Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022

[Derby]

https://www.yicaiglobal.com/news/2023-means-debts-of-nearly-cny1-trillion-for-chinese-property-firms-to-repay

China's Property Developers Have Nearly CNY1 Trillion of Debt Maturing in 2023

(Yicai Global) Jan. 10 -- Chinese real estate companies have entered another tough year as almost CNY1 trillion (USD147.7 billion) worth of bonds are about to expire.

Property firms need to repay CNY958 billion (USD141 billion) of onshore and offshore bonds this year, up by CNY70 billion (USD10.3 billion) from 2022, according to a report released by China Index Academy recently. Almost 66 percent of the total are onshore notes.

The first quarter will be a peak of repayment with more than CNY100 billion worth of debt maturing during each of the two months of January and March. But also April and July will have sums exceeding CNY100 billion.

The debt repayment pressure of property developers this year is still large, and currently, sales have not significantly rebounded, so some companies may still default on their debts, said Liu Shui, director at the institute.

However, as Chinese regulators have continuously increased their policy support for property enterprises since the fourth quarter of last year, the financing situation is improving.

The total financing of 100 major Chinese real estate enterprises exceeded CNY100 billion for the first time last year in December as the tally reached CNY101.8 billion, rising by 85 percent from a month earlier and up by 33 percent from a year ago, according to data from CRIC.

However, overseas financing channels remain blocked and no real estate company issued new overseas bonds in December. After a number of Chinese developers, including China Evergrande Group, defaulted on their debts last year, international credit ratings of firms in the sector were generally downgraded. Some firms have even voluntarily terminated their offshore ratings in order to mitigate the adverse effects.

[Derby]

https://www.axios.com/newsletters/axios-markets-c5da8956-663e-48fd-a561-39401eed163c.html

4. What goes up...



Home prices could decline by between 4% and 10% before hitting bottom, per a new note from analysts at Barclays, Emily writes.

"The likelihood of a sharp house price correction has intensified," the authors write, emphasizing that the uncertainty in the market right now is around the trajectory of interest rates.

Why it matters: Home prices shot up like a rocket since the beginning of the pandemic — now the key question is whether they'll crash and burn, or just gently drift a bit downward.

Home prices soared an astonishing 42% between February 2020 and their peak in June 2022. Since then prices have fallen month over month.

"With house prices having already turned down this summer, the question now is not whether house prices will fall, but by how much," the Barclays analysts wrote.

The bottom line: Home prices have only just begun their descent from the stratosphere. All eyes are on the Fed now to determine what happens next.

[Derby]

https://www.bloomberg.com/news/articles/2023-01-10/boe-warns-banks-of-tougher-scrutiny-on-credit-cards-buy-to-let

BOE Warns Banks of Tougher Scrutiny on Credit Cards, Buy-to-Let

*Firms face ‘prolonged period of credit stress,’ PRA tells CEOs
*Rising rates, global uncertainty are challenging borrowers

Banks should brace for more regulatory scrutiny of their credit card and buy-to-let portfolios ahead of an extended period of credit stress, the Bank of England warned.

Rising interest rates, inflation and geopolitical uncertainty will challenge firms’ credit portfolios, the Prudential Regulation Authority, part of the BOE, said in a letter to bank bosses on Tuesday. The PRA will focus on how firms manage risk around unsecured personal loans, buy-to-let mortgages, leveraged lending and commercial real estate.

“Firms need to be ready for a prolonged period of credit stress,” wrote David Bailey, an executive director at the PRA, and Charles Wood, a director. “Firms should expect increased engagement with us, including targeted requests for enhanced data and analysis.”

The regulators also said firms still needed to improve their governance after the collapse of Archegos Capital Management in 2021. The unraveling of Bill Hwang’s family office triggered losses of more than $10 billion across firms including Credit Suisse Group AG, Nomura Holdings Inc. and Morgan Stanley.

Despite regular messaging from the PRA, “firms continue to unintentionally accrue large and concentrated exposures to single counterparties, without fully understanding the risks,” according to the letter.

[Derby]

https://twitter.com/Brad_Setser/status/1612560087419179009

@Brad_Setser The global balance of payments has to add up (at least in theory).   

But it it is still surprising how well the surplus of East Asia and main oil exporters lines up with the deficits of the US and few others --

(excluding the EU actually makes everything line up better)

[Cadavre Exquis]

España: el interés de las letras a seis y 12 meses, en máximos de 2012
https://www.eleconomista.es/flash/20230110/#flash_33236








[ 2,998%        ]

https://www.expansion.com/mercados/renta-fija/2023/01/10/63bd113c468aeba60c8b4587.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/expansion-nacional/20230110/page/21/textview

Excesivo optimismo en las previsione­s

Saludos.

[Cadavre Exquis]

https://www.expansion.com/economia/2023/01/10/63bc5f69468aeb457b8b45b2.html

https://www.expansion.com/economia/2023/01/09/63bc1fc3468aebbf3f8b4596.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/economia/financial-times/2023/01/09/63bc32f4468aeb8a038b4655.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/12101489/01/23/Trabajo-frena-el-borrado-de-los-fijos-discontinuos-del-paro-registrado-en-plena-polemica.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20230110/page/25/textview

España vuelve a liderar el desempleo en la eurozona con una tasa del 12,4%

UGT pide bajar a 12 años el plazo para acceder a la pensión

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/12102089/01/23/El-80-de-familias-recibio-en-la-pandemia-mas-ayudas-de-lo-que-tributo.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/energia/noticias/12102281/01/23/Espana-se-situa-entre-los-10-paises-de-la-UE-con-mas-patentes-de-hidrogeno.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/cincodias/2023/01/09/mercados/1673280773_402126.html

https://cincodias.elpais.com/cincodias/2023/01/09/mercados/1673279114_686356.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/cincodias/2023/01/10/mercados/1673329687_007538.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/cincodias/2023/01/09/economia/1673289682_323223.html

Saludos.