Tag: Credit

Cognitive Credit launches US Investment Grade bond coverage

LONDON–(BUSINESS WIRE)–Cognitive Credit, the leading provider of corporate credit data and analytics technology, today announces the launch of a US Investment Grade (IG) license, expanding its global coverage to over 1,750 issuers.

Cognitive Credit launches US Investment Grade bond coverage
CC Logo

This new license includes detailed historical financial data for over 450 investment grade rated USD denominated issuers, with more to be added on an ongoing basis. The US IG coverage list has been developed in partnership with a number of leading buy- and sell-side firms and benchmarked to widely-tracked bond indices.

Following the shift in the interest rate environment through 2022, the iBoxx USD Liquid Investment Grade BBB Index fell almost 20%. Today, yields sit at 10-year highs (6.35%) and the index is flat year-to-date. At the same time, as a beneficiary of the accommodative monetary policy and low rate environment per the prior 15 years, BBB-rated issuance now comprises about half the $5 trillion USD Investment Grade market. Taking both in combination, the requirement for fundamental analysis across the Investment Grade universe has materially increased – and will continue to do so.

How EOR is becoming a crucial tool in 2023
EOR gains importance as companies digitise and hire globally. Learn from industry leaders…Show More
EOR gains importance as companies digitise and hire globally. Learn from industry leaders using EOR with Atlas HXM.Show Less

Sudha Sathiaseelan, Vice President of Data, said: “This new release is a landmark moment for Cognitive Credit. Since 2019, our coverage has grown from 80 issuer models across 1 license to 1,750 issuer models across 4 licenses. Furthermore, our data sets have expanded to include both Geographic and Segmental, as well as KPI operating data. All of this has been made possible by the application of our automated data structuring solution for credit markets.”

Jack Wearne, Vice President of Product and

Exclusive: Credit Suisse to cut 80% of Hong Kong investment bank jobs from this week

HONG KONG, Aug 7 (Reuters) – Around 80% of Hong Kong-based investment banking staff at Credit Suisse will be made redundant starting this week, two people with knowledge of the matter said, as part of the bank’s integration with UBS Group (UBSG.S).

Only about 20 bankers will be spared the cuts that will impact Credit Suisse’s 100-strong investment banking team in the territory, the people said, declining to be identified as discussions on the matter were private.

Hong Kong accounts for Credit Suisse’s biggest share of investment bankers in Asia.

Credit Suisse and UBS declined to comment.

UBS closed a Swiss government-backed deal to buy its troubled peer in June after a series of soured deals sparked an exodus of clients. It has since said it would reduce risk in Credit Suisse’s investment banking operation.

UBS laid off employees from Credit Suisse’s investment bank in New York last week, Reuters reported, citing a source familiar with the situation. UBS has also decided to close Credit Suisse’s office in Houston, the source said.

A pedestrian walks past a logo of Credit Suisse outside its office building in Hong Kong, China March 21, 2023. REUTERS/Lam Yik/File Photo

Market participants expect UBS to provide more detail this month on its integration plans. Its targets and indications from insiders and analysts point to cuts amounting to about a third of the combined group’s global workforce.

Reuters reported in June that UBS was looking to retain over 100 Credit Suisse investment bankers across Asia to shore up talent in markets where the latter has a stronger presence.

Besides Hong Kong, other regional markets in which Credit Suisse has investment bankers include China, Singapore, Vietnam, Australia, South Korea, Thailand and India. Its total investment banking headcount in the region was not immediately known.

As part of

Live news updates from August 1: US credit rating cut, Trump indicted for attempt to overturn US election

Donald Trump indicted for ‘unprecedented’ attempt to overturn US election

© AP

US prosecutors have charged Donald Trump in connection with his attempts to overturn the results of the 2020 election, the second federal indictment brought against the former president in as many months.

Trump was charged with four criminal counts including conspiracy to defraud the US, to obstruct an official proceeding and to threaten individual rights, according to an indictment filed in federal court in Washington on Tuesday.

The indictment from the Department of Justice stems from an investigation led by special counsel Jack Smith into alleged meddling in the results of the 2020 election and attempts to stop the certification of Joe Biden’s victory. The probe has focused on the actions of Trump, as well as his allies and supporters, in the lead-up to the January 6 2021 attack on the US Capitol.

Fitch cuts US credit rating and warns of ‘ fiscal deterioration’

The US’s credit rating has been cut to AA+ from AAA, in an unexpected blow to the world’s biggest economy.

The rating agency said its downgrade “reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.”

The US narrowly avoided a default just weeks ago, with the federal borrowing limit lifted at the eleventh hour after months of tension over spending cuts.

Tinder parent Match Group shares surge on rosy outlook and user growth

© AFP via Getty Images

Tinder parent Match Group’s shares jumped 11.6 per cent in after-market trading after the

Credit history Suisse supporting ultra-wealthy Us citizens evade taxes: Senate panel


Credit history Suisse, the troubled Swiss lender lately acquired by a rival, helped ultrawealthy People disguise hundreds of thousands in assets to evade taxes, violating a 2014 plea arrangement with U.S. authorities, a Senate panel concluded in a report unveiled Wednesday.

The Finance Committee’s conclusions, the end result of a two-12 months investigation, “underscores that these tax cheats normally cover their property with the eager help of bankers at international money establishments,” the report suggests.

The report mentioned Credit rating Suisse transferred a lot more than $100 million tied to a U.S. loved ones with dual citizenship to offshore accounts devoid of notifying the Justice Department, which would violate the plea arrangement. The report says bank employees also “knowingly and willfully” aided Dan Horsky, an American enterprise school professor who in 2016 pleaded guilty in a tax fraud situation, shield $220 million from U.S. tax authorities.

What’s more, the report notes that, a long time soon after the plea agreement, Credit score Suisse disclosed that there have been 23 “potentially undeclared accounts” belonging to U.S. citizens, each individual containing at least $20 million. Us residents hid at minimum $700 million with Credit history Suisse, the report said.

“It could be a lot larger than that,” explained Ryan Carey, Senate Finance Committee spokesman. “We just really don’t have a lot visibility into individuals accounts,” only that they contained at the very least $20 million.

In a assertion, Credit history Suisse said that the report detailed “legacy concerns,” some extending back again a 10 years, and that it has executed protocols intended to root out people today looking for to hide belongings from U.S. tax officials. The lender famous that it has been cooperating with the Senate committee, as properly as the Justice Office, “to tackle

Credit Suisse whistleblowers say bank has been helping Americans dodge U.S. taxes

Senate Finance Committee: Credit Suisse helped Americans commit tax fraud

Credit Suisse, the collapsed Swiss bank taken over by UBS Group in a hastily arranged bailout earlier this month, may bring with it a fresh set of regulatory and legal problems for its new owner.

For years, the bank has provided a safe haven for wealthy American clients to hide assets from the IRS — even after it was caught and prosecuted for doing the same thing more than a decade ago, according two former Credit Suisse bankers who spoke in exclusive interviews with CNBC and are working with the U.S. government as whistleblowers.

related investing news

JPMorgan says more banks could run out of reserves like SVB if pace of this deposit flight continues

The bank notoriously pleaded guilty in 2014 to criminal charges for “knowingly and willfully” helping thousands of U.S. clients conceal their offshore assets and income from the IRS. It admitted at the time that it used sham entities, destroyed account records, and hand delivered cash to American clients to avert IRS detection — agreeing to crack down on U.S. tax dodgers going forward as part of its plea deal. Credit Suisse also agreed at the time to a host of reforms, including disclosing its cross-border activities and cooperating with authorities when they request information, among other things.

The now troubled bank appears to have violated that agreement, according to a new report by the Senate Finance Committee that details ongoing and rampant abuse since then. The report, released Wednesday, details the findings of the panel’s two-year investigation and takes on more urgency given the looming banking crisis. The Swiss National Bank, the country’s central bank, injected more than $100 billion of liquidity into Credit Suisse to keep it afloat earlier this month, while the Swiss government agreed to provide UBS with some $9 billion to backstop losses resulting from the takeover.

‘Still ongoing’

Senate investigators say the new revelations raise questions about

Saudi Countrywide Financial institution loses about $1 billion on Credit history Suisse financial investment

Signage for Credit Suisse Group AG outdoors a creating, which properties the firm’s branch, in Tokyo, Japan, on Monday, March 20, 2023. UBS Team AG agreed to buy Credit history Suisse Team in a historic, authorities-brokered deal aimed at made up of a disaster of self confidence that experienced started to distribute across world economic marketplaces.

Kosuke Okahara | Bloomberg | Getty Visuals

Saudi Countrywide Lender is nursing big losses in the wake of the pressured takeover of Credit rating Suisse by UBS to for $3.2 billion.

Saudi Nationwide Financial institution — Credit history Suisse’s greatest shareholder — confirmed to CNBC on Monday that it experienced been strike with a reduction of close to 80% on its investment.

The Riyadh-primarily based financial institution holds a 9.9% stake in Credit rating Suisse, obtaining invested 1.4 billion Swiss francs ($1.5 billion) in the 167-calendar year-previous Swiss lender in November of last year, at 3.82 francs per share.

Under the terms of the rescue offer, UBS is paying Credit history Suisse shareholders .76 francs per share.

The important low cost will come as regulators attempt to shore up the world wide banking procedure.The scramble for a rescue follows a tumultuous several months which observed the collapse of U.S.-based Silicon Valley Financial institution and shares of 1st Republic Financial institution tank as very well as significant inventory price downturns across the banking sector internationally.

Shares of UBS, Switzerland’s greatest lender, traded down 10.5% at 9:28 a.m. London time (5:28 a.m. ET), while Europe’s banking sector was around 4% decrease. Credit Suisse was down a whopping 62%.

The Saudi National Lender (SNB) headquarters outside of the King Abdullah Financial District Convention Center in the King Abdullah Economical District (KAFD) in Riyadh, Saudi Arabia, on Tuesday, Dec. 6, 2022.

Bloomberg | Bloomberg | Getty Visuals


Investcorp Private Credit Appoints New Co-Head as Expansion of Its Credit Business Continues

NEW YORK, Jan. 23, 2023 /PRNewswire/ — Investcorp, a leading global alternative investment firm, today announced the appointment of Suhail Shaikh as Co-Head of Investcorp’s Private Credit business. Based in New York, Shaikh will co-lead the private credit business alongside current Co-Head, Mike Mauer. Shaikh brings with him approximately $200 million of assets under management and three team members from his previous firm Alcentra, expanding the private credit team to 14 professionals and team-managed assets to approximately $500 million. Current Co-Head, Chris Jansen, will take on an advisory role and retire later this year after ensuring a smooth transition.

Shaikh’s appointment marks the latest in a transformational period for Investcorp’s credit business, which in December announced the acquisition of Marble Point Credit Management LLC, a leading US-based CLO manager. Over its 20-year history, Investcorp Credit Management has emerged as a leading player in the private credit space with its public BDC as well as private debt funds.

“We are pleased with the strong momentum in Investcorp’s private credit business and I want to personally thank Chris for his partnership and all his contributions,” said Mike Mauer. “Over the past months, we have expanded our product base and the addition of Suhail and his team’s expertise will only elevate our underwriting and sourcing capabilities, which will be additive to our platform.”

Shaikh has over a decade of private credit investment experience. He joins from Alcentra, where he led their U.S. Private Credit business. Prior to that, he was a Partner and Senior Investment Professional at SLR Capital Partners (formerly Solar Capital Partners). His credit investing experience was preceded by a career in leveraged finance and advisory investment banking at Bank of America Merrill Lynch, CIBC World Markets and JP Morgan.

“I am thrilled to join