Barclays Capital News
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Turkey’s bonds rallied, sending yields to all-time lows, after Moody’s Investors Service raised the country to investment grade for the first time in two decades, fueling expectation of capital inflows. The lira weakened on speculation the central bank will cut rates.
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Ohio’s capital city is set to buy back at par as much as $476 million of Build America Bonds it sold in 2009 and 2010 as sequestration will cut the federal subsidies on the debt’s interest costs.
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New Jersey sold $350 million of new- money general-obligation debt with Bank of America Merrill Lynch the winning bidder and 10-year debt priced to yield 1.89 percent, data compiled by Bloomberg show.
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EFG-Hermes Holding SAE, Egypt’s largest investment bank, said it will sell assets and cut costs after an agreement to create the largest Arab investment bank with Qatar’s QInvest LLC collapsed because of regulatory delays.
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Puerto Rico, which has a credit rating lower than any U.S. state, sold $335 million of short- term debt backed by sales-tax revenue this week, the first borrowing by a commonwealth issuer since November, data compiled by Bloomberg show.
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Citigroup Inc., the third-biggest U.S. bank, rose in New York trading after first-quarter profit and revenue from fixed-income trading and investment banking exceeded analysts’ estimates.
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U.K. services unexpectedly strengthened in March, easing concern that the economy may be heading for a triple-dip recession.
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U.K. services unexpectedly strengthened in March, easing concern that the economy may be heading for a triple-dip recession.
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Rory Cullinan runs the world’s worst bank from a fifth-floor office overlooking Liverpool Street station in London. His 400-person outfit doesn’t lend money or trade securities. Instead, it sells blown-out mortgages, busted loans and entire companies amassed by Royal Bank of Scotland Group Plc before it collapsed in the global financial crash of 2008. On a Friday afternoon in February, Cullinan is savoring a new feeling in his life as a toxic-asset disposal specialist: hope that the worst is finally over.
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Barclays Capital, the securities unit of Barclays Plc, cut the amount it paid to employees by 9 percent in 2011, drawing criticism from investors as investment banking profit shrank.
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