by Amruth Sundarkumar | Aug 12, 2022 | Banks, Corporates, Global
Credit Suisse is moving to sue Softbank in the English High Court in a dispute over losses to the Swiss lender’s clients from the collapse of Greensill Capital. For context, Credit Suisse had initially invested its client’s money into Greensill who had already been...
by Amruth Sundarkumar | Aug 12, 2022 | Banks, Global
Ping An Insurance Group, which is HSBC’s largest shareholder, is of the view that the bank’s management has not been fair in its assessment of spinning off its Asia business, SCMP reported. Since April, Ping An has asserted that separating HSBC’s Asian operations from...
by Amruth Sundarkumar | Aug 12, 2022 | Banks, Global
Deutsche Bank announced initial results of its tender offer to buyback up to $1bn of four dollar-denominated senior non-preferred bonds – its 3.035% 2032s, 2.552% 2028s, 2.311% 2027s, 2.129% 2026s. The German lender will accept $574mn of the 2032s at a tender...
by Amruth Sundarkumar | Aug 11, 2022 | Corporates, Global
UK-based insurer Prudential Plc reported 1H adjusted operating profits of $1.57bn, up 6% YoY. The annual premium equivalent (APE) sales rose 6% YoY to $2.2bn on a diversified geographic footprint, product mix, and distribution channels. Four product categories, namely...
by Amruth Sundarkumar | Aug 11, 2022 | Corporates, Credit Ratings, Global
Moody’s downgraded Carnival’s issuer rating from B1 to B2, its senior secured credit facilities from Ba2 to Ba3 and its senior unsecured notes from B2 to B3. The rating agency also assigned a negative outlook to the cruise line. The rationale is mainly a weaker than...
by Amruth Sundarkumar | Aug 10, 2022 | Corporates, Global
SoftBank reported an eye-watering quarterly loss of $24.5bn for Q2 on revenues of $11.6bn, up 6.3% YoY. This was against a $5.6bn profit in the prior year. The company posted its biggest quarterly loss, driven by the global stock market turmoil and the rapid fall of...
