Church of England taps debt markets with ‘Cranmer’ bonds

A Church of England investment foundation is tapping bond investors for the first time, seeking to raise £500mn against a shaky credit market backdrop. The £10bn-in-assets Church Commissioners for England charity plans to raise about £250mn in bonds due to mature in 10 to 16 years, with a further £250mn tranche that will mature in … Read more

Banks Get Burned by Risky Debt, Imperiling Buyout Activity

By Laura Cooper July 3, 2022 9:03 am ET Listen to article (2 minutes) Investment banks are facing big losses on leveraged buyouts they agreed to finance before markets soured, further chilling the outlook for deal activity. Bank of America Credit Suisse Group and Goldman Sachs Group Inc. are among the banks that could collectively … Read more

China’s self-styled Warren Buffett haunted by Fosun’s $40bn debt

Chinese billionaire Guo Guangchang, whose global empire includes French resort group Club Med, Portugal’s biggest bank and the English football club Wolverhampton Wanderers, was among the last men standing. A decade ago, Guo’s Fosun along with conglomerates HNA, Dalian Wanda, CEFC and Anbang drove an explosion in offshore Chinese investment but most were undone after … Read more

Covid could not sink cruise lines — but they now face an iceberg of debt

At one point in February 2020, a single cruise ship — the Diamond Princess — accounted for more than half of the world’s confirmed cases of Covid-19 outside China. The 3,700 passengers and crew endured a grim quarantine off Japan; seven died. But Covid has not proved to be an existential threat for the industry. … Read more

RBI’s financial stability report flags risks with public debt profile

Financial risks associated with the profile of government debt can hamper the functioning of fixed-income markets, the Reserve Bank of India (RBI) said on Thursday. A credible strategy to ensure debt sustainability calls for reducing primary deficits, the central bank said in its Financial Stability Report. In the … Read more

Russia Defaults on Foreign-Currency Debt for 1st Time in More Than a Century

Russia defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors. For months, the country found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace … Read more

Russia Defaults on Foreign Debt for First Time Since 1918

Breadcrumb Trail Links PMN Business Russia defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors. Author of the article: Bloomberg News Giulia Morpurgo and Libby Cherry Publishing date: Jun 26, 2022  •  19 minutes ago  •  4 minute … Read more