DEUTSCHE BANK NEWS
Muthoot re-taps May bond to raise $100 million
Muthoot Finance raised $100 million from its May bond due 2028, priced at 6.73%, via Deutsche Bank and Standard Chartered. The initial $650 million showed high global interest. Bonds have a 6.73% coupon, now trading at 6.7%. Proceeds for on-lending under RBI guidelines. Post-Fed’s hiking cycle, Indian issuers are exploring overseas markets.
Sebi disposes of proceedings against former Unitech promoters
The market regulator conducted a suo-moto investigation to determine if the Chandra brothers routed funds to the Indian securities market through their UBS AG bank accounts, potentially violating the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) regulations.
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
European Central Bank set to cut rates for the first time since 2019 even as inflation fight continues
All 82 economists polled by Reuters expected the ECB to trim its deposit rate to 3.75% on Thursday from a record 4.0%, in what would be its first cut since 2019. ECB policymakers have clearly telegraphed their intention to lower borrowing costs after seeing inflation in the 20 countries that share the euro fall from more than 10% in late 2022 to just above their 2% target in recent months.
Yield on Goswami Infratech’s Rs. 14,300 Cr NCDs rises from 18.75% to 22%
Goswami Infratech issued rupee-denominated zero-coupon NCDs to investors like Deutsche Bank, backed by group-level monetisation events for debt reduction.
Hindalco shares surge 2% after company arm Novelis files 45 million shares in IPO
Hindalco Share Price: Hindalco's shares surged 2% on the BSE during Wednesday's trading session, reaching a peak of Rs 695 for the day. This rise followed news that its subsidiary, Novelis, had filed to offer 45 million shares in its US initial public offering (IPO), with a price range of $18 to $21 per share.
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Hindalco's Novelis files papers for US IPO, targets up to $12.6 billion valuation
Novelis is offering 45 million shares, and aims to raise $945 million in its US public offer, and has fixed the price band at $18-21 per share.
European shares struggle for direction ahead of ECB's inflation surveys
European shares were subdued as investors awaited inflation surveys for insights on the ECB's monetary policy, with Germany's DAX up 0.2% post a 1.8% fall in April's wholesale prices.
Bearish trades crater fast in Wall Street’s high-momentum rally
Traders are betting against the tech-heavy Nasdaq 100 index, investing heavily in bearish exchange-traded funds (ETFs). However, their bets have not paid off as the index continues to rise, causing these bearish ETFs to plunge. One example is a bearish ETF that has dropped 20% in a month after receiving $500 million in investments at the start of the month. This situation highlights the risks involved in betting against a strong market trend.
Continuum Green Energy eyes funds from two private equity investors at $1-billion valuation
Continuum Green Energy (India) is preparing to raise funds from two global private equity investors, with a valuation estimated at $1 billion, in anticipation of an upcoming initial public offering (IPO). Founded by Arvind Bansal and Vikash Saraf, the renewable energy company has signed a term sheet with Global Environment Fund and UK-based Just Climate to secure $150 million in funding. This investment will establish a valuation benchmark ahead of the IPO.
Muthoot Finance raises $650 million via offshore dollar bonds
The non-banking financial company raised the funds through bonds maturing in three years and nine months at a coupon rate – or rate of interest – of 7.125%. The funds will be used for onward lending and other activities that are allowed under the Reserve Bank of India’s external commercial borrowing guidelines.
Crypto survey shows less consumer scepticism, but a third expect Bitcoin price fall
Deutsche Bank survey indicates evolving consumer sentiment on bitcoin's price, while regulators caution against its risks. Cryptocurrencies are seen as a future asset class, with varied predictions for bitcoin's price by 2024.
ECB keeps rates unchanged with not even a hint of rate cuts
The ECB ended its fastest ever rate-hiking cycle in September but has been adamant that even discussing a reversal would be premature, since price pressures have yet to be fully extinguished and many wage negotiations have yet to conclude.
Health snack brand Epigamia elevates COO Rahul Jain to CEO
Epigamia, a Mumbai-based health snack brand, appoints Rahul Jain as CEO, succeeding Rohan Mirchandani who becomes executive chairman. Ankur Goel is promoted to COO. Jain, an IIT-Bombay and ISB-Hyderabad alum, spearheads business strategy, focusing on FMCG innovation and competitiveness. Previously in finance, he co-launched Doctor Moo before Epigamia. The brand, available across 20,000+ touchpoints in 30+ towns and major retailers like DMart and online platforms including Amazon, Swiggy Instamart, and Big Basket, aims to enhance profitability after strategic cost optimizations.
Jindal Power will not bid to take over airline Go First
India's Jindal Power has decided against bidding for Go First, the insolvent airline, after evaluating its financial statements. The deadline for takeover bids ends on Tuesday, and creditors are not inclined to extend it through an application to the courts. The liquidation of Go First is now the most likely option, as there are no serious bidders.
Go First lenders to challenge move that could let lessors reclaim planes
Go First's lenders plan to challenge the DGCA's interpretation of bankruptcy law changes that could allow lessors to reclaim planes. The DGCA has said the changes will apply retrospectively, indicating relief for the lessors. Lenders fear the value of the grounded airline will deteriorate further if planes are released, diminishing interest from potential bidders and putting recovery of their funds at risk.
Deutsche Bank Q3 profit falls 8%, but more optimistic on revenue
Germany's largest lender was slightly more optimistic on its revenue outlook for the full year. It also promised more share buybacks next year and said it may return more capital to shareholders than it had previously forecast.
Wadia Group stays away from Go First insolvency process
The Wadia Group, former owner of Go First, has not expressed any intention to bid for the grounded Indian airline during the insolvency process, according to sources. Go First filed for bankruptcy in May, citing engine issues as the reason for grounding half its fleet. The absence of the Wadia Group from the process would limit options for creditors seeking qualified investors.
Deutsche Bank seeks to boost Asia financing unit with new roles
Deutsche Bank AG is seeking to bolster its financing business in Asia and is creating new roles in its efforts to boost revenue in the region. Deutsche Bank is also working with a search firm to hire more people for financing roles in the region, the news agency reported citing sources
Adani tests demand for financings that may top $1 billion
The Group is in talks with Barclays, Deutsche Bank and Standard Chartered to borrow between $600 million and $750 million to refinance the debt taken on to finance its purchase of Ambuja Cements
The great M&A slump is shaking up giants of investment banking
Top investment bankers across the industry have been leaving big banks such as Goldman Sachs and Credit Suisse to join smaller rivals. The heightened departures come as hedge funds have cut large portions of their trading commissions. While large banks struggle from economic struggles, global political tensions and low revenue, lower-ranked banks like Deutsche Bank and Santander are seeing a chance to poach top talent.
Volkswagen's efforts to boost valuation stifled by lack of succession plan
The market needs to know who will take over when the octogenerian heads of its controlling shareholder - the Porsche-Piech family clan - retire, according to Deka, Union Investment and DWS, three of the carmaker's top 20 shareholders. The company plans to run a series of capital market days in coming months for each of its brands, which it hopes will boost a valuation in freefall since mid-2021.
DGCA to conduct special audit of Go First before revival plan
DGCA will conduct a special audit of grounded airline Go First's facilities in Delhi and Mumbai from July 4 to 6 to approve the revival plan for resuming flights. The audit will focus on safety aspects, compliance requirements, and physical verification of arrangements for flight resumption. Go First, which halted operations on May 3, is undergoing voluntary insolvency resolution.
Deutsche Bank tells investors some of their Russian shares are missing
Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank.
Adani Group in talks for first major debt refinancing after Hindenburg
Adani Group is in talks with several lenders, including global banks, to refinance a loan facility of up to $3.8bn it had taken for its Ambuja Cements acquisition last year. The Indian conglomerate may convert the original loan into debt with a longer maturity period and has started discussing the plan with banks privately.
Bank of Baroda made provision of Rs 500 cr against GoFirst exposure
Public lender Bank of Baroda's MD & CEO on Tuesday said that a provisioning of Rs 500 cr was made by the bank against its exposure towards cash-strapped airline Go First. The Go First bankruptcy filing lists Central Bank of India Ltd, Bank of Baroda Ltd, IDBI Bank Ltd and Deutsche Bank among its financial creditors, which are owed Rs 6,521 crore ($797.38 million) in total.
Europe equities rebound at open
Investors digested news that US lender First Citizens Bank has agreed to buy all the deposits and loans of collapsed rival Silicon Valley Bank. In initial deals, London's benchmark FTSE 100 index of top companies jumped 1.1 percent to 7,484.36 points compared with Friday's close. In the eurozone, Frankfurt's DAX index leapt 1.4 percent to 15,165.39 points, with Deutsche Bank surging 4.5 percent after slumping Friday.
European stocks fall as Deutsche Bank leads rout in banks
European banks fell 4.5% and were set for their third week of declines, after the failure of U.S. midsized lenders and the turmoil at Credit Suisse highlighted growing risks to banks in the wake of tightening financial conditions.
Adani Group hires banks to hold fixed-income investor calls
Barclays Plc, BNP Paribas SA, DBS Bank Ltd, Deutsche Bank AG, Emirates NBD Capital, ING Groep N.V., MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are organizing the calls
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