tyb
>>54435 pb China Huarong Wires Funds for $300 Million Bond Due Thursday
China's $2.14tn of bonds coming due unnerves foreign investors
The problem of heavily indebted state-backed companies in China is starting to spook investors in global corporate bonds.
As liabilities balloon at Chinese civil engineering and construction companies engaged in public works projects to shore up the economy, premiums on foreign currency-denominated are rising. The bonds are under selling pressure because investors believe the Chinese government will no longer bail out state-owned enterprises. A sudden spike in defaults by big corporate borrowers in China could rattle global markets. Chinese companies' debt servicing costs are climbing, with $2.14 trillion of bonds maturing by 2023, 60% more than the value of bonds that came due from 2018 to 2020.
China Huarong Asset Management, which specializes in acquisition and management of nonperforming loans, is now fighting for its own survival. A China Huarong unit has won creditor banks' approval to postpone repayment of $100 million in debt until the end of August. It is also stepping up the sale of shareholdings in companies such as Nanjing Panda Electronics. The China Huarong group has nearly 330 billion yuan ($51.11 billion) in bonds outstanding, almost 60% of which will mature by 2023. China Huarong is not the only big debtor facing a rush of bond redemptions. These will total $748 billion in 2021, $669 billion in 2022 and $727 billion in 2023, according to data compiled by Refinitiv. Chinese companies usually issue bonds with relatively short maturities of one to three years. Given the continued issuance of new bonds, the value of redemptions is expected to keep rising.
Big state-owned enterprises have the largest liabilities. China State Railway Group, which is run directly by the government, will redeem around $90 billion of bonds by the end of 2023, while State Grid Corp. of China will retire around $14 billion of debt. The two unlisted companies are saddled with huge debts, partly due to a lack of cost controls. Civil engineering and construction companies, along with the railway and grid operators, will redeem $600 billion, or 30%, of all Chinese corporate bonds by 2023. While the Chinese leadership intends to cut back on implicit government guarantees to prevent state-run enterprises' excess debts from damaging the government's creditworthiness, defaults on yuan-denominated bonds are increasing at a record-breaking pace, totaling 95 billion yuan in the January to April quarter alone. Defaults will rise further if government support wanes amid increasing redemptions. Chinese companies are still snapping up as assets, even as the efficiency of their investments declines, said Jia Shen, deputy researcher at the Development Research Center of the State Council. The growing redemptions of yuan-denominated bonds highlight China's growing indebtedness. As yuan-denominated bonds are partly a converted form of bank lending, their buyers are mostly Chinese concerns.
Meanwhile, overseas investors are paying keen attention to trends in foreign currency-denominated debt, which makes up nearly 10% of the Chinese market. With $172 billion worth of such bonds maturing by 2023, foreign investors are increasingly nervous: Defaults on those are increasing as well. Since 2020, defaults have occurred on more than 10 dollar-denominated bonds, according to financial information providers such as Refinitiv. Peking University Founder Group, an information technology company founded by the university, is unable to pay the principal and interest on its dollar-denominated bonds as it went into a bankruptcy process called chong zheng, a type of corporate rehabilitation, in February 2020. Founder Group attached a "keep well" clause to some of the dollar bonds issued by a subsidiary. While the clause usually means that a company's financial health is guaranteed by its parent, Founder Group removed the subsidiary from its repayment guarantee, saying the clause does not require it to repay. Some foreign investors are reportedly responded by seeking legal redress. Tsinghua Unigroup has repeatedly defaulted on dollar bonds. Citigroup's Hong Kong unit has responded by filing a lawsuit in February, demanding the state-owned semiconductor company pay the principal and interest on its debt.
https://asia.nikkei.com/Business/Markets/China-debt-crunch/China-s-2.14tn-of-bonds-coming-due-unnerves-foreign-investors
got dat northern africa swchwag to it
*restarted
Biden clears way for Russian pipeline after blocking Keystone Pipeline in US
The Biden administration will waive sanctions on the corporation and CEO overseeing the Nordsteam 2 pipeline construction, a source familiar tells Fox Business.
But at the same time, the State Department is expected to send its 90-day report to Congress listing entities involved in the pipeline’s construction that deserve sanctions. The State Department will acknowledge that the corporate entity in charge of the project, Nord Stream 2 AG and its CEO, the Putin crony and former East German intelligence officer Matthias Warnig, are engaged in sanctionable activity, according to Axios, which first reported the news.
The Nord Stream 2 deal with Russian President Vladimir Putin's regime will transfer Russian gas to Germany via a pipeline running under the Baltic Sea. If completed, this new pipeline would double the amount of natural gas Russia transports directly to Europe and hand an enormous geopolitical victory to Vladimir Putin.
In December, Congress passed legislation — the National Defense Authorization Act — that contained sanctions targeting companies and individuals involved in the Nord Stream 2 project. Another source familiar with the issue tells Fox Business this conclusion had been hinted at weeks ago and that it signals the U.S. is not willing to sacrifice its close relationship with Germany over the pipeline. In February, Biden also froze former President Trump’s plan to withdraw American troops from Germany.
But on his first day in office, President Biden issued an executive order cancelling the Keystone XL pipeline at home in the U.S. Still, a State Department spokesperson condemned the pipeline and said others who are involved risk sanctions.
"The Biden Administration has been clear that the Nord Stream 2 pipeline is a Russian geopolitical project that threatens European energy security and that of Ukraine and eastern flank NATO Allies and partners," the spokesperson said in a statement to Fox News. "We continue to examine entities involved in potentially sanctionable activity and have made it clear that companies risk sanctions if they are involved in Nord Stream 2. We will continue to underscore U.S. strong, bipartisan opposition to this Russian malign influence project."
The U.S. will continue to sanction ships involved in the building of Nord Stream 2 even though it refuses to sanction the company in charge of the project.
Currently, Russia has to transport gas through Ukraine on its way to Europe. Completion of the pipeline would allow Russia to freeze out its former client state Ukraine, now operating under a democracy.
moar
https://www.foxbusiness.com/politics/biden-russia-nord-stream-pipeline-blocking-keystone
they know that they will get an ebake
wasn't always like that before
when it stopped it stayed that way for a bit good twenty minutes or longer at times.
>always hungry
how notes got started.
find a way and contribute
got me B
there were not as many barriers then as if you screwed up, did a few, it wasn't a bomb-or muh graphics-dropped on ya like nao.
the only reason is the timing
appreciate dat d'oh
Had luxury of paying attention to wut all were saying too-hard to do with an active bake and drops at same time.
That is wut they can't duplicate over there and never will.
Took pride in showing up when needed..then back to werk.
For sure it would be same if not worrying about the speed and timing of overall bake
They keep pushing it ober there too...needing notetakers and just bakers.
muh sides each time I see it
king faggit and crew can't keep it up and are wilting so they need the drama so control can be exerted.
If you were new would you deal with those faggits?
can't say I would but they are moar entertainment than anything else at thtis point
hear ya.
do feel similar and agree.
never say never cause I don't but would take a lot though
fine here