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Banks Close Painful Citrix Debt Chapter With $700 Million Loss -source

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Banks close painful Citrix debt chapter with $700 million loss -source By Reuters

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Stock Markets 36 minutes ago (Sep 21, 2022 06:40PM ET)

(C) Reuters. FILE PHOTO: Citrix Systems logo is seen on smartphone placed on U.S. Dollars in this illustration taken, January 31, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

By Abigail Summerville and Matt Tracy

(Reuters) – Wall Street banks completed the sale of $8.55 billion in loans and bonds backing the leveraged buyout of business software company Citrix Systems Inc (NASDAQ:CTXS) by accepting a $700 million loss, a person familiar with the matter said on Wednesday.

The process emerged as a key test of banks’ ability to offload junk-rated debt from their books, a process that is necessary for them to recycle capital and comply with regulations governing their financial health.

While the syndication was completed successfully, it was done at a steep discount to the levels that the banks underwrote the debt. It was also buoyed by one of Citrix’s acquirers, hedge fund Elliott Management, helping out by buying $1 billion in bonds, a second source said.

Private equity firms, which rely on junk-rated debt to juice returns in their acquisitions of companies, have witnessed banks retrench in the wake of Citrix and other deals weighing on their balance sheet. Bankers said this was unlikely to change soon, as rising interest rates and market volatility fueled by Russia’s war in Ukraine raised the risk of deals they underwrite appearing mispriced just a few weeks later.

Banks led by Bank of America Corp (NYSE:BAC), Credit Suisse Group AG and Goldman Sachs Group Inc (NYSE:GS) sold a Citrix loan to investors of about $4.55 billion with an annual interest rate of 450 basis points over their benchmark and at a discount of 91 cents on the dollar, people familiar the matter said.

They also sold a $4 billion three-year Citrix bond for 83.6 cents on the dollar, resulting in a higher than expected yield of 10%, the sources added. Reuters had reported last week the loans were meeting strong demand, while the bonds, which were subordinated in Citrix’s capital structure, were less popular.

Bank of America and Credit Suisse declined to comment. Goldman Sachs and Elliott did not immediately respond to requests for comment.

More debt syndication pain for the banks is on the way. A roughly $2 billion loan backing private equity firm Apollo Global Management (NYSE:APO) Inc’s purchase of telecommunication assets from Lumen Technologies is being marketed at a discount of 92 cents on the dollar, while a $1.87 billion bond for the same deal is being sold at a steep 10% yield.

Banks close painful Citrix debt chapter with $700 million loss -source

Novartis to take U.S. drug patent case to Supreme CourtBy Reuters – Sep 21, 2022

ZURICH (Reuters) – Novartis AG plans to ask the U.S. Supreme court to uphold the validity of a patent it holds on the dosing regimen for multiple sclerosis drug Gilenya after…

U.S. bank CEOs back Fed hikes during congressional grilling on economy, China tiesBy Reuters – Sep 21, 2022

By Pete Schroeder, Lananh Nguyen and Saeed Azhar WASHINGTON (Reuters) -The country’s top bank chiefs endorsed U.S. Federal Reserve rate hikes as a means to tame soaring inflation,…

Lennar beats quarterly profit estimates on strong demand for homesBy Reuters – Sep 21, 2022

(Reuters) -Homebuilder Lennar Corp (NYSE:LEN) on Wednesday reported a better-than-expected profit in the third quarter, benefiting from record-high property prices as demand far…

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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China Finance Ministry to Issue an Extra 5.5 Billion Yuan of Treasury Bonds in Hong Kong

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China finance ministry to issue an extra 5.5 billion yuan of treasury bonds in Hong Kong By Reuters

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Economy 1 minute ago (Oct 05, 2022 11:05PM ET)

(C) Reuters. FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

HONG KONG (Reuters) – China’s finance ministry said on Thursday that it will issue an additional 5.5 billion yuan ($773.18 million) worth of yuan-denominated sovereign bonds in Hong Kong on Oct. 12.

The ministry said it would issue an extra 3.5 billion yuan worth of bonds due 2024 with an interest rate of 2.44% per annum, and an additional 2.0 billion yuan worth of 2027 bonds carrying an interest rate of 2.75%.

($1 = 7.1135 Chinese yuan renminbi)

China finance ministry to issue an extra 5.5 billion yuan of treasury bonds in Hong Kong

India investigating deaths in Gambia linked to India-made cough syrup – sourcesBy Reuters – Oct 05, 2022

MUMBAI (Reuters) – India is investigating the deaths of dozens of children in Gambia linked to the use of an India-made cough syrup, two federal health ministry sources told…

Sri Lanka holds rates as cenbank tries to stabilise harsh economic conditionsBy Reuters – Oct 05, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held policy rates steady on Thursday, saying monetary conditions remain “sufficiently tight” after…

Sterling to struggle on, chance of dollar parity on a knife-edge: Reuters PollBy Reuters – Oct 05, 2022

By Jonathan Cable LONDON (Reuters) – Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on…

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Source: investing.com

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India Investigating Deaths in Gambia Linked to India-made Cough Syrup – Sources

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India investigating deaths in Gambia linked to India-made cough syrup – sources By Reuters

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Economy Just Now (Oct 05, 2022 11:05PM ET)

MUMBAI (Reuters) – India is investigating the deaths of dozens of children in Gambia linked to the use of an India-made cough syrup, two federal health ministry sources told Reuters on Thursday.

The World Health Organization said late on Wednesday deaths of dozens of young children in Gambia from acute kidney injuries may be linked to contaminated cough syrup that had been manufactured in India.

The sources said the Indian government had asked the WHO to share the report establishing causal relation to death with the cough syrup.

India investigating deaths in Gambia linked to India-made cough syrup – sources

Sri Lanka holds rates as cenbank tries to stabilise harsh economic conditionsBy Reuters – Oct 05, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held policy rates steady on Thursday, saying monetary conditions remain “sufficiently tight” after…

Sterling to struggle on, chance of dollar parity on a knife-edge: Reuters PollBy Reuters – Oct 05, 2022

By Jonathan Cable LONDON (Reuters) – Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on…

Asian shares rise, oil extends gains after OPEC+ dealBy Reuters – Oct 05, 2022

By Stella Qiu SYDNEY (Reuters) – Asian shares were cautiously higher on Thursday, while the dollar eased ahead of U.S. non-farm payrolls data, and oil prices gained for a fourth…

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Vietnam Q3 GDP Growth up 13.67% Y/y on Rebound in Manufacturing

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Vietnam Q3 GDP grows 13.67% y/y vs 7.83% expansion in Q2 – stats office By Reuters

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Economic Indicators 40 minutes ago (Sep 28, 2022 10:17PM ET)

(C) Reuters. FILE PHOTO: Shipping containers are seen at a port in Hai Phong city, Vietnam July 12, 2018. REUTERS/Kham/

HANOI (Reuters) – Vietnam’s gross domestic product in the third quarter grew 13.67% from a year earlier, the fastest pace in decades, thanks to robust manufacturing and exports and a low base effect, government data released on Thursday showed.

The industrial and construction sector in the July-September period grew 12.91% from a year earlier, the General Statistics Office said in a report. The services sector expanded 18.86%, while the agricultural sector grew by 3.24%.

Vietnam Q3 GDP grows 13.67% y/y vs 7.83% expansion in Q2 – stats office

New Zealand businesses less pessimistic in September – ANZ surveyBy Reuters – Sep 28, 2022

WELLINGTON (Reuters) – New Zealand businesses were less pessimistic in September with a mood lift evident in the construction sector, an ANZ Bank survey showed on Thursday.
The…

Argentina’s economic crisis draws protests even as poverty rate easesBy Reuters – Sep 28, 2022

BUENOS AIRES (Reuters) – Argentina’s deep economic slump drew thousands to the streets on Wednesday, as protesters demanded action to counter sky-high inflation and help the…

U.S. goods trade deficit shrinks on weak exports; Q3 growth estimates raisedBy Reuters – Sep 28, 2022

By Lucia Mutikani WASHINGTON (Reuters) – The U.S. trade deficit in goods narrowed for a fifth straight month in August amid a decline in imports, which is being driven by slowing…

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Source: investing.com

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