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Autor Tema: Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022  (Leído 422561 veces)

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Re: Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022
« Respuesta #3235 en: Marzo 20, 2023, 08:12:49 am »
https://lectura.kioskoymas.com/cinco-dias/20230320/page/21/textview

El tope del 2% del alquiler cumple su primer año con precios record y menos oferta


Saludos.

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Re: Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022
« Respuesta #3236 en: Marzo 20, 2023, 08:18:35 am »
https://www.marketwatch.com/story/asian-stocks-tumble-after-credit-suisse-takeover-81e3fed3

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Asian stocks tumble after Credit Suisse takeover

BEIJING (AP) — Asian stock markets fell Monday after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes.

Shanghai, Tokyo and Hong Kong declined. Oil prices retreated, and U.S. equity futures were tilting lower after initially rising on the takeover news.(...)
“Everything can be taken from a man but one thing: the last of the human freedoms — to choose one’s attitude in any given set of circumstances, to choose one’s own way.”— Viktor E. Frankl
https://www.hks.harvard.edu/more/policycast/happiness-age-grievance-and-fear

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Re: Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022
« Respuesta #3237 en: Marzo 20, 2023, 08:29:58 am »
https://www.foxbusiness.com/markets/new-york-community-bank-agrees-purchase-failed-signature-bank

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New York Community Bank agrees to purchase failed Signature Bank

New York Community Bank will spend $2.7 billion to acquire a portion of Signature Bank

New York Community Bank (NYCB) has agreed to purchase a significant portion of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corporation (FDIC) announced late Sunday.

The FDIC said the deal will include NYCB purchasing $38.4 billion in the New York-based Signature Bank’s assets, which is about a third of Signature’s $110 billion that the bank had before it failed last week.

The bank will also rename 40 branches of Signature Bank to Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank’s subsidiaries.

About $60 billion in Signature Bank’s loans will remain in receivership, the FDIC said. These remaining loans are expected to be sold off at a later time.

Silicon Valley Bank (SVB) collapsed on Friday and roughly 48 hours later, Signature Bank failed as well. SVB’s collapse was the second-largest in U.S. history behind Washington Mutual’s collapse in 2008.

Signature Bank’s collapse on Sunday was the third-largest bank failure in U.S. history.

Regulators said all depositors and their money at the failed institutions, Silicon Valley Bank and Signature Bank, would remain protected even with figures over the $250,000 federal insurance. They have also taken other actions to shore up confidence and try to prevent a domino effect in this banking crisis.

Signature Bank was a large commercial lender in the tri-state area, and recently expanded its assets to include cryptocurrencies.

The prevalence of uninsured deposits as well as this exposure to crypto and tech-focused lending worried depositors and ultimately caused its collapse.

The FDIC said taxpayers will not bear the direct cost of Signature Bank’s failure. The estimated cost of the deposit insurance fund is expected to be $2.5 billion, but that figure may change as the regulator sells off assets.
“Everything can be taken from a man but one thing: the last of the human freedoms — to choose one’s attitude in any given set of circumstances, to choose one’s own way.”— Viktor E. Frankl
https://www.hks.harvard.edu/more/policycast/happiness-age-grievance-and-fear

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Re: Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022
« Respuesta #3238 en: Marzo 20, 2023, 08:36:47 am »
https://www.bloomberg.com/news/articles/2023-03-20/china-needs-household-stimulus-to-boost-recovery-pboc-adviser

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China Needs Household Stimulus to Boost Recovery: PBOC Adviser
*Years of weak wage growth weighs on consumption, Cai Fang says
*Direct household stimulus is one option to spur spending: Cai


A direct stimulus of 4 trillion yuan ($580 billion) paid directly to Chinese households is an option to spur a recovery in consumer spending that has been slowed by weak wage growth during the pandemic, a central bank adviser said.

Relatively sluggish income growth means “short-term measures” are needed “such as putting four trillion in the hands of households,” Cai Fang, a member of the People’s Bank of China’s monetary policy committee, said in a speech on Saturday.

Resident income has “not increased very well in the last few years, so the recovery of consumption is not sufficient to support economic growth,” Cai said at a forum organized by financial magazine Caijing. He also floated the use of China’s social security system to stimulate consumption as another option, though he did not give details.

China’s consumers are in focus after officials at a key political meeting earlier this month suggested they would avoid large stimulus through infrastructure investment or the property market. That means household spending is likely to drive demand in the world’s second-largest economy and support its recovery this year.

Recent official data has shown a recovery in retail sales and services spending in the first two months of the year, though high-frequency data for March also indicated a weakening of some consumer purchases, such as car sales.

Some economists have also questioned the strength of the consumer spending boost, with Bloomberg Economics calculating last month that Chinese households had not stashed away as much excess cash during the pandemic as some have estimated.

China’s top leaders, meanwhile, have so far rejected calls from Chinese academics and economists to finance direct payments to households, instead favoring subsidies to businesses to maintain employment and expand investment.

At the Saturday forum, Cai said bank deposits amassed by Chinese households during the pandemic were concentrated among a relatively small group with high-incomes. That means such savings are unlikely to fuel “revenge consumption” this year, he added.

“That requires the government to put four trillion into the hands of low-income groups,” Cai said.

The central bank adviser also highlighted China’s elevated rate of unemployment in recent years. He argued that joblessness “is bound to hurt households’ balance sheets” — referring to the balance between their assets and debts — as well as their spending power and confidence.

“That will lead to a longer period of restraint,” he said.

Cai, who is also vice-dean of China’s Academy of Social Sciences, suggested the high youth unemployment rate also has an impact on consumption. He cited research saying that 16-to-24 year olds spend more than any other age group in the country.

Economist Wang Yiming — who is also a member of the PBOC’s monetary policy committee — said in a separate article published Saturday that the balance sheets of households had been “systematically damaged” in recent years, leading to “more cautious consumption.”

He suggested the government spend more on public services to improve the consumption capacity of low and middle-income groups.
“Everything can be taken from a man but one thing: the last of the human freedoms — to choose one’s attitude in any given set of circumstances, to choose one’s own way.”— Viktor E. Frankl
https://www.hks.harvard.edu/more/policycast/happiness-age-grievance-and-fear

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Re: Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022
« Respuesta #3239 en: Marzo 20, 2023, 08:43:38 am »
https://www.wsj.com/articles/credit-suisse-bond-wipeout-threatens-250-billion-market-10be7d04

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Credit Suisse Bond-Wipeout Threatens $250 Billion Market

Deal would write down more than $17 billion of the bank’s riskiest bonds

Credit Suisse Group AG’s emergency merger with UBS Group AG will wipe out the bank’s riskiest bonds, rattling investors in the quarter-trillion-dollar market for similar European bank debt.


About 16 billion Swiss francs, or about $17.3 billion, of the so-called additional tier 1 bonds will be completely written down, Switzerland’s financial regulator, Finma, said in a Sunday statement. Credit Suisse also referenced the decision in a statement, saying it was informed by Finma that the bonds would be “written off to zero.”

AT1 bonds—also known as contingent convertible bonds, or CoCos—were introduced after the financial crisis as a way to transfer banking risk away from taxpayers and onto bondholders. They also became a popular investment product that money managers and banks, including Credit Suisse, marketed to clients as a relatively safe way to boost yield on bond portfolios.

“What’s shocking is that it looks like equity holders will recover better than tier 1 bondholders,” said Justin D’Ercole, co-founder of ISO-mts Capital Management LP, a fund focused on bank securities. The resulting losses will likely prompt individual and institutional investors to sell similar securities of other European banks, he said.

Cracks spread in the AT1 market last week. Deutsche Bank AG’s $1.25 billion 6% AT1 bond fell 10% last week to about 79 cents on the dollar, according to Advantage Data Inc. UBS’s $2.5 billion 7% bond dropped about 5% to 95.50 cents on the dollar, according to MarketAxess.

There are about $254 billion AT1 bonds outstanding and the securities are often banks’ most actively traded bonds because of their large size, according to data from Lazard Frères Gestion. The AT1 bonds also pay higher interest rates than traditional debt because they can be converted to stock or written down if trouble at an institution emerges, paring down its liabilities in times of crisis.

Higher yields attracted buyers for much of the past decade when benchmark interest rates were low, dragging down the yield of most bonds.

“The CoCo market offers a yield of around 3.62%,” portfolio managers in Credit Suisse’s investment unit wrote in a January 2021 report. “Even European high-yield bonds come in at around 2.88%, so we definitely still see value in subordinated financial bonds.”

Demand was hot enough in August 2020 that when Credit Suisse launched a $1.5 billion AT1 deal with a 5.625% interest rate in August 2020, it received more orders than it had bonds and bargained the rate down to 5.25%, according to CreditSights.

Holders of CoCo bonds in Spain’s Banco Popular Español SA got wiped out in 2017 when the bank got bailed out through a merger with Banco Santander SA. Popular’s shareholders also took losses, but the restructuring was seen as an isolated event.

“The average European bank would need to lose almost two-thirds of its capital to breach contractual triggers,” the Credit Suisse fund managers said in their 2021 marketing report. “In our view, this is a relatively remote scenario.”

The bulk of the bonds are held by insurers and pensions or are sold to individual investors outside of Europe through investment funds, according to a 2017 report by De Nederlandsche Bank. European investors may also buy them indirectly through international funds, according to the report.

Invesco Ltd. launched an exchange-traded fund focused on AT1 bonds in 2018 that has grown to about $1.2 billion, according to data from Morningstar Inc. At the end of January, AT1 bonds issued by Deutsche and UBS were the two largest investments in a $4.5 billion Nuveen Asset Management mutual fund specializing in preferred securities, according to Morningstar.

The complete write-off by Credit Suisse, one of the largest issuers in the AT1 market, will likely hurt investor appetite for the bonds, fund managers said. It will also squeeze lending by banks, they said.

Ultimately, AT1 bonds will become more expensive for banks to issue, reducing their ability to make new loans, Mr. D’Ercole said. “That means banks will likely have to run smaller balance sheets,” he said.
“Everything can be taken from a man but one thing: the last of the human freedoms — to choose one’s attitude in any given set of circumstances, to choose one’s own way.”— Viktor E. Frankl
https://www.hks.harvard.edu/more/policycast/happiness-age-grievance-and-fear

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