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Italy, Portugal Bond Sales Flooded With Orders by Yield Chasers
This content was published on April 7, 2021 - 12:00
April 7, 2021 - 12:00
(Bloomberg) Bond sales by two of Europe’s most indebted nations have been inundated by demand as an economic recovery begins to lift yields from historically low levels.
Italy received more than 64 billion euros ($76 billion) of bids for its first new 50-year bond in almost five years via banks on Wednesday, according to a person familiar with the matter. That’s more than three times the previous record. The nation is also selling debt maturing in 2028.
Meanwhile, Portugal is bringing to market a 10-year security, racking up more than 30 billion euros of orders from investors. The orderbook is sizable for Portugal, but still stands more than 10 billion euros short of its all-time record after being scaled back slightly over the course of the day.
In an era of prosperity for investment banks, Credit Suisse Group AG is careening from one crisis to another and then another this time, with a $4.7 billion writedown tied to billionaire investor Bill Hwang’s trading blowout. The staggering hit the largest yet linked to market-shaking losses run up by Hwang’s Archegos Capital Management prompted sweeping management changes at the Swiss bank Tuesday and cast fresh doubt on its checkered record of managing risks. It caps a catalog of costly errors at Credit Suisse most recently the collapse of Greensill Capital in what was supposed to be the start of steadier era under Chief Executive Officer Thomas Gottstein.
Sheikh Hamad bin Jassim Al Thani (Image: Keystone)
Wednesday, 7 April 2021 12:04 | Written by Katharina Bart
Credit Suisse Backer Snagged in Fund Fiasco
The Zurich-based bank owes
Sheikh Hamad bin Jassim Al Thani a lot: he ran Qatar s state fund QIA during the financial crisis, when it stepped in to shore up Credit Suisse. The QIA remains the Swiss bank s largest shareholder, with a 5.2 percent stake.
Credit Suisse has an awkward way of repaying that loyalty: al Thani put roughly $200 million into the Swiss bank s Greensill supply chain funds via various vehicles, «Bloomberg» reported on Wednesday. It isn t clear how much al Thani lost when Credit Suisse abruptly pulled the plug on the funds, which led Greensill, starved of the Swiss bank s financing, to collapse.
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