Blackstone defaults on $562 mln Nordic property-backed CMBS
Blackstone Inc has defaulted on a 531 million euro ($562.5 million) bond backed by a portfolio of offices and stores owned by Sponda Oy, Bloomberg News reported on Thursday. "This debt relates to a small portion of the Sponda portfolio," Blackstone said in an emailed statement on Thursday. "We are disappointed that the Servicer has not advanced our proposal," it added. Commercial mortgage-backed securities or CMBS are bonds backed by mortgages on commercial properties.
https://www.reuters.com/business/finance/blackstone-defaults-562-mln-nordic-property-backed-cmbs-bloomberg-news-2023-03-02/
Blackstone wanted to 'negotiate' terms and get an extension of making those payments and they weren't accepted and the instant 'spin' created in response…"it's not that big" and in relative terms it isn't but like all of these types of things they seek to downplay the actual result(s)
Blackstone acquired Sponda for almost €1.8 billion in 2018.
Fitch downgraded the notes in December, saying that “weak macroeconomic outlook and limited appetite for lending against secondary quality illiquid assets” create significant challenges for refinancing.
The loan was originated by Citigroup Inc. and Morgan Stanley and is secured against 45 properties in Finland, most of which are offices. At the time of the downgrade, €297.1 million of the senior loan remained outstanding, according to Fitch. The portfolio is about 45% vacant, having risen about 10 percentage points higher during the pandemic, according to the report. Travel restrictions then hampered Blackstone’s sales efforts before the war in Ukraine unleashed a fresh wave of volatility.
https://finance.yahoo.com/news/blackstone-defaults-531-million-nordic-140209893.html
Silvergate Sinks to Record on Review of Going Concern Status
Silvergate Capital Corp. shares sank to a record low after the cryptocurrency-friendly bank said it wouldn’t be able to file its annual report on time and was reviewing whether it can remain viable. Shares of the La Jolla, California-based lender fell as much as 50% to $6.80 (they've brought it back up to just about $7.50) Thursday morning, its lowest level since going public in late 2019. “Silvergate’s 10-K filing will be delayed to allow additional time for its independent registered public accounting firm to complete certain audit procedures,” a spokesperson for the bank said Thursday in a statement. “Silvergate is working diligently to file its 10-K as soon as possible and has no further comment at this time.” Cryptocurrency firms Coinbase Global Inc., Galaxy Digital Holdings Ltd. and Paxos Trust Co. said Thursday that they will no longer accept or initiate payments through Silvergate. The exodus may threaten Silvergate’s SEN network, the bank’s key source of deposits and a platform for crypto participants to transfer money among each other. “In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate,” the company said on Twitter. “Coinbase will be facilitating institutional client cash transactions with our other banking partners.” The warning (see below) led to at least three analysts cutting their ratings on Silvergate. Canaccord Genuity Group Inc. lowered the bank to hold, while JPMorgan Chase & Co. downgraded the stock to underweight and Compass Point Research & Trading LLC cut it to neutral. Morgan Stanley analyst Manan Gosalia, who already had a sell-equivalent rating on the stock, removed his price target entirely, citing the “high level of uncertainty” around the firm.
The shaky status of the bank, which holds federally insured deposits and more than $11 billion in assets, will add fuel to a debate among US lawmakers and regulators over whether banks can manage the risks that come with digital assets.
https://www.bloomberg.com/news/articles/2023-03-02/silvergate-sinks-to-record-low-on-review-of-going-concern-status
https://finance.yahoo.com/quote/SI
>>18431716 pb Silvergate slumps 28% after delaying annual report, warning about viability (FTX/Alameda Research related)
>>18421617 pb Evergrande fails to win creditors' support as key dates loom
German AF GAF907 A-350PM Olaf Scholzheading over to DC for Potato meeting tomorrow
Scholz urges China not to arm Russia as U.S. explores sanctions
German Chancellor Olaf Scholz on Thursday urged China not to send weapons to help Russia's war in Ukraine and instead asked Beijing to exert pressure on Moscow to pull back its forces. In a speech to the German parliament, Scholz said it was disappointing that Beijing had refrained from condemning the Russian invasion, though he welcomed its efforts towards nuclear de-escalation. China has denied any intention to arm Russia and one of its senior diplomats told the United Nations on Feb. 23 that "sending weapons will not bring peace" but add "fuel to the fire".
https://www.reuters.com/world/europe/germanys-scholz-china-dont-arm-russia-talk-ukraine-peace-plan-2023-03-02/
German chancellor goes to US feeling strong
>As he departs for Washington, German Chancellor Olaf Scholz
https://www.dw.com/en/german-chancellor-goes-to-us-feeling-strong/a-64865359
and the German AF lubs Porsche model #s for high profile flights-that trend continues-the President and FM (her notsomuch), Fin Min too
Yes they pretty much all are
It's the allowing of actual consequences part that they never have.
They should just get Norway to buy it
kek
They own something like 1.3% of all outstanding equities WW (it's probably lower but that was as last reported)
Big shareholder in Apple too like #8 overall-and lotsa tech stocks
They should branch out help a nigga (northen border n'bor) out I;m sure they'd be amenable to anything by now
kek
>Once one fails it all falls like a house of cards.
Aye…that whole asset/collateral grabbing gonna be nasty when it do
And they aren't expanding that debt at the same rate (they need) now at least WW cause they pretty much stopping the rate hikes-SoKo just did as they had worst deficit ever end of last year.
And Japan..well where to start there-240% Debt vs.GDP or something close to that
kek!
>DeSantis doesn't even have a clue (finance)
he noes moar than the 'typical' politician but still agree the rest are just ijits couldn't balance a personal checkbook with instructions
This is why think they'll wait on CBDC (election) to put it on him (Desantis)
Gonna be the normie-a-thon Newsome vs Desantis in the 2 majors.
They already began setting that up last year with Newsome baiting him on the migrant flights and then muh reparations verbiage cuz first primary is in SC instead of bernieland.
45 won't even be on the ballot imo-mebby as independent
All these witch hunts are designed for that sole purpose (which isn't news to anyone in here)
ty BO
yeah
That what I want to see too-they will try again and again
Knew it was gonna get stolen in early 2020 so made 'adjustments' then.
Ain't no one believed me when saying but they (the few nornie frens I have) certainly came around after it habbened but then it was like "oh I knew it too"
most certainly did not
kek
They were still on the "greatest comeback (overnight) in history" but the 'bump' habbened and over early evening
Was same in 2016 (the shut off) at roughly the same time and then different result
8ead60 (6)