|Bid||12.26 x 1585400|
|Ask||12.15 x 1718200|
|Day's range||12.24 - 12.48|
|52-week range||12.24 - 16.31|
|Beta (3Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||19.37|
JPMorgan Chase & Co. cut its forecast for second-quarter economic growth to 1% from 2.25% and said the Federal Reserve’s next interest-rate move is equally likely to be a hike or a cut, instead of an increase, chief U.S. economist Michael Feroli said in a note Friday. Oxford Economics lowered its estimate to 1.3% from 1.6%, while Barclays Plc's tracking forecast went down to 2% from 2.2%. Friday’s report showing lower capital and durable goods orders in April -- in addition to earlier data on retail sales, housing and manufacturing -- suggest the economy is losing momentum.
Asli Ay is starting a hedge fund focused on political and policy-related events after a career of providing insights on how government actions can impact investments. “For the foreseeable future government policies in developed and large emerging markets will be the key determinant of value in a variety of sectors impacting a range of securities,” Ay said in an interview. Hedge fund startups are facing a tough environment following lackluster industry performance and investor pressure on fees.
Japan’s Norinchukin Bank has been the biggest buyer of the top-rated tranche of European CLOs this year and has invested at a spread 6 basis points lower than the broader buyer base. The increase may not sound like much, but the bank’s tighter level has helped those managers on its approved supplier list secure cheaper funding costs during a tough time for the CLO arbitrage, or gap between the money brought in from the loans and the cost of borrowing for a CLO manager.
Could Credit Suisse Group AG (VTX:CSGN) be an attractive dividend share to own for the long haul? Investors are often...
(Bloomberg) -- A reincarnated version of collateralized debt obligations, backed by both high-yield bonds and leveraged loans, offers investors some of the best relative-value plays in fixed-income, according to Credit Suisse Asset Management.
(Bloomberg) -- A top Manhattan class-action lawyer spread anxiety across trading desks recently when he identified 27 traders by name in a lawsuit alleging that their employers colluded to rig trading in Fannie Mae and Freddie Mac bonds.
The shares were offered at HK$4.68 to HK$5.88 each earlier, according to a prospectus. The Hong Kong stock exchange carried out several changes last year to make itself a more attractive IPO venue against competitors in China and the U.S. Those amendments include allowing listings with weighted voting rights and relaxing requirements for biotechnology companies in order to draw more new-economy firms. An IPO pricing flexibility mechanism was also among the initiatives.
An ex-Credit Suisse Group AG banker became the first person to plead guilty in what U.S. prosecutors called a $2 billion fraud and money-laundering scam tied to loans to Mozambique that were used to pay bribes and kickbacks. Detelina Subeva, 37, a former vice president in the bank’s global financing unit, pleaded guilty on Monday to one count of conspiracy to launder funds. The U.S. agreed to drop three other conspiracy charges against Subeva, who’s one of three Credit Suisse bankers accused of working with Mozambique’s ex-finance minister in a secret kickback scheme.
A former Credit Suisse Group AG banker pleaded guilty on Monday to a U.S. charge that she helped launder money from a kickback scheme involving $2 billion in loans to state-owned companies in Mozambique. Detelina Subeva, 37, pleaded guilty to one count of money laundering conspiracy before U.S. District Judge William Kuntz in Brooklyn, New York. Subeva is one of three Credit Suisse bankers charged by U.S. prosecutors in January with taking part in the scheme.
“The window for raising rates is closing rapidly,” Guy Beit-Or, head of macro research at Psagot Investment House Ltd., said in a note. The shekel’s performance as one of this year’s standout currencies is complicating the central bank’s progress toward exiting years of ultra-low rates, following a surprise decision in November to raise rates. “They’re really signaling to the market that they’re still far from raising rates,” said Rafi Gozlan, chief economist for Israel Brokerage and Investments in Tel Aviv.
(Bloomberg) -- Software provider Fastly Inc. closed its trading debut Friday up 50% after raising $180 million in its U.S. initial public offering.
Benchmark spot ore climbed 2.5% to $100.35, according to Mysteel Global. Earlier, most-active futures in Singapore jumped as much as 3.8%, while miners’ shares powered ahead, with Fortescue Metals Group Ltd. hitting the highest since 2008. Iron ore has staged a stunning rally in 2019 as supply disruptions in Brazil and Australia, the top shippers, spurred forecasts the seaborne market will swing to a deficit.
Talk may be cheap, but in currency traders’ chatrooms, at least, improper messages can be very expensive for their companies. In instant message groups with names such as "Semi Grumpy Old Men" and "Three Way Banana Split" up to nine foreign-exchange spot traders logged in for long conversations about their work. Regulators said on Thursday they’re still looking at a third chatroom cartel that could involve fines for Credit Suisse Group AG and others.
More cautious spending on everything from shampoo to cars and travel threaten to weaken what’s been the backbone of the economy, contributing about three-fifths of gross domestic product. The pullback has acted as a drag on growth, which is predicted to have slowed for a fourth consecutive quarter to 6.5% in the three months to March, the weakest pace since mid-2017 and almost on par with China. While official GDP numbers for the March quarter are due May 31, high-frequency data for services and manufacturing point to activity slowing with industrial production contracting in March for the first time in nearly two years.
“When you put a number of high-yield issuers from a single sector into a fixed-maturity product portfolio, is there diversification?” said Desmond Soon, head of investment management for Asia ex-Japan at Western Asset Management. Fixed-maturity products typically offer investors a targeted yield, and there is less transparency compared to regular funds that disclose what they buy and track a benchmark, according to Rahul Banerjee, founder of Bondevalue, a fintech firm that focuses on Asian bond markets. “We have more than 100 issuers in the fixed maturity fund and it is broadly diversified by borrowers and geography,” said Alexandre Bouchardy, head of Singapore asset management at Credit Suisse Group AG.
While its hedge fund can make value investments and profit from shifting spreads between related securities, most of the gains come from Hsiao taking a view on credit events such as mergers, refinancing, reorganizations, rating changes or asset sales. By the time she got into investing via Nomura Holdings Inc.’s proprietary trading desk in London -- first as an intern and later helping to set up the capital structure arbitrage team -- she was also juggling family responsibilities as the mother of two young children. At Nomura, and on the prop trading desks of Credit Suisse Group AG and Merrill Lynch, as well as at hedge fund CQS, she used her legal training to figure out strategies as she went along.
The hours that followed the opening of U.S. markets Thursday saw a rush for protection in segments of the derivatives market most sensitive to the U.S.-China trade tiff. “While we think risk is still tilted to the downside ahead of tomorrow’s tariff deadline, the situation is fast-moving and we could be one tweet away from a major reversal,’’ said Mandy Xu, chief equity derivatives strategist at Credit Suisse.
CSAM, with at least $25 billion in CLO assets under management, has the potential to set a new precedent for other syndicated transactions to follow. The 405.5 million euro ($453 million) transaction, Madison Park Euro Funding XIV, is being arranged by Credit Suisse with pricing targeted for the middle of this month, according to a person familiar with the matter.
Measures of currency volatility have risen only marginally in the wake of President Donald Trump’s tweets putting a trade deal in doubt, with the most activity centered on the Chinese yuan. The eerie calm in foreign-exchange volatility markets even amid jarring macro news has become more commonplace. “This could be more of a structural development than a cyclical issue,” said Steve Barrow, head of currency strategy at Standard Bank.
Or when a major home building company, Toll Brothers Inc., names the recent lows after you (“the Zelman bottom”)? If you were Ivy Zelman, housing analyst at Credit Suisse First Boston — and you just happened to be right about your forecast of an impending housing and mortgage collapse that will be part of the Great Financial Crisis — you double down. The sales staff might not have appreciated her negativity, but her clients — including subprime bears John Paulson, Steve Eisman (depicted in “The Big Short”) and Danny Moses of FrontPoint Partners — appreciated her actionable perspectives.
“The price action yesterday was reminiscent of the Q2 2018 period, when tariff worries caused the Russell to outperform the S&P, and emerging-market equities to sell off while U.S. equities rallied,’’ wrote Pravit Chintawongvanich, Wells Fargo’s equity derivatives strategist. Global equities have been battered this week after President Donald Trump’s pronouncement, reinforced by U.S. Trade Representative Robert Lighthizer, that the U.S. would escalate tariffs on imported Chinese goods on Friday. Chintawongvanich doesn’t expect “an exact replay” of what transpired last year, but noted that the iShares China Large-Cap ETF, ticker FXI, and iShares MSCI Emerging Market ETF, tagged EEM, are likely to underperform U.S. small caps “significantly” in the event that trade talks deteriorate.
The broker-dealer on Monday was added to the list of U.S. primary dealers, a group of firms that transact directly with the Federal Reserve Bank of New York as it implements monetary policy. The company is also required to participate in all auctions of U.S. government debt along with peers such as Morgan Stanley, Citigroup and Goldman Sachs. “We view this designation as a natural evolution of our commitment to provide our customers with the highest level of service and best market intelligence in the fixed income capital markets,” Amherst Pierpont Chief Executive Officer Joe Walsh said in a statement.
Chief Executive Officer Ian McIntosh said the company is seeking partners to buy equity and help it expand in fast-growing emerging markets, like China. While Dreyfus has traditionally dominated bulk commodity trading like sugar and cotton, profit margins in the business are shrinking. McIntosh’s strategy to revive growth is to push Dreyfus into business lines that are closer to the consumer.
Tighter regulatory oversight and asset sales have staved off the worst of the problems afflicting India’s non-bank financial firms following last year’s defaults by Infrastructure Leasing & Financial Services Ltd., according to HDFC Bank Ltd.’s Managing Director Aditya Puri. “It’s not a Lehman-like thing that comes and then there is contagion across the system,” Puri said, referring to the U.S. firm that collapsed a decade ago and plunged the global economy into a downturn.