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Search resuls for: "Pfandbriefbank"


8 mentions found


☆ Commercial real estate is in big trouble — and the problems may have major financial fallout
  + stars: | 2024-02-16 | by ( Theron Mohamed | ) www.businessinsider.com   time to read: +7 min
Read previewThe tremors rattling US commercial real estate are spreading to other countries and sectors, and threaten to escalate into a financial earthquake as refinancing deadlines loom. There are growing signs that commercial real estate is in serious trouble. AdvertisementProspective losses, refinancing woes, international contagion, and panic selling combine to create a bleak outlook for the commercial property sector. The catalyst for both the banking and commercial real estate drama is deceptively dry: rising interest rates. AdvertisementMoreover, "Undercover Billionaire" star and real estate tycoon Grant Cardone has hailed the ongoing correction as a rare chance for everyday people to buy "trophy real estate" from institutional owners.
Persons: —, aren't, Barry Sternlicht, Pfandbriefbank, Warren Buffett, Ian Jacobs, Jacobs, Grant Cardone Organizations: Service, Business, Starwood Capital's, Bloomberg, European Central Bank, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Wall Street, Berkshire Hathaway, Ares Management Locations: Europe, Silicon, San Francisco, New York City, Manhattan, Los Angeles
☆ A German bank says it's preparing for the worst property crisis since '08 as commercial real estate distress spreads
  + stars: | 2024-02-13 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +3 min
Deutsche Pfandbriefbank AG said it's bracing for an ongoing decline in commercial real estate. It called the downturn "the greatest real estate crisis since the financial crisis." Shares of the German bank have declined about 25% year-to-date. AdvertisementSigns of commercial real estate distress continue to mount, with the latest warning coming from German lending giant Deutsche Pfandbriefbank AG. "Despite these expenses, pbb remains profitable thanks to its financial strength – even in the greatest real estate crisis since the financial crisis," the bank said in a statement February 7.
Persons: —, they've Organizations: Deutsche Pfandbriefbank AG, Service
☆ ‘The greatest real estate crisis since the financial crisis.’ German bank sets aside more money for bad loans
  + stars: | 2024-02-07 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +1 min
London CNN —Deutsche Pfandbriefbank, or PBB, a German lender focused on commercial real estate, has set aside more money for bad debts as it prepares for what it says is the worst decline in commercial property values in 15 years. PBB increased its provisions for last year by as much as €215 million ($231.7 million), it said in a statement Wednesday, citing “persistent weakness of the real estate markets.”“Despite these expenses, PBB remains profitable thanks to its financial strength — even in the greatest real estate crisis since the financial crisis,” it added. The bank expects to report a profit of €90 million ($97 million) for 2023. PBB is at least the second German bank to warn of potential losses on commercial real estate loans. Germany’s biggest lender Deutsche Bank said last week that it had allocated €123 million ($133 million) during the fourth quarter of last year to absorb potential defaults on its US commercial real estate loans.
Organizations: London CNN — Deutsche, PBB, Deutsche Bank
☆ Banks break taboo for high-risk bonds
  + stars: | 2023-06-02 | by ( Carlogiovanni Boffa Chiara Elisei | Carlogiovanni Boffa | Chiara Elisei | ) www.reuters.com   time to read: +5 min
Banks typically sold these perpetual bonds - known as AT1 bonds - with five years before an option to repay was triggered. In the past, investors got their money back, and banks replaced the bonds with new ones, but some are changing tack. The banks' actions show how the wipeout of billions of dollars of Credit Suisse AT1 bonds still reverberates around this market, which is estimated at roughly $275 billion. "The AT1 market is splitting," said Alessandro Cameroni, a portfolio manager at asset manager Lemanik. SHOCK ABSORBERThe AT1 bonds were designed to help banks absorb losses, and they count towards their capital buffers.
Persons: Kai Pfaffenbach, Banks, Alessandro Cameroni, Lemanik, Peter Harvey, Federated Hermes, Italy's, Morgan Stanley, Karsten Junius, J . Safra Sarasin, Chiara Elisei, Carlo Giovanni Boffa, Jane Merriman Organizations: REUTERS, Suisse, Raiffeisen Bank, Reuters, Deutsche, Aareal Bank, Credit Suisse, Investors, Federated, Lloyds, Societe Generale, UBS, Santander, J ., Thomson Locations: Frankfurt, Germany, Ukraine, Swiss, Schroders, Russia
☆ Analysis: Crisis radar falls on fault lines in Europe's commercial property
  + stars: | 2023-04-20 | by ( Chiara Elisei Dhara Ranasinghe | Chiara Elisei | Dhara Ranasinghe | ) www.reuters.com   time to read: +6 min
German specialised property lenders such as Aareal Bank (ARLG.DE), Deutsche Pfandbriefbank (PBBG.DE) and Berlin Hyp, have a bigger concentration of real estate exposure, analysts added. Blackstone (BX.N) recently blocked withdrawals from its $70 billion real estate income trust after facing a flurry of redemption requests. Open-ended real estate funds in Britain have also battled to meet strong demand for redemptions. In Europe, CRE exposure for smaller banks, more at risk of deposit flight, is estimated at under 30% of all loans, Capital Economics said. "On the other, real estate owners themselves are going to face quite material increase in costs."
☆ Explainer: Credit Suisse in spotlight ahead of strategy shift
  + stars: | 2022-10-24 | by ( ) www.reuters.com   time to read: +5 min
WHY IS CREDIT SUISSE IN THE SPOTLIGHT? A spying scandal forced then-CEO Tidjane Thiam to quit in 2020, and Switzerland's financial regulator said Credit Suisse had misled it about the scale of its surveillance. His successor Thomas Gottstein lasted until July 2022, when Credit Suisse turned to restructuring expert Ulrich Koerner as CEO and launched a second strategic review within a year. Credit Suisse is looking to sell the Savoy Hotel in central Zurich, which could be worth 400 million Swiss francs. Since its foundation in 1856, Credit Suisse has played a central role in the history and development of Switzerland.
☆ Credit Suisse prepares Swiss business sales to raise capital - FT
  + stars: | 2022-10-15 | by ( ) www.reuters.com   time to read: +2 min
Oct 15 (Reuters) - Credit Suisse is preparing to sell parts of its Swiss domestic bank as it attempts to close a capital hole of around 4.5 billion Swiss francs ($4.48 billion), the Financial Times reported on Saturday, citing people familiar with the matter. "We will update on progress on our comprehensive strategy review when we announce our third-quarter earnings," Credit Suisse told Reuters in an emailed statement. The bank is also looking to sell its famed Savoy Hotel, located on Paradeplatz in the centre of Zurich's financial district. The hotel could be worth 400 million Swiss francs, as reported by finance blog Inside Paradeplatz early this month. The bank is due to present its new business strategy on Oct. 27, when it announces third-quarter results.
☆ Credit Suisse prepares Swiss business sales to raise capital, Financial Times reports
  + stars: | 2022-10-15 | by ( ) www.reuters.com   time to read: +2 min
Oct 15 (Reuters) - Credit Suisse is preparing to sell parts of its Swiss domestic bank as it attempts to close a capital hole of around 4.5 billion Swiss francs ($4.48 billion), the Financial Times reported on Saturday, citing people familiar with the matter. "We will update on progress on our comprehensive strategy review when we announce our third-quarter earnings," Credit Suisse told Reuters in an emailed statement. The bank is also looking to sell its famed Savoy Hotel, located on Paradeplatz in the centre of Zurich's financial district. The hotel could be worth 400 million Swiss francs, as reported by finance blog Inside Paradeplatz early this month. The bank is due to present its new business strategy on Oct. 27, when it announces third-quarter results.
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