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.
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.
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.
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.