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Saturday, 27 September 2014
Ukrainian Bonds Slump as Russia Mulls Seeking Early Repayment - Bloomberg
Ukrainian Bonds Slump as Russia Mulls Seeking Early Repayment - Bloomberg:
"Ukrainian bonds extended the third week of declines after Russia said it may demand an early repayment of a $3 billion bailout loan it gave its neighbor before relations before the two countries disintegrated.
The yield on Ukraine’s Eurobonds due July 2017 climbed 14 basis points to 15.41 percent at 4:51 p.m. in Kiev, approaching a record 16 percent reached on Feb. 19. Russia has an option to call early its bailout bonds, which mature in December 2015, if Ukraine’s debt tops 60 percent of gross domestic product.
The weakness of the hryvnia, which lost 36 percent against the dollar this year, indicates the debt threshold has been breached, Finance Minister Anton Siluanov told reporters in Moscow today. Russia is awaiting third-quarter data before deciding whether to trigger the early payback clause, he said. His Ukrainian counterpart, Oleksandr Shlapak, said on Sept. 23 his country may ask the International Monetary Fund for additional aid next year."
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"Ukrainian bonds extended the third week of declines after Russia said it may demand an early repayment of a $3 billion bailout loan it gave its neighbor before relations before the two countries disintegrated.
The yield on Ukraine’s Eurobonds due July 2017 climbed 14 basis points to 15.41 percent at 4:51 p.m. in Kiev, approaching a record 16 percent reached on Feb. 19. Russia has an option to call early its bailout bonds, which mature in December 2015, if Ukraine’s debt tops 60 percent of gross domestic product.
The weakness of the hryvnia, which lost 36 percent against the dollar this year, indicates the debt threshold has been breached, Finance Minister Anton Siluanov told reporters in Moscow today. Russia is awaiting third-quarter data before deciding whether to trigger the early payback clause, he said. His Ukrainian counterpart, Oleksandr Shlapak, said on Sept. 23 his country may ask the International Monetary Fund for additional aid next year."
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Banks Face Pass-the-Parcel Debt Limit in Writedown Rule - Bloomberg
Banks Face Pass-the-Parcel Debt Limit in Writedown Rule - Bloomberg:
"The world’s largest banks face curbs on how much they can rely on selling debt to each other to meet a planned international standard on their ability to absorb losses in a crisis.
The Financial Stability Board reached a provisional deal last week on the plan for so-called total loss-absorbing capacity in a bid to take taxpayers off the hook when banks fail. The plan requires banks to have capital and other loss-absorbing securities, such as subordinated debt, equivalent to 16 percent to 20 percent of their risk-weighted assets by 2019, said three people familiar with the matter.
A global bank’s liabilities held by other lenders won’t fully count toward this target under the rules, according to the people, who requested anonymity because the talks are private. Banks must also have a loss-absorbing buffer equivalent to 6 percent of total assets, the people sai"
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"The world’s largest banks face curbs on how much they can rely on selling debt to each other to meet a planned international standard on their ability to absorb losses in a crisis.
The Financial Stability Board reached a provisional deal last week on the plan for so-called total loss-absorbing capacity in a bid to take taxpayers off the hook when banks fail. The plan requires banks to have capital and other loss-absorbing securities, such as subordinated debt, equivalent to 16 percent to 20 percent of their risk-weighted assets by 2019, said three people familiar with the matter.
A global bank’s liabilities held by other lenders won’t fully count toward this target under the rules, according to the people, who requested anonymity because the talks are private. Banks must also have a loss-absorbing buffer equivalent to 6 percent of total assets, the people sai"
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Saudis Said to Maintain Oil Output After Biggest Cut Since ’12 - Bloomberg
Saudis Said to Maintain Oil Output After Biggest Cut Since ’12 - Bloomberg:
"Saudi Arabia, the largest crude producer in OPEC, plans to keep output steady until the end of the year, a person with knowledge of the country’s oil policy said. It made the biggest cut in 20 months in August.
Output through the end of the year won’t differ much from August, when the country pumped 9.597 million barrels a day, according to the person, who isn’t allowed to be identified. The nation reduced production by 408,500 barrels a day last month, the most since December 2012, according to its most-recent submission to the Organization of Petroleum Exporting Countries. Demand will rise by the end of the year because of northern hemisphere winter, the person said.
Oil demand growth was the weakest since 2012 in the second quarter and industrialized nations’ stockpiles in August rose by more than twice the normal amount for the time of year, according to the International Energy Agency. Brent, the world’s most-active crude contract, is close to a two-year low. OPEC may cut its output target next year, the group’s secretary general said Sept. 16."
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"Saudi Arabia, the largest crude producer in OPEC, plans to keep output steady until the end of the year, a person with knowledge of the country’s oil policy said. It made the biggest cut in 20 months in August.
Output through the end of the year won’t differ much from August, when the country pumped 9.597 million barrels a day, according to the person, who isn’t allowed to be identified. The nation reduced production by 408,500 barrels a day last month, the most since December 2012, according to its most-recent submission to the Organization of Petroleum Exporting Countries. Demand will rise by the end of the year because of northern hemisphere winter, the person said.
Oil demand growth was the weakest since 2012 in the second quarter and industrialized nations’ stockpiles in August rose by more than twice the normal amount for the time of year, according to the International Energy Agency. Brent, the world’s most-active crude contract, is close to a two-year low. OPEC may cut its output target next year, the group’s secretary general said Sept. 16."
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