MORGAN Stanley is planning to get rid of a number of hundred jobs, the primary such transfer beneath chief govt officer Ted Pick. The cuts will have an effect on lower than 1 per cent of workers within the wealth-management enterprise, which has about 40,000 employees and is the agency’s largest unit, in accordance with a supply with data of the matter. A consultant for Morgan Stanley declined to remark. Pick took the helm in January from James Gorman, who eradicated greater than 3,000 jobs final yr amid a renewed deal with bills and a stoop in charges from a…

CANADA’S largest insurer Manulife Financial on Wednesday (Feb 14) beat analysts’ estimate for quarterly core earnings, pushed by robust efficiency at its Canadian and Asia items. Manulife’s outcomes mirror that of smaller peer Sun Life, which additionally beat earnings estimates on robust gross sales. Both corporations have seen their Asia companies growth as mainland Chinese guests have flocked to Hong Kong after pandemic restrictions had been lifted. Annual premium equal, a gross sales metric higher often known as APE, rose 10 per cent at Manulife, pushed by an 11 per cent rise in Asia and a 44 per cent leap…