tyb
>>45870 pb
Record JPMorgan Bond Offering 2x Oversubscribed
In his latest investment letter, Jamie Dimon made it quite clear that he sees the US economy as overheating in the coming years and expects far higher rates (to be sure, he has been expecting higher rates for years now but we'll let that slide), and today the largest US commercial bank put its money - or rather debt - what its mouth was when it announced it would sell a whopping $13 billion of bonds, a record for the largest bond sale ever from a bank, as it looks to lock in some of the cheapest borrowing rates in years.
According to Bloomberg, the longest portion of the five-part offering, a 31-year security, is expected to yield 107 basis points above Treasuries. The sale comes a day after JPMorgan reported strong first-quarter earnings, including a 15% increase in fixed-income, currency and commodity trading revenue and a $5.2 billion release from its credit reserves. What we find especially curious, however, is that JPM's investors clearly don't share Jamie Dimon's reflationary fears and lined up in droves to buy bonds which - if the JPM CEO is right - would be worth far less in three decades if the US goes through the kind of growth "Golden Age" that Jamie predicted in his investor letter.
Indeed, according to Bloomberg, order books for the deal reached about $26 billion, making it at least twice oversubscribed. Including today’s sale, JPMorgan has raised $22 billion in the U.S. dollar investment-grade bond market this year, more than any other major U.S. bank, according to Bloomberg data. Not surprisingly, JPM is hitting the market with borrowing costs near all-time lows. “Banks are always going to be hefty issuers, which lends a certain opportunism to tapping the markets especially when funding is still so cheap,” said Jesse Rosenthal, a senior analyst at CreditSights.
Besides record low rates, there may be another reason for the frenzied bond offering: according to Bloomberg Intelligence analyst Arnold Kakuda, the jumbo offering may be related to recent changes in regulatory relief for banks. As we discussed previously, JPMorgan’s equity and debt requirements are now higher after supplementary leverage ratio relief ended in March, and JPMorgan - the largest U.S. bank by assets - may be simply seeing to beef up its capital buffers as the fate of the SLR is decided.
see cap#2
https://www.zerohedge.com/markets/record-jpmorgan-bond-offering-2x-oversubscribed
SoftBank Infusion Meant to Pay Back Credit Suisse Investors Went to Greensill Bank
When SoftBank Group Corp. made a last ditch-infusion of $440 million into Greensill Capital last November, the money was earmarked to pay off investors in Credit Suisse Group AG investment funds, according to people familiar with the deal.
But the cash never made it to the Swiss bank. Greensill put the money into its own German banking unit instead, according to a report released Thursday from the bankruptcy administrators for Greensill’s Australian parent company and some of the people familiar with the deal.
That detour is complicating Credit Suisse’s efforts to recover money owed to investors after Greensill collapsed into bankruptcy last month, according to people familiar with the matter.
Credit Suisse this week identified $2.3 billion in problematic loans in funds it ran with Greensill, including the $440 million loan.
https://www.wsj.com/articles/softbank-infusion-meant-to-pay-back-credit-suisse-investors-went-to-greensill-bank-11618517773
from July 2020
SoftBank leaves Credit Suisse funds after circular funding review
https://www.fr24news.com/a/2020/07/softbank-leaves-credit-suisse-funds-after-circular-funding-review.html
China summons Japan's envoy to protest Fukushima water release
China's Assistant Foreign Minister Wu Jianghao on Thursday summoned Japan's ambassador to lodge a protest against its recent decision to release treated radioactive water accumulated at the crippled Fukushima Daiichi nuclear power plant. Wu was quoted by the Foreign Ministry as conveying to Ambassador Hideo Tarumi about China's "strong dissatisfaction and firm opposition" to the decision made by the government of Japanese Prime Minister Yoshihide Suga.
On Tuesday, Tokyo decided to release the treated water into the sea from the Fukushima plant in two years, a major development following more than seven years of discussions on how to deal with the water used to cool down melted fuel there. China on the same day urged Japan not to go ahead with the discharge "without permission" from other countries and the International Atomic Energy Agency.
The United States has shown understanding of Japan's plan, but Chinese Foreign Ministry spokesman Zhao Lijian cast doubt on it, saying Beijing believes Washington "attaches importance to environmental issues." Zhao also suggested China will take countermeasures against Japan if necessary.
In addition to China, Japan's neighbors, South Korea and Taiwan, have expressed opposition to the nation's latest decision, claiming that the treated water would hurt the marine environment, food safety and human health. Japanese officials, however, have pointed out some other countries operating nuclear power plants, including China and South Korea, have released treated radioactive water from reactors there into the environment.
https://english.kyodonews.net/news/2021/04/9829d97e2f13-update1-china-summons-japans-envoy-to-protest-fukushima-water-release.html
cap
Bye-bye, Little Mr. Tritium: Rollout of cartoon MASCOT to promote dumping Fukushima’s radioactive waters into ocean flops in Japan
Japan’s government has scrapped a mascot promoting the plan to dump contaminated Fukushima wastewaters into the ocean just a day after its release, after the cute character received an extremely poor reception from the public.
The mascot, called ‘Little Mr. Tritium’, was withdrawn by the authorities for redesign on Wednesday. “Since the theme of radiation is highly specialized and difficult to understand, we will use illustrations to get as many people as possible interested,” Japan’s Reconstruction Agency said in a statement.
https://www.rt.com/news/521130-japan-fukushima-water-mascot/
Outset Medical Inc. sold by Warburg Pincus LLC: $197.74m-Apr 13
Outset Medical, Inc. is a medical technology company. The Company offers Tablo, a dialysis machine. Tablo offers acute and chronic dialysis. Tablo produces dialysate that's customized to the patient's prescription. Its touchscreen guidance and animated instructions enables to train new users. Tablo has integrated water purification and produces dialysis on demand. The other features of Tablo include integrated blood pressure cuff and automated saline bolus and tracking. The integration of water purification and on-demand dialysate production enables Tablo to serve as a dialysis clinic on wheels and allows providers to a single platform from the hospital to the home. The three subtypes of hemodialysis that are used in the hospital are Intermittent Hemodialysis (IHD), Slow Low Efficiency Dialysis (SLED) and CRRT. IHD is used at the bedside or an inpatient dialysis unit outside of the ICU, while SLED and CRRT are used in the ICU. Number of employees : 313 people.
https://www.marketscreener.com/quote/stock/OUTSET-MEDICAL-INC-112388686/company/
Warburg Pincus LLC is a New York-based private equity firm focused on growth investing with offices in the United States, Europe, Brazil, China, Southeast Asia and India. It has been a private equity investor since 1966. The firm currently has approximately $62 billion in assets under management and invests in a range of sectors including retail, industrial manufacturing, energy, financial services, health care, technology, media, and real estate. Warburg Pincus is a growth investor. Warburg Pincus has raised 19 private equity funds which have invested $79 billion in over 880 companies in 40 countries. Warburg Pincus invested in the information and communication technology sectors, including investments in Avaya, Bharti Tele-Ventures, Harbour Networks, NeuStar, PayScale, and Telcordia. In 1939, Eric Warburg of the Warburg banking family founded a company under the name E.M. Warburg & Co. Its first address was 52 William Street, New York, the Kuhn Loeb building. Throughout the early post-war period, the firm was a small office of 20 employees. In 1966, E.M. Warburg merged with Lionel I. Pincus & Co, forming a new company that eventually became known as E.M. Warburg, Pincus & Co In 1965, when Eric Warburg retired to Germany, control was handed to Lionel Pincus, a partner in the Ladenburg Thalmann investment bank, and the working language of the office switched from German to English.
The firm is structured as a global partnership led by CEO, Charles Kaye, andPresident, Timothy Geithner.
https://en.wikipedia.org/wiki/Warburg_Pincus
https://finviz.com/insidertrading.ashx?oc=1162870&tc=7&b=2
>>45801, >>45884 pb
PM Suga and entourage on final approach at JBA from Tokyo depart
Japanese Air Self Defense Forces JF001 777 making the final approach turn for JBA
There is one moar AC JF002 also a 777 however that is not showing at present.
It is about 15-20 minutes behind last check
According to the newly issued No Fly Alerts there is one starting tomorrow over the Delaware-around New Castle Cty airport and area so Not AF1 Joe is going to bail home tomorrow until some time on Sunday
Remembering Solyndra - A $524 Million Green Energy Failure
Considering President Joseph Biden’s $2.3 trillion infrastructure plan, Americans should first review the taxpayer money that was spent on projects in 2009 and learn from the ones that were massive failures. Biden asked Congress to invest $35 billion in green energy leadership to see “technology breakthroughs that address the climate crisis and position America as the global leader in clean energy technology and clean energy jobs,” according to the White House fact sheet.
But look as recently as 2009, when Congress passed the the American Recovery and Reinvestment Act during President Barack Obama’s administration. That $831 billion spending package made lots of promises, including to save jobs and create new ones, but waste — and possibly some fraud — tainted the outcomes.
Often referenced as a what-not-to-do in stimulus financing, solar panel start-up Solyndra cost taxpayers $570 million. The company received $535 million in loans from the 2009 stimulus and a $25 million tax break from California's agency for alternative energy.
Solyndra said it would use the $535 million to invest in generating solar energy. But a report from the Inspector General’s Office later found that the company misled the U.S. Department of Energy in its application and that the department did not manage and approve Solyndra’s loan guarantee properly.
In 2011, Solyndra filed for bankruptcy, laid off its 1,100 employees and ended its operations. About six months before closing shop, the company also received $10.3 million in long-term credit from the U.S. Export-Import Bank for its exports to Belgium.
To prevent a repeat, the American public and Congress should ask questions of Biden’s recent proposal, vet the companies and projects, get bipartisan support, and then audit “every dime” of the spending on the projects.
https://www.zerohedge.com/political/remembering-solyndra-524-million-green-energy-failure
left out of this article is the Hussein Administration subordinating the Gov't recovery position in any Bankruptcy (the first $75m recovered-see below)..they were placed in a secondary position to Husseins campaign contributors.
Elon and family owns what was left of it nao
Solyndra Questions for Obama
Last week, the House Energy and Commerce Subcommittee on Oversight and Investigations heard testimony from top Treasury officials regarding the department’s role in the Solyndra loan scandal. More hearings are planned as investigators continue to shift through documents provided (reluctantly) by the Obama administration.
The most notable piece of evidence unveiled last week was a memo authored by the DOE legal counsel defending the controversial decision to prioritize private inventors ahead of taxpayers with respect to the first $75 million recovered in Solyndra’s liquidation.
https://www.nationalreview.com/2011/10/solyndra-questions-obama-andrew-stiles/
Brazil's Supreme Court agrees Lula convictions are void
With the corruption convictions thrown out on a legal technicality, the former president could take on current leader Bolsonaro in elections next year.
Brazil's Supreme Court confirmed a decision to annul criminal convictions against former president Luiz Inacio Lula da Silva. The decision came after Supreme Court Justice Edson Fachin determined in early March that the lower federal court where Lula was tried lacked jurisdiction — overturning the conviction.
A total of eight justices voted to uphold Fachin's decision on Thursday, while three voted against.
The 75-year-old politician, who governed Brazil between 2003 and 2011, was convicted as part of a far-reaching corruption probe known as Operation Car Wash. In 2017, he was convicted for bribery after accepting a seaside apartment from a construction company in exchange for lucrative government contracts. The following year, another court found him guilty of corruption and he was sentenced to a total of 26 years on charges of taking bribes.
Lula spent a year and a half behind bars until the Supreme Court ruled he and others could appeal their cases without serving time. The former Brazilian president and his supporters maintain that the anti-corruption probe was politically motivated. Lula has not been acquitted as the convictions were overturned on procedural grounds. The judges could still decide to refer the cases against Lula to the federal courts in Brasilia or Sao Paulo.
But with no convictions currently, Lula is now eligible to run once again. He is a favorite among opponents of current President Jair Bolsonaro to take on the right-wing leader in 2022 on behalf of the left-wing Workers' Party that governed Brazil from 2003 to 2016. Lula is probably the party's most prominent politician; he served two terms as president and had run for the job three more times prior to that.
Early polls suggest that a race between him and Bolsonaro would be tight.
https://www.dw.com/en/brazils-supreme-court-agrees-lula-convictions-are-void/a-57220783
Biden to host Japanese PM Suga-in a "Private Meeting" on friday SoKo's President Moon Jae-in next up at for visit
Suga is expected to begin the day meeting with Vice President Kamala Harris at the Naval Observatory, the vice president's residence. He will later meet privately with Biden at the White House, followed by larger meetings with senior administration officials and Cabinet members.
Private Meeting
and this
The White House announced Thursday that Biden's second in-person meeting would be with South Korean President Moon Jae-in late next month in Washington, further signaling his commitment to shore up alliances in the region. Biden's secretaries of state and defense visited Japan and South Korea in their first trips abroad last month.
https://www.nbcnews.com/politics/white-house/biden-host-japanese-pm-suga-u-s-works-counter-increasingly-n1264246
headline/content edited for the two interdasting things in it
you know the rest of the article