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☆ China Deal Slump Sends Bankers’ Fees to Decade Low
▼ + stars: | 2023-11-07 | by ( Dave Sebastian | Rebecca Feng | ) www.wsj.com time to read: 1 min

China has become a losing proposition for Wall Street firms, forcing a reassessment of their investment-banking prospects in Hong Kong. American and European investment banks prospered in the Asian financial hub over the past decade by helping hundreds of Chinese companies raise money from international stock and bond sales. They also profited from advising on cross-border acquisitions and investments during China’s prepandemic economic boom. The money train made Wall Street an advocate of engagement with China, even as political tensions grew between Washington and Beijing.

Organizations: Wall Street Locations: China, Hong Kong ., Washington, Beijing

☆ Why BlackRock's Rick Rieder says investors 'underestimate' active fixed income ETFs
▼ + stars: | 2023-11-05 | by ( Anna Gleason | ) www.cnbc.com time to read: +2 min

BlackRock Chief Investment Officer of Fixed Income Rick Rieder said investors underestimate actively managed fixed income exchange-traded funds. He told CNBC's "ETF Edge" this week that one of his firm's newest fixed income funds, the BlackRock Flexible Income ETF (BINC), has outperformed peers because its allocations are based on current market opportunity. "The beauty of this active ETF is we can move around and take advantage of where the opportunity is," said Rieder, who manages roughly $2.6 trillion in fixed income assets. "I think active ETFs in fixed income, people underestimate." U.S. high yield credit follows at nearly 17%, then U.S. investment grade credit at approximately 14% of total allocations.

Persons: Rick Rieder, CNBC's, Rieder, BINC, … Organizations: BlackRock, Bond Locations: BlackRock, Brazil, Mexico, Europe

☆ Congested Bogota Secures $415 Million IDB Credit for Second Metro Line
▼ + stars: | 2023-11-01 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BOGOTA (Reuters) - The board of directors of the Inter-American Development Bank (IDB) on Wednesday approved a $415 million credit line, with an initial disbursement of $50 million, to finance Bogota's second metro line, the Colombian capital's mayor said. The underground Line 2 will connect to the city's west, said Mayor Claudia Lopez, who finishes her term this year after overseeing initial construction on Bogota's long-awaited first metro line. At a price tag of 34.9 trillion Colombian pesos ($8.5 billion), Line 2 is expected to benefit nearly 2.5 million inhabitants and stretch 15.5 kilometers (9.63 miles) connecting 11 stations. Line 1, currently being constructed by Chinese companies Harbor Engineering Company and Xi'an Metro Co., extends 23.9 kilometers overground - despite opposition by President Gustavo Petro, who wanted part of the line to be constructed underground. The metro is considered critical to reducing the chaotic traffic in the capital of more than eight million residents and will complement the existing TransMilenio bus system.

Persons: Claudia Lopez, Lopez, Gustavo Petro, Luis Jaime Acosta, Sandra Maler Organizations: Inter, American Development Bank, Colombian capital's, European Investment Bank, Development Bank of Latin America, Harbor Engineering Company, Xi'an Metro Co Locations: BOGOTA, Colombian, Bogota, Xi'an

☆ Ukraine Hangover Makes European Banks Look Rougher than They Are
▼ + stars: | 2023-10-26 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

Shares in BNP Paribas fell even though the French bank beat third-quarter earnings expectations. PHOTO: Nathan Laine/Bloomberg NewsEuropean investment banks don’t tend to fare well when compared with their more profitable U.S. peers. But the war in Ukraine makes some comparisons unfair. Investors have been disappointed with the third-quarter results published by top European banks so far, with the stocks collectively down more than 3% this week. This is despite the fact that most of the companies have actually beaten analysts’ profit forecasts by a decent margin.

Persons: Nathan Laine Organizations: BNP, Bloomberg News, Investors Locations: Ukraine

☆ Green Steel Is Coming. Europe Is Leading the Charge Thanks to New Carbon Taxes.
▼ + stars: | 2023-10-26 | by ( Yusuf Khan | ) www.wsj.com time to read: +7 min

The need for conversion to low-carbon steel production is greater in Europe, where 57% of steel is produced in coal-fired blast furnaces. Swedish-based startup H2 Green Steel has signed deals to supply low-carbon steel to IKEA, Mercedes-Benz , BMW and Scania. Customers of H2 Green Steel have been willing to support the project based on their own green targets and their end-customers’ willingness to pay a green premium, he said. H2 Green Steel said it would charge a €150 premium, while Swedish steelmaker SSAB expects to charge double that. Research from the Rocky Mountain Institute suggests the IRA will encourage green steel investments that would, by 2030, produce about eight million tons of low-carbon steel, or nearly 10% of U.S. steel demand.

Persons: fabian strauch, ”, Colin Richardson, incentivizing, CBAM, Nicola Davidson, Davidson, Henrik Henriksson, Mikael Sjoberg, ” Henriksson, Gunnar Güthenke, SSAB, Europe ”, Simone Tagliapietra, Paul Lim, ” Lim, Yusuf Khan Organizations: Leadership Group, Industry, Argus Media, Rocky Mountain Institute, U.S ., Business, International Energy Agency, Investments, Steel, IKEA, Mercedes, Benz, BMW, Scania, H2, Bloomberg, Research, Europe, Bruegel, U.S Locations: Europe, U.S, Brussels, London, European, Lakes , Texas, Pacific, China, Asia

REUTERS/Toby Melville/File Photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 10 (Reuters) - Barbados is hoping to execute a "debt-for-climate" swap early next year to secure savings of around $300 million over a 15 year period to fund clean water supplies, the island state's finance minister told Reuters on Tuesday. In September 2022, Barbados carried out a "debt-for-nature" swap, which saw $150 million of international bonds swapped for cheaper debt, generating $50 million for marine conservation. The savings from the island's mooted "debt-for-climate" swap will be used to upgrade a water treatment plant to help better manage water resources and improve food security, Straughn said. Barbados's previous debt-for-nature swap funnelled money towards protecting and rehabilitating the surrounding Caribbean sea. A debt-for-climate swap would be an almost completely new concept, though, and one that other climate change vulnerable countries are likely to want to explore.

Persons: Toby Melville, Ryan Straughn, Straughn, We've, Rachel Savage, Marc Jones, Aurora Ellis Organizations: REUTERS, Rights, Inter, American Development Bank, European Investment Bank, International Monetary Fund, Thomson Locations: Bridgetown, Barbados, Rights MARRAKECH, Morocco, Marrakech

☆ Here's how BlackRock's Rick Rieder is navigating the bond market sell-off in his outperforming ETF
▼ + stars: | 2023-10-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

BlackRock global fixed income CIO Rick Rieder said Friday that this year's bond market volatility has created opportunities to buy high quality yields on the cheap. The result is his new fund outperforming some of the biggest bond ETFs during the most recent sell-off. Aggregate Bond ETF (AGG) and 2.2% for the Vanguard Total Bond Market ETF (BND) , the two biggest bond ETFs. BINC 1M mountain BlackRock's BINC has held up better than major bond ETFs over the past month. "I think what people underestimate is the long end of the bond market, the 30-year Treasury, is about the same volatility as the stock market," he said.

Persons: Rick Rieder, Rieder, We've Organizations: BlackRock, Rieder, Aggregate Bond, Vanguard, Bond Market, CNBC, Treasury, Corporate Bond Fund, Fed, AAA, Mortgage, SEC Locations: BlackRock, Mexico, Brazil, Japan, iShares, United States, U.S

☆ Krispy Kreme puts Insomnia Cookies brand up for sale as it doubles down on donuts
▼ + stars: | 2023-10-03 | by ( Drew Richardson | ) www.cnbc.com time to read: +1 min

In this photo illustration, a Krispy Kreme glazed doughnut is shown on May 12, 2022 in Daly City, California. Krispy Kreme is exploring strategic alternatives, including an all-cash sale, of its majority stake in Insomnia Cookies, the company said Tuesday. Krispy Kreme acquired control of Insomnia Cookies in 2018 in a deal backed by European investment firm JAB Holding, which had taken Krispy Kreme private in 2016. Krispy Kreme went public for the second time in 2021, at an implied valuation of $2.7 billion. Insomnia Cookies, which is known for serving cookies well into the early morning hours, has tripled its revenue since 2017, Krispy Kreme said Tuesday.

Persons: Krispy Kreme, Krispy, Mike Tattersfield, Seth Berkowitz, Berkowitz Organizations: CNBC, University of Pennsylvania Locations: Daly City , California

☆ Silicon Valley fund Bessemer Venture Partners expands European investment team with hire of ex-SoftBank VP
▼ + stars: | 2023-09-22 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Silicon Valley fund Bessemer Venture Partners has expanded its European investment team with the hire of former SoftBank vice president Justina Chung. Chung has joined Bessemer's London office, which is led by partner Alex Ferrara who opened the fund's European operations in 2020. Bessemer made its first European investment in 2004 and has continued to back startups in the region, including German fintechs Upvest and Mambu as well as British neobank Zopa. Chung was a vice president at SoftBank's Vision Fund, where she served on the boards of temp staffing agency Jobandtalent and second-hand designer fashion marketplace Vestiaire Collective. "It's clear that great founders begin their journey here, in Tallinn or Stockholm, London, Paris or Berlin," Chung, who is now a vice president at Bessemer, told Insider.

Persons: Justina Chung, Chung, Alex Ferrara, Bessemer, Jobandtalent, Goldman Sachs Organizations: Bessemer Venture Partners, LinkedIn, Bessemer's London, SoftBank's Vision, Sorare, SoftBank, Credit Suisse, Bessemer, US Locations: San Francisco, Tallinn, Stockholm, London, Paris, Berlin, Europe, Mistral

Away from the front, Ukraine’s war has become a numbers game: who can acquire, make and resupply more tanks, bullets, and, most of all, artillery shells. All in all, Kyiv needs some 1.5 million artillery shells annually, according to the CEO of one of Europe’s largest arms manufacturers, Rheinmetall. By July, the US had supplied more than two million artillery rounds to Ukraine since the 2022 invasion, the Pentagon said. But in February 2023, Europe-wide production of artillery ammunition had a maximum capacity of 300,000 shells annually, Estonian defense officials estimated. The best-case scenario of an increase to making 2.1 million shells annually is still years away from being realized.

Persons: Oleksandra Ustinova, ”, Volodymyr Zelensky, Armin Papperger, Papperger, William LaPlante, Diego Herrera Carcedo, Nammo, LaPlante, Tuuli Duneton, Morten Brandtzæg, “, ” Brandtzæg, you’re, Jérôme, Creuillot, it’s, Jonathan Caverley, hasn’t, Ignacio Marin, Caverley, Josep Borrell Organizations: CNN, Artillery, Rheinmetall, Pentagon, European, NATO, Defense, Anadolu Agency, Getty, Estonian, US Naval War College, EU Locations: Ukraine, Russia, Estonian, United Kingdom, Europe, Brussels, “, Kyiv, ”, Norway, France

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Spain, Sept 15 (Reuters) - The European Union on Friday threw its weight behind a plan to protect the Amazon rainforest, pledging to coordinate financial contributions from EU members and making sure the money was spent as intended under its Global Gateway investment scheme. On top of that, the EU will add an undisclosed amount to protect the forest from logging from the EU's Global Gateway scheme of investment in Latin America, where Amazon rainforest protection is one of the flagship projects. More than half of global destruction of old-growth tropical rainforests has taken place in the Amazon and bordering forests since 2002. Rainforests, in particular the Amazon, absorb vast amounts of carbon dioxide and are key in shaping the Earth's climate, making them vital to prevent climate change.

Persons: Bruno Kelly, Belén Carreño, Jan Strupczewski, Mark Potter Organizations: REUTERS, SANTIAGO DE, European Union, Friday, EU, Global, Team Europe, European Investment Bank, Inter, American Development Bank, Santiago de, Thomson Locations: Manaus, Amazonas State, Brazil, SANTIAGO, SANTIAGO DE COMPOSTELA, Spain, Italy, Sweden, France, Germany, Netherlands, Latin America, America, Santiago de Compostela, Santiago

☆ No decision on European Investment Bank presidency expected this week, German finance minister says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

German Finance Minister Christian Lindner speaks during a plenum session of the lower house of parliament, Bundestag, to present the 2024 budget and financial planning of the Federal Government, in Berlin, Germany September 5, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsSANTIAGO DE COMPOSTELA, Sept 15 (Reuters) - German Finance Minister Christian Lindner said at the informal EU finance ministers meeting on Friday that a decision is not expected this week on who will become European Investment Bank (EIB) president. "There are several well-qualified candidates, for example our host today, Nadia Calvino," Lindner said before the meeting of euro zone finance ministers. Lindner said the German government hasn't made a decision yet on which candidate to back, "but we have a clear picture of how the EIB should develop." Lindner said the bank should keep its AAA rating: "Sound banking is essential for us."

Persons: Christian Lindner, Annegret, Nadia Calvino, " Lindner, Lindner, hasn't, Maria Martinez, Miranda Murray Organizations: Bundestag, Federal Government, REUTERS, SANTIAGO DE, German Finance, European Investment Bank, AAA, Thomson Locations: Berlin, Germany, SANTIAGO, SANTIAGO DE COMPOSTELA

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Also interested are the politically non-affiliated Italian central banker Daniele Franco, Poland's right-wing former Finance Minister and current EIB Vice President Teresa Czerwinska, and Sweden's socialist former Energy Minister and also current EIB Vice President Thomas Ostros. "We can say we are really spoilt for choice because all the candidates are excellent," German Finance Minister Christian Lindner told reporters on Thursday. The EIB is the lending arm of the EU and is active in 160 countries offering loans, guarantees, equity investments and advisory services. Germany's Deputy Central Bank Governor Claudia Buch and her Spanish counterpart Margarita Delgado are both in the running.

Persons: Eric Vidal, Vincent van Peteghem, Germany's Werner Hoyer, Margrethe Vestager, Nadia Calvino, Daniele Franco, Poland's, Teresa Czerwinska, Thomas Ostros, Christian Lindner, Central Bank Governor Claudia Buch, Margarita Delgado, Buch, Vestager, Emmanuel Macron, Richard Chang Organizations: European Investment Bank, Reuters, Rights, Belgian, Union, European Commission, Finance, Energy, European Central Bank, Germany's, Central Bank Governor, SSM, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Spanish, EU, Paris, Spain

☆ New boss will be EIB’s chance to stay relevant
▼ + stars: | 2023-09-07 | by ( Rebecca Christie | ) www.reuters.com time to read: +5 min

Flags are seen behind the logo of the European Investment Bank in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal Acquire Licensing RightsBRUSSELS, Sept 7 (Reuters Breakingviews) - The European Investment Bank has a chance to remake itself when it gains a new leader next year. The EIB has been making infrastructure loans since 1958, and now channels some 65 billion euros in annual financing to the economy. To do that, the next EIB chief will need to let the bank shoulder more risk, as suggested by Vestager on Thursday. By comparison, the World Bank has $240 billion loans outstanding.

Persons: Eric Vidal, Werner Hoyer, Nadia Calviño, Denmark’s Margrethe Vestager, Daniele Franco, Teresa Czerwińska, Thomas Östros, Vestager, Margrethe Vestager, Spain’s Nadia Calviño, Poland’s Teresa Czerwińska, Italy’s Daniele Franco, Sweden’s Thomas Östros, Denmark’s Vestager, Neil Unmack, Streisand Neto Organizations: European Investment Bank, Reuters, Rights, Spanish, World Bank, AAA, European Union, Financial Times, European Investment, Union, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Europe, Ukraine, France, Spain

For the Biden administration, “the only thing they can pretty much do to counteract Saudi cuts is to bring more oil into the market from other countries,” León said. “Iran and Venezuela are the best candidates,” he added, even if it’s politically unpalatable to fully reopen talks with them. Domestic producers of oil from shale won’t fill the void in the short term. The SPAC buying Donald Trump’s social network gets more time for its deal. Shareholders in Digital World Acquisition Corporation voted to give the firm 12 more months to close its merger with Truth Social.

Persons: Biden, ” León, León, ’, Margrethe Vestager, Didier Reynders, Vestager, Donald Trump’s Organizations: European Investment Bank, European Commission, Truth Locations: Iran, Venezuela, States, Washington

SYDNEY, Aug 24 (Reuters) - Australia's Trade Minister Don Farrell has dangled easier access to the country's vast critical minerals sector as part of negotiations over a free trade agreement with the European Union ahead of possible further talks as soon as next week. Farrell told Reuters in an interview on Thursday that a free trade agreement would simplify European investment in the country's burgeoning critical minerals sector, in part by smoothing access through mandatory Foreign Investment Review Board (FIRB) screening. "One of the big advantages we've got in this relationship is our access to critical minerals, rare earths, hydrogen and ammonia," Farrell said. "Other countries are looking to invest in our critical minerals and other renewables. Australia was an especially attractive place for critical minerals investment from the United States under U.S. Inflation Reduction Act rules because it was one of the few countries to have both mineral deposits and a free trade agreement with the U.S., said Farrell.

Persons: Don Farrell, Farrell, China, we've, they've, Annalena Baerbock, teleconference, Dombrovskis, Lewis Jackson, Kirsty Needham, Michael Perry Organizations: SYDNEY, Australia's Trade, European Union, Reuters, Investment, Board, Foreign, U.S, EU, Trade, Thomson Locations: Australia, Germany, China, Sydney, Europe, Japan, South Korea, Singapore, United States

☆ Top EU official warns West needs to act to avoid losing developing world's trust
▼ + stars: | 2023-08-23 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

[1/2] South African delegates sit behind a glass with BRICS logo as the BRICS summit is held in Johannesburg, South Africa August 23, 2023. Headquartered in Shanghai, the New Development Bank was established in 2015 by BRICS members. "It's symptomatic of something that Europe and Western institutions must confront urgently," Hoyer said of the bank's rise in importance. "Unless we offer genuine partnership and more convincing ways to address the challenges of the Global South whether it is in the energy transition, the issue of indebtedness or tackling glaring health inequality - we are heading for trouble." ($1 = 0.9252 euros)Reporting by Marc Jones Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Alet Pretorius, Werner Hoyer, Hoyer, Marc Jones, Tomasz Janowski Organizations: REUTERS, Investment, New Development Bank, Reuters, EU, West, United Nations, United Arab, Thomson Locations: Johannesburg, South Africa, China, Russia, Africa, EIB, Brazil, India, Ukraine, Shanghai, Bangladesh, United Arab Emirates, Egypt, Algeria, Argentina, Ethiopia, Honduras, Iran, Morocco, Saudi Arabia, Uruguay, Zimbabwe, Europe, Western

☆ Italy to propose ex-minister Franco for ECB board, source says
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Italy's Economy Minister Daniele Franco addresses a news conference after the G7 Summit in Koenigswinter, near Bonn, Germany May 20, 2022. REUTERS/Benjamin Westhoff/File photo Acquire Licensing RightsROME, Aug 20 (Reuters) - Italy will put forward former economy minister Daniele Franco as its candidate for the executive board of the European Central Bank (ECB), a source close to the matter said on Sunday. He was appointed economy minister in 2021 in Mario Draghi's unity government, helping Italy navigate the COVID-19 crisis and the turbulence caused by Russia's invasion of Ukraine. However, in a surprise move, Economy Minister Giancarlo Giorgetti decided instead to propose his predecessor, a source close to the matter told Reuters, confirming a report in Il Sole 24 Ore newspaper. The government had initially put Franco forward as the Italian candidate to lead the European Union's lending arm, the European Investment Bank (EIB).

Persons: Daniele Franco, Benjamin Westhoff, Fabio Panetta, Franco, Mario Draghi's, Piero Cipollone, Giancarlo Giorgetti, Giorgia Meloni, Crispian Balmer, Giuseppe Fonte, Christina Fincher, David Holmes Organizations: REUTERS, Rights, European Central Bank, ECB, Bank of Italy, European Investment Bank, Reuters, Thomson Locations: Koenigswinter, Bonn, Germany, Italy, Ukraine, France, Rome, Italian, Franco

☆ Analysis: No decoupling, but West and China drift apart
▼ + stars: | 2023-08-08 | by ( Mark John | ) www.reuters.com time to read: +5 min

Containers are seen at the Yangshan Deep Water Port in Shanghai, China, as the coronavirus disease (COVID-19) outbreak continues, October 19, 2020. But underlying trade and investment trends point to an unmistakable long-term drift in commercial ties with the West. Take foreign direct investment - the more forward-looking clue as to where commercial ties between countries are heading. WATCH GERMANYSome, meanwhile, point to the fact that U.S.-China trade - exports and imports of goods combined - hit a record $690 billion last year as evidence that the reality does not match the frosty political rhetoric. Last month's China strategy document unveiled by Chancellor Olaf Scholz's three-way coalition left open exactly how far Berlin would ultimately go in reining in commercial ties.

Persons: Aly, China's, Louise Loo, Stephen Roach, Yale Law School's Paul Tsai, Angela Merkel, Chancellor Olaf Scholz's, Mark Leonard, –, Joe Biden, Loo, Mark John, Christina Fincher Organizations: REUTERS, West, Oxford Economics, Yale Law, Yale Law School's Paul Tsai China Center, Reuters, European Council, Foreign Relations, – Mercedes, Benz, BMW, Volkswagen, BASF –, Oxford, Thomson Locations: Port, Shanghai, China, United States, Europe, GERMANY, Germany, Berlin, reining, Taiwan, U.S

LONDON, Aug 2 (Reuters) - The economic picture may not have to change much for the surprise element to disappear for markets - underlining the significance of this summer's sometimes grudging admissions of investment strategy missteps. SURPRISE, SURPRISEExceptional U.S. economic surprisesU.S. surprise gaps the widest in decades, excluding pandemicAlong with market moves themselves and skewed positioning monitors, the simplest take on the unpreparedness of investors can be seen in economic surprise indices. The global surprise index is close to zero, suggesting expectations for the world economy in aggregate are actually coming in on cue. And if that happens, it may just suck the oxygen from the stellar equity outperformance over bonds to date. If true, markets may find the going harder without that element of surprise.

Persons: What's, Schroders, Johanna Kyrklund, hasn't, Kyrklund, Chris Iggo, Mike Dolan Organizations: Federal, Nasdaq, Japan's Nikkei, U.S, Graphics, AXA IM Investment, Reuters, Twitter, Thomson Locations: Europe, Japan, China, U.S

☆ Europe’s listless IPOs are red flag for big floats
▼ + stars: | 2023-07-31 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

And so far, the performance of the floats that have got away has been relatively poor. It’s a major red flag for larger IPO candidates, like CVC Capital Partners or EQT’s (EQTAB.ST) Galderma. Only 65 companies decided to brave choppy stock markets in Europe, raising $6.6 billion in overall proceeds, according to Dealogic data. Italian betting group Lottomatica (LTMC.MI) and German web-hosting company IONOS (IOSn.DE) priced at the bottom of their initial ranges. Dealogic data shows that IPOs in the region raised a total of $6.6 billion between the start of 2023 and July 20.

Persons: Breakingviews, Thyssenkrupp, Nucera, Hidroelectrica, Liam Proud, Oliver Taslic Organizations: Reuters, Capital Partners, underwriters, Bankers, Swiss, Reuters Graphics Reuters, Thomson Locations: Europe, Romanian, Saudi, Swedish

LONDON/JOHANNESBURG, July 25 (Reuters) - Gabon launched what is set to be Africa's first debt-for-nature swap on Tuesday, with a plan to buy up at least $450 million of its government debt and switch it to an eco-friendly blue bond. The February 2031 maturity rose 2.203 cents to 83.702 cents and November 2031 maturity jumped 2.129 cents to 83.573 cents, compared to Gabonese government's offer to buy back the bonds for 85 cents per $1 of the bond. ,The 2025 maturity rose 1.194 cents to 95.4 cents, also still below the offer price of 96.75 cents.. Ecuador pulled off a record $1.1 billion debt-for-nature swap in May, freeing up $18 million annually for the next 20 years for conservation of the Galapagos Islands. The African Development Bank and European Investment Bank are interested in providing credit guarantees.

Persons: Marc Jones, Rachel Savage, Gerauds Wilfried Obangome, Karin Strohecker, Ed Osmond, Tomasz Janowski Organizations: London Stock Exchange, Republic, Industry, U.S . International Development Finance Corporation, African Development Bank, European Investment Bank, Bank of America, Thomson Locations: JOHANNESBURG, Gabon, Gabonese, Ecuador, Belize, Galapagos, Sri Lanka, Indian, Libreville

Many investors think that will only happen if interest rates go to levels just too high for investors to pass up. "You wonder whether they have left it too late" said Mikhail Volodchenko at one of Europe's largest fund managers AXA IM. Reuters Graphics4/LOCAL PROBLEMSIn contrast to the dollar bonds, Turkey's 'local' lira-denominated bonds have had a shocker. Even if the lira is taken out of the equation the bonds are still down around 13% since Erdogan's election win. Reuters Graphics($1 = 0.8920 euros)Reporting by Marc Jones and Canan Sevgili Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Erdogan, Mehmet Şimşek, Hafize Gaye Erkan, Mikhail Volodchenko, Enver Erkan, Yatirim, Treasuries, COVID, Wednesday Erdogan, Simon Lue, Fong, Vontobel, Turkey's, Jeff, Michael Metcalfe, Metcalfe, Marc Jones, Shri Navaratnam Organizations: LONDON, AXA, Reuters, JPMorgan EMBI Global, NATO, Investment, Wednesday, United Arab Emirates, JPMorgan GBI, Street Global Markets, Reuters Graphics, Thomson Locations: Central, Turkish, Nigeria, Argentina, Turkey, U.S, Arab, Swiss, Lira

☆ Why Iran and Cuba Turned Their Back on the U.S. - The New York Times
▼ + stars: | 2023-07-03 | by ( Peter Beinart | ) www.nytimes.com time to read: +3 min

One reason Cuba still needs Beijing’s money is that the Biden administration has kept key Trump sanctions in place. When the two countries signed the 2015 nuclear deal, Iran’s foreign minister at the time, Mohammad Javad Zarif, called it “not a ceiling but a solid foundation. We must now begin to build on it.” Iran’s leaders, like Cuba’s, hoped better relations with the United States would spur Western investment. Mr. Trump canceled the nuclear deal and reimposed harsh sanctions. This isn’t the first time the United States has driven smaller nations into the arms of its superpower adversaries.

Persons: Obama, Conan O’Brien, Andrew Cuomo, Steve Nash, Michael J, Bustamante, ’, Donald Trump, Evan Ellis, Biden, Mohammad Javad Zarif, ”, Zarif, Hassan Rouhani, Trump, ” Fredrik Logevall, Ho, Ho Chi Minh, Viet Minh Organizations: University of Miami, White, Wall Street, Cuban, U.S . Army, College, Trump, National Security, Strategic Services, Japan Locations: Cuban, Havana, University of Miami Cuba, Cuba, America, China, Iran, United States, Moscow, Russia, Ho Chi, France, Viet

☆ EU's lending arm to explore climate emergency repayment pause clauses
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

"The EIB is exploring ways to scale up climate finance," it said in a statement on Friday at an international summit being held in Paris. EIB Global, the arm of the bank that lends outside the EU, invests around 10 billion euros ($10.87 billion) a year. It is estimated that roughly half of that money goes to countries that could be eligble for the new clauses. "We know that more climate disasters are coming," Maria Shaw-Barragan, a Director of Lending the bank told Reuters. "So it makes sense for the MDBs, and bilateral lenders, to include these clauses in order to give countries some breathing space."

Persons: Maria Shaw, Barragan, Marc Jones, Mark Heinrich, Louise Heavens Organizations: European Investment, LONDON, European Investment Bank, World Bank, EIB, Reuters, Thomson Locations: Paris

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