SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Dutch bank ABN Amro reported a net loss of €54mn ($66mn). The losses were mainly on account of accepting a settlement offer of €480mn ($580mn) from the Dutch Public Prosecution Service as the outcome of an anti-money laundering (AML) investigation. ABN said that excluding the AML fine, they reported a €426mn ($515mn) net profit. The ex-AML profits were helped by net release of impairments of €77mn (93mn) for the quarter vs. 1Q2020’s €1.1bn ($1.3bn) addition. On the other hand, net interest income fell 11% YoY while fee income rose 5%. Its cost of risk fell to -13bp as compared to 132bp in 1Q2020 and 35bp in the previous quarter. The bank’s CET1 dropped by 30bp vs. end-2020 to stand at a healthy 17.4%.

ABN Amro’s EUR 4.75% Perps were marginally higher at 109.1, yielding 3.15% and its USD 4.4% 2028s were at 105.7, yielding 1.3%.

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