by bondevalue | May 7, 2021 | Credit Ratings, Macroeconomic news
S&P was up 0.8% and Nasdaq was higher by 0.4% as both indices staged a late rally. US jobless claims for the prior week fell 92k to 498k, the first sub 500k print since the pandemic broke-out. Markets now await the non-farm payrolls (NFP) data today with...
by bondevalue | May 6, 2021 | Banks
SocGen reported group net profits of €814mn, a sharp increase over 1Q2020 losses of €326mn. The bank’s equities business had its best quarter since 2015, with revenues rebounding 44% QoQ and Fixed Income & Currency saw revenues jump 51% QoQ. Cost of risk stood at...
by bondevalue | May 6, 2021 | Credit Ratings, Macroeconomic news
S&P was up 0.7% while the tech-heavy Nasdaq was lower again by 0.4%. Macro data underscored the economic recovery as US ADP payroll additions for the prior month came in at 742k, a strong number, although lower than expectations of 800k. Also ISM Non-Manufacturing...
by bondevalue | May 6, 2021 | Banks
National Australia Bank (NAB) reported a 144% jump in 1H2021 net profits to A$3.2bn ($2.5bn). Cash earnings rose to A$3.34bn ($2.6bn), up 140% YoY. While net interest margins (NIMs) declines 40b to 1.74%, profits were helped by a credit impairment write-back of...
by bondevalue | May 6, 2021 | China, Credit Ratings, High Yield Bonds
China based real estate company Sichuan Languang Development has been downgraded to B2 from B1 by Moody’s due to a low liquidity buffer, especially as the company has large upcoming debt maturities in the next 12-18 months. The senior unsecured rating of the...
by bondevalue | May 5, 2021 | Credit Ratings, Macroeconomic news
US equities were in the red on Tuesday as the S&P was down 0.7% while the tech-heavy Nasdaq tumbled 1.9% as US Treasury Secy. Janet Yellen commented, “It may be that interest rates will have to rise somewhat to make sure our economy doesn’t overheat”. Yellen later...
