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发表于 2010-6-4 12:07 AM
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本帖最后由 Diffusion 于 2010-6-4 06:34 编辑
6/3 - 6/4 Midnight
[Corporate loan market tightened up]
http://www.bloomberg.com/apps/ne ... UjH.uNz0Q&pos=3
The margin Calpine offered to pay over lending benchmarks for a $1.3 billion loan increased by as much as 2 percentage points to 5.5 percentage points, while the remaining companies had to raise rates from 0.75 percentage point to 4.5 percentage points, according to people familiar with the talks who declined to be identified because the terms weren’t set. For Houston- based Calpine, that’s an extra $26 million a year in interest.
Prices of high-yield, high-risk loans fell 3.89 percent during last month as measured by the S&P/LSTA U.S. Leveraged Loan 100 Index as investors fled all but the safest government securities amid growing concern that rising budget deficits in Europe will cause the global economy to slow. The selloff created bargains among existing debt, reducing the attractiveness of new loans.
“There’s a lack of desperation to buy new issue, it’s got to be compelling in terms of price and structure,” Jeff Cohen, a managing director of loan capital markets at Credit Suisse Group AG in New York, said in an interview. “Investors are being much more choosy, they’re seeing compelling opportunities in the secondary market that were not available prior to the recent market turbulence.”
[Expect a fruitless G20 meeting]
http://www.bloomberg.com/apps/ne ... 0tCA6fHo4&pos=5
The Group of 20 nations is split on the scale and timing of increases in bank-capital requirements that have been under discussion since governments were forced to bail out lenders, an official from a G-20 government said.
Countries such as the U.S. whose economies are largely financed by markets want banks to be required to hold more assets on their balance sheets to buffer against future crises, said the official, who will attend this weekend’s talks of G-20 finance chiefs in Busan, South Korea. Policy makers in continental Europe, where banks provide more financing, are concerned that too-high reserves risk choking off growth, the official told reporters on condition he not be named.
“Anything that impacts banks will have a bigger effect in Europe than the U.S., where capital markets play a bigger role,” said Douglas Elliott, a fellow at the Brookings Institution in Washington and a former managing director at JPMorgan Chase & Co. “There’s quite high agreement that capital rules need to change, but differences on just how to do it.”
The European Central Bank calculates that at the end of 2007, the stock of outstanding bank loans to consumers and companies stood at around 145 percent of GDP in the euro area and 63 percent in the U.S. By contrast, the amount raised from issuing debt in markets totaled 81 percent of GDP in the euro area and 168 percent in the U.S.
Both the U.S. and Europe are also advocating regulatory models that build on their own existing rulebooks and so would give their banks a competitive edge if implemented globally, said Elliott.
[Crisis spread to real economy]
http://www.bloomberg.com/apps/ne ... yRp3MhwDM&pos=6
Bomba Elias, a Spanish maker of pumps and filters, had to forgo orders and shed 40 percent of its workforce after Caixa Catalunya canceled credit lines of 750,000 euros ($912,000).
The family that owns Componentes Electricos Inco SL, a producer of cables and switches in Sabadell, near Barcelona, was forced to sell a building to keep the company afloat when three savings banks pulled 380,000 euros of credit.
Their fate underscores how the worsening state of Spain’s savings banks, which account for more than half of the country’s outstanding loans, has squeezed companies in the euro region’s fourth-largest economy. The banks, known as “cajas,” are scaling back lending as rising defaults on real-estate loans and shrinking revenue erode profits and eat into capital. They lack shareholders to tap for funds and have seen their own borrowing costs climb.
“The cajas are weak and if they can’t fund themselves, it’s obvious they can’t lend to us,” said Francesc Elias, the owner of Bomba Elias, a company with about 20 employees based in Rubi, near Barcelona.
[Europe to charge financial transaction tax]
http://www.bloomberg.com/apps/ne ... HL1TglB9E&pos=7
German Finance Minister Wolfgang Schaeuble said he’s confident the U.K. and “many others” will join Germany in pushing for a European levy on all financial transactions if the Group of 20 fails to adopt the measure.
Schaeuble, in an interview on his plane to Busan, South Korea, where he’s meeting G-20 counterparts today, said that Germany’s main goal in the talks is identifying how to make the finance industry share in the cost of the current crisis, specifically through a global financial-transactions tax.
In the absence of such an agreement at G-20 level, “we will throw our weight behind European regulation and we won’t be alone in that,” Schaeuble said. “I hope that the U.K. and Germany together will push for a global transaction tax. In talks with my British colleague I understood him to suggest that he’s open for a global solution.” |
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狗仔卡
发表于 2010-6-9 10:38 PM
发表于 2010-6-1 12:33 AM