Annual mortgage originations are likely to top $4.1 trillion for the first time ever, as there will be more refinancings this year than total loans produced in 2019, Fannie Mae said. Fannie Mae's latest forecast calls for $2.6 trillion in refinance originations in 2020, along with $1.5 trillion in purchase volume.
(Bloomberg) -- For pound traders who have weathered more than four years of Brexit talks, anything short of a resolution one way or the other by the beginning of November is a distraction.Analysts say that in order for both sides to prepare for new trade terms in 2021, there needs to be at least a broad
(Bloomberg) -- Saudi Aramco will scale back a planned $20 billion crude-to-chemicals plant as it seeks to cut spending and preserve the world's biggest dividend amid a slump in oil and petrochemical prices.Aramco and its subsidiary Saudi Basic Industries Corp. intend to incorporate existing facilities
Welcome to Monday, Europe. Here's the latest news and analysis from Bloomberg Economics to help you start the week.
Detroit received orders from 30 institutional investors for its $80 million high-yield general obligation sale last week, the city's chief financial officer said. The buyers, he said, include repeat purchasers from its 2018 GO deal, the city's first under its own credit since emerging from bankruptcy in 2014.
Melanie Hartzog, director of the New York Mayor's Office of Management and Budget during Bill de Blasio's second term, will become deputy mayor for health and human services, de Blasio said Monday. Jacques Jiha, commissioner of the city's Department of Finance, will succeed Hartzog as budget director.
Morgan Stanley's acquisition gives it access to a shining jewel in Eaton Vance Corp.'s crown: responsible investment manager Calvert Research and Management. Calvert is a leading franchise within the money management industry, said Stephen Tu, New York-based based vice president and senior credit officer in Moody's Investors Service Inc.'s financial institutions group.
October 15, 2020 Mayor Purzycki welcomes the news as the City prepares to sell bonds to fund new capital projects The City of Wilmington has received encouraging financial news as it prepares to go to the bond market next month to borrow funds for major capital projects.
AllianceBernstein L.P.'s AB long-term issuer and commercial paper ratings have been affirmed by Moody's Investors Service at A2 and P-1, respectively. Moreover, the rating outlook is stable for the company. The ratings affirmations are reflective of AllianceBernstein's strong investment franchise backed by its global distribution platform and robust balance sheet.
With corporate bonds still not out of the downgrade woods, an active approach to investment-grade credit could be alluring for income investors. The Principal Investment Grade Corporate Active ETF (NYSEArca: IG) checks that box. IG is an actively managed fund, a potentially beneficial trait at a time when demographic shifts could disrupt traditional corporate bond investing.
Globally, government spending to offset the economic impact of the virus totals $12 trillion, or about 12% of gross domestic product, according to the International Monetary Fund, while the number of sovereign borrowers rated triple A has fallen to 10 to 12, depending on the rating agency, from as many as 19 a decade ago.
TML's underlying credit profile has deteriorated to a level weaker than JLR's, but the ratings remain the same thanks to a one-notch uplift to reflect likely support from parent Tata Sons Limited in times of need.
Moody's said, credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.
Fintech is one of the premier disruptive themes and there are several exchange traded funds devoted to it, but for investors that want exposure to fintech without a 100% commitment, the ALPS Disruptive Technologies ETF (CBOE: DTEC) is an idea to consider. DTEC tracks the Indxx Disruptive Technologies Index, which identifies companies using disruptive technologies [...]
A recent report by Moody's Investor Service says that coastal states and local governments of cities face increased investment risk from rising sea levels as frequent and severe flooding threaten their economies and infrastructure.
Digitization is disrupting myriad industries, including traditional financial services, opening doors to lucrative opportunities with assets such as the ARK Fintech Innovation ETF (NYSEARCA: ARKF) . Whether it's lending, payroll or cashless payments, ARKF components are at the center of a groundswell that's dramatically altering the financial services landscapes, leaving many old guard institutions in the dust.
The government's second round of stimulus will spur consumer spending in the near term but support to economic growth will be minimal, Moody's Investors Service said on Thursday. After a long clamour for fiscal stimulus, the government had on October 12 come up with measures with direct fiscal support to people and states and to generate demand.
PPM Loan Management Company has launched a $350 million, "typical cash-flow CLO transaction" that provides lots of strengths and few challenges in these uncertain times. That's the take of Moody's Investors Service on the deal, backed by noninvestment-grade, broadly syndicated loans and other assets the manager purchases in the primary and secondary markets.
The two active municipal bond insurers wrapped $25.22 billion in the first three quarters of 2020, a 62% surge from the $15.57 billion of deals done in the first nine months of 2019. The industry par amount was achieved in 1,595 deals, up from the 1,227 the same time in the year before.
Credit rating agency Moody's said that the second round of fiscal stimulus measures that the government announced on 12th October will put the country's credit-negative fiscal constraints up to focus and will limit the growth of the economy. Moody's commented on its feelings over the government's decision on October 14.