Issued Debt – HHQH http://hhqh.net/ Tue, 02 Aug 2022 21:21:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hhqh.net/wp-content/uploads/2021/07/icon-2-150x150.png Issued Debt – HHQH http://hhqh.net/ 32 32 Research: Rating Action: Moody’s assigns A1 to City of Long Beach, CA’s Tidelands Revenue Refunding Bonds, Series 2022 https://hhqh.net/research-rating-action-moodys-assigns-a1-to-city-of-long-beach-cas-tidelands-revenue-refunding-bonds-series-2022/ Tue, 02 Aug 2022 21:21:27 +0000 https://hhqh.net/research-rating-action-moodys-assigns-a1-to-city-of-long-beach-cas-tidelands-revenue-refunding-bonds-series-2022/ No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR INDEBTEDNESS-RELATED SECURITIES, AND MATERIALS, PRODUCTS, SERVICES […]]]>


No related data.

© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR INDEBTEDNESS-RELATED SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, THE “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSSES IN CASE OF DEFAULT OR IMPAIRMENT. SEE THE APPLICABLE PUBLICATION OF MOODY’S RATINGS SYMBOLS AND DEFINITIONS FOR MORE INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS COVERED BY MOODY’S CREDIT RATINGS. THE CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT RATINGS (“RATINGS”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACTS. MOODY’S PUBLICATIONS MAY ALSO INCLUDE MODEL-BASED QUANTITATIVE ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE AND DO NOT PROVIDE ANY RECOMMENDATION TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE CARE AND UNDERSTANDING THAT EACH INVESTOR WILL CAREFULLY MAKE HIS OWN RESEARCH AND EVALUATION OF EACH SECURITY THAT IS CONSIDERED FOR PURCHASE, HOLDING OR SALE.

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Imo Rejects Innoson’s N2.5 Billion Claim, Says It’s Blackmail | The Guardian Nigeria News https://hhqh.net/imo-rejects-innosons-n2-5-billion-claim-says-its-blackmail-the-guardian-nigeria-news/ Mon, 01 Aug 2022 04:00:00 +0000 https://hhqh.net/imo-rejects-innosons-n2-5-billion-claim-says-its-blackmail-the-guardian-nigeria-news/ The Imo state government has responded to Innoson Motors’ management of claims of N2.5 billion against it, describing it as “mischievous, half-truths and blackmail” against the government. This was contained in a statement released yesterday by State Information and Strategy Commissioner Declan Emelumba. Innoson Motors management released a statement over the weekend, revealing that it […]]]>

The Imo state government has responded to Innoson Motors’ management of claims of N2.5 billion against it, describing it as “mischievous, half-truths and blackmail” against the government.

This was contained in a statement released yesterday by State Information and Strategy Commissioner Declan Emelumba.

Innoson Motors management released a statement over the weekend, revealing that it had sued the state government over its alleged failure to pay it N2.5 billion, the amount incurred. by the government for the purchase of company vehicles. .

In response to the claim, the state government said it was waiting for legal proceedings to be served, stating: “The Imo government has described, as nasty and cheap blackmail, the assertion of Innoson Motors that it owes the company N2.5 billion being the cost of vehicles it supplied to him a few months ago, insisting that the company’s claims are half-truths, intended to denigrate the integrity of the state government for ulterior motives He said debt service had been ongoing since he purchased the items.

To set the record straight, the statement claimed that the state government purchased the vehicles for over N5 billion, revealing that N3.5 billion had been paid, with 2, 5 billion naira resulting in the balance of the original value. The statement therefore condemned the company’s handling of the case.

He said: “Contrary to Innoson Motors’ claim, the said N2.5 billion is actually the balance of the original purchase value. Innoson Motors, for reasons well known to the company, decided to hide this fact from the public.

The statement alleged that it was the company that allegedly continued to violate the contractual agreement.

“There is a clause in the purchase contract stipulating the establishment of a maintenance workshop in Owerri, as well as a mobile workshop for vehicle maintenance. Although the company violated this agreement, the state government serviced the debt and still maintained the vehicles, revealing that more than 70% of the vehicles are already broken down.

The statement argued that it was wrong to engage in a media lawsuit: “It appears that the company wants to smear the integrity of Imo’s government; otherwise, he would not have misrepresented the facts of the case and published them regarding this honest business transaction, even if he did not show the public the terms of the contract and the clauses that the government violated in it. All this smacks of malice and bad faith.

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IMF Managing Director Welcomes Statement by Zambia’s Creditors’ Committee Under Common Debt Framework https://hhqh.net/imf-managing-director-welcomes-statement-by-zambias-creditors-committee-under-common-debt-framework/ Sat, 30 Jul 2022 12:48:00 +0000 https://hhqh.net/imf-managing-director-welcomes-statement-by-zambias-creditors-committee-under-common-debt-framework/ Following the July 30 statement issued by Zambia’s Committee of Creditors under the Common Framework for Debt Treatment Beyond the DSSI, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), released the following statement: “I am very pleased to welcome the statement issued on July 30 by the Committee of Official Creditors of […]]]>

Following the July 30 statement issued by Zambia’s Committee of Creditors under the Common Framework for Debt Treatment Beyond the DSSI, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), released the following statement:

“I am very pleased to welcome the statement issued on July 30 by the Committee of Official Creditors of Zambia. The Committee of Official Creditors’ support for Zambia’s envisaged IMF-supported terms of the debt restructuring, provide the IMF with formal financing assurances. I strongly endorse the call by the Committee of Official Creditors for private creditors and other official bilateral creditors to commit to comparable debt treatments.

“The provision of these financing assurances will enable the IMF Executive Board to consider approval of an IMF-supported program for Zambia and unlock much-needed financing from Zambia’s development partners. [1]

“I would like to thank the members of the Creditors’ Committee for their work on Zambia’s request for debt treatment. It shows that progress is being made in implementing the G20 Common Framework and acknowledges the Zambian authorities’ significant reform efforts to restore macroeconomic stability and foster higher, more resilient and inclusive growth. This support for the G20 Common Framework demonstrates that international partners are coming together to help countries resolve their debt problems, sending a strong signal to other countries seeking to restore debt sustainability, achieve sustainable growth and to reduce poverty.

[1] On December 3, 2021, IMF staff reached a staff-level agreement with the Zambian authorities on a new arrangement under the Extended Credit Facility (ECF) for 2022-2025 in the amount of approximately 980 million of SDRs, or about $1.3 billion.

/Public release. This material from the original organization/authors may be ad hoc in nature, edited for clarity, style and length. The views and opinions expressed are those of the author or authors.View Full here.

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China’s Joyvio buys Unit’s Chilean salmon joint venture to reduce debt https://hhqh.net/chinas-joyvio-buys-units-chilean-salmon-joint-venture-to-reduce-debt/ Thu, 28 Jul 2022 13:13:12 +0000 https://hhqh.net/chinas-joyvio-buys-units-chilean-salmon-joint-venture-to-reduce-debt/ (Yicai Global) July 28 — Joyvio Group buys $62.5 million in bonds issued by a joint venture created by its seafood distribution subsidiary Joyvio Food to take control of a Chilean salmon company . The Chinese fruit retailer will then convert the bonds into shares to help improve the unit’s financial situation. Fresh Investment was […]]]>

(Yicai Global) July 28 — Joyvio Group buys $62.5 million in bonds issued by a joint venture created by its seafood distribution subsidiary Joyvio Food to take control of a Chilean salmon company . The Chinese fruit retailer will then convert the bonds into shares to help improve the unit’s financial situation.

Fresh Investment was formed by Joyvio Food and investment firm Cangyuan Investment in March 2019 when it acquired Chilean Australis Seafoods, one of the top 10 salmon farms in the world. Joyvio Food owns an 80.62% stake in Fresh and Cangyuan Investment the rest.

At the time, to help with the acquisition of Santiago-based Australis, Cangyuan purchased $125 million worth of convertible bonds issued by Fresh with a five-year term. Joyvio Group, based in Changde, central Hunan Province, is now buying half, so they each own half of Fresh’s convertible bonds.

Joyvio Group will convert the bonds into shares to reduce Joyvio Food’s debt ratio and improve its capital composition, Joyvio Food said yesterday. The move indicates that Joyvio Group is confident about the profitability of Australia Seafood as the salmon market has made a comeback since last year, it added.

The value of Chilean fish exports jumped 34% in the second quarter from the same period last year to $1.5 billion, according to the Chilean Salmon Council. And the export volume increased by 2.7% to 162,300 tons.

Editor: Kim Taylor

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Dangote Industries Boosts Nigerian Debt Market Activities https://hhqh.net/dangote-industries-boosts-nigerian-debt-market-activities/ Tue, 26 Jul 2022 10:26:54 +0000 https://hhqh.net/dangote-industries-boosts-nigerian-debt-market-activities/ Activity in the domestic debt market increased as companies continued to take advantage of relatively low market yields to fund, among other things, business expansion. Dangote Industries Limited has looked in this direction by deepening the Nigerian debt market by successfully issuing its N187.6 billion Series 1 bond issue, which is the largest corporate bond […]]]>

Activity in the domestic debt market increased as companies continued to take advantage of relatively low market yields to fund, among other things, business expansion. Dangote Industries Limited has looked in this direction by deepening the Nigerian debt market by successfully issuing its N187.6 billion Series 1 bond issue, which is the largest corporate bond ever issued in the history of the market. Nigerian capital.

Debt market, bond market, fixed income market or credit market is the collective name given to all transactions and issuances of debt securities. Governments typically issue bonds in order to raise capital to repay debts or finance infrastructure improvements. Publicly listed companies issue bonds when they need to fund business expansion projects or maintain ongoing operations.

A bond works like a loan between an investor and a company. The investor agrees to give the company a certain amount of money for a specific period of time. In exchange, the investor receives periodic interest payments. When the bond matures, the company repays the investor.

The bond issue included seven-year Tranche A and 10-year Tranche B bonds. Seven-year Tranche A bonds priced at 12.75% and 10-year Tranche B bonds priced at 13.50%. The bond issue attracted participation from a wide range of institutional investors, including pension funds and asset managers, backed by an AA+ rating from GCR and an AA(ngr) rating from Fitch.

The bonds will be listed on the Nigerian Exchange Limited (NGX) and the FMDQ Securities Exchange Limited (FMDQ).
The high level of subscription is an indication of investors’ confidence in Dangote Industries’ position as the largest and most diversified industrial conglomerate in West Africa, its strong management team, its business strategy and its credit profile. The sponsor will use the proceeds from the bond issue to partially fund the Dangote Oil Refinery Project.
Speaking on the landmark issue recently at the signing ceremony, Managing Director of Dangote Industries, Mr. Olakunle Alake expressed his delight at the remarkable success of the bond issue and thanked the issuing houses and the other professional parties for working tirelessly to ensure timely delivery. and the success of the bond issue.
According to Alake, we are very pleased with the level of reception from the investor universe to the Series I bond issuance and to have reached this remarkable milestone, showcasing the depth and liquidity of the capital market of Nigerian loan.
“The success of this transaction demonstrates once again the confidence of investors in our credit history and the appreciation of the work carried out by the Group in several key sectors which are crucial for the development of the continent.
“The proceeds from this historic transaction will be used to part-finance the Dangote Oil Refinery Project, which is the Group’s initiative to establish the largest refinery in Africa, thereby positioning Nigeria as a net exporter of crude oil. refined. We appreciate the trust placed in us by our investors, as well as our various advisors and stakeholders.
Managing Director/Managing Director of Vetiva Capital Management Limited, Chuka Eseka, said: “Vetiva is delighted to have acted as lead issuer/bookrunner on the Series 1 bond issue, which represents the largest single bond issue by a company in the Nigerian capital market.
“This impressive exit from DIL demonstrates investor confidence in the Company and the game-changing potential of the project which will be funded by the proceeds of the bond issue. We thank the Board of Directors and management of Dangote Industries for placing their trust in us and other professional parties on this historic transaction and for giving us the opportunity to deploy our capital raising expertise on the show.
Speaking about the transaction’s Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa of Standard Chartered, Mr. Olukorede Adenowo, noted that “On behalf of the issuing houses, we are proud to have led this historic transaction which reflects the strong credit quality of the issuer as well as the resilience of the Nigerian domestic debt capital markets, despite the current global market volatility.
“We thank the Dangote Group Board and Management for striving to continuously develop the domestic debt capital markets and for setting records through its various issuances, both at subsidiary and corporate level. at group level. We also thank the Securities & Exchange Commission (SEC), Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited for their continued support throughout this process.
Executive Director, Debt Capital Markets, Amaka Nsofor, emphasized that “We are very pleased with this remarkable achievement. In line with our mandate, we will continue to work with our clients across Africa to realize their growth aspirations and use our leadership position in the capital market to drive development on the continent.
Standard Chartered Capital & Advisory Nigeria Limited acted as lead issuing house and bookrunner for the transaction, while Vetiva Capital, Meristem Capital, Stanbic IBTC Capital, Absa Capital Markets, Afrinvest Capital, Coronation Merchant Bank, Ecobank Development Company, FBNQuest Merchant Bank, FCMB Capital Markets, Greenwich Merchant Bank, Quantum Zenith Capital, Rand Merchant Bank Nigeria and United Capital acted as joint issuing houses.
Dangote Industries is one of the leading diversified and fully integrated conglomerates with operations in Nigeria and Africa across a wide range of industries including cement, sugar, salt, condiments, packaging, energy, fertilizers and petrochemicals. Its core business is to provide local value-added products and services that meet the “basic needs” of the African population through the construction and operation of large-scale manufacturing facilities in Nigeria and throughout the country. ‘Africa. DIL focuses on building local manufacturing capacity to create jobs, reduce capital flight from Africa and increase local value addition.
The Group has 11 separate business segments, with the cement, sugar and salt businesses currently contributing the majority of the group’s profits. These subsidiaries are industry-leading players with strong brand values, underpinned by long operational experience, a diverse customer base, continuous investments in capacity expansion and control of their respective value chains. DIL also has two project companies, Dangote Oil Refinery Company Limited (DORC) and Dangote Fertilizer Limited (DFL), located in the Lekki Free Zone in Lagos State, which (together with DIL) will serve as joint debtors under the the offer. DORC is a 650,000 barrel per day (bpd) integrated crude oil refinery and petrochemical plant, expected to be Africa’s largest oil refinery, while DFL is expected to be Africa’s largest oil manufacturing plant. granulated urea fertilizer from Africa, with a production capacity of up to 2.8 Mtpa.

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Debt-ridden sales manager stabs owner 91 times; In custody | Bangalore News https://hhqh.net/debt-ridden-sales-manager-stabs-owner-91-times-in-custody-bangalore-news/ Sun, 24 Jul 2022 21:41:00 +0000 https://hhqh.net/debt-ridden-sales-manager-stabs-owner-91-times-in-custody-bangalore-news/ Bengaluru: A 29-year-old private company sales manager who had lost hundreds of thousands of rupees on the stock market has been arrested for the alleged murder of his 75-year-old landlady. Her post-mortem report revealed that she had been stabbed 91 times.CK Achchukattu police arrested Jaikishan BS Saturday for the murder of Yashodamma 2nd of July. […]]]>
Bengaluru: A 29-year-old private company sales manager who had lost hundreds of thousands of rupees on the stock market has been arrested for the alleged murder of his 75-year-old landlady. Her post-mortem report revealed that she had been stabbed 91 times.
CK Achchukattu police arrested Jaikishan BS Saturday for the murder of Yashodamma 2nd of July.

Jaikishan lived on the second floor of the residential building owned by Yashodamma’s son, Raju, in Vinayakanagar, Banashankari I Stage.
According to the police, Jaikishan, who holds a business degree, had tried to make money on the stock market and invested in online trading platforms. Having lost hundreds of thousands of rupees, he was forced to borrow over 12 million rupees from his friends and acquaintances. “He was in a financial crisis as many of them had started demanding their money back. He had even borrowed a little over Rs 50,000 from Yashodamma. He knew she had a gold chain and four bracelets and hatched the murder plan to steal them,” a police officer said.
Yashodamma lived alone in an adjoining single room with a parking space on the ground floor. Raju lives with his wife and children in a separate house at Banashankari III Stage. “Jaikishan entered Yashodamma’s room early in the morning of July 2 and stabbed her to death. There were 91 stab wounds to his body,” the officer added.
More than 100 people interviewed
Raju learned of the attack on his mother at 9:30 a.m. on July 2. “Jaikishan had called him and informed him,” police said. Raju then rushed to the scene and found his mother lying unconscious in a pool of blood. At that time, Jaikishan called for an ambulance, which arrived. They rushed Yashodamma to a nearby hospital, where doctors pronounced her dead.
Deputy Police Commissioner (South) P Krishnakath formed a task force led by police inspectors Jandrdhan PR and Rakchith AKwho interviewed more than 100 suspects.
Police initially did not suspect Jaikishan as he was seen with the family of the deceased and was even in contact with some staff. He had claimed to have health problems. He was, however, later interrogated for details of when he last saw Yashodamma, among other things. His answers differed from the details he gave shortly after the murder came to light. This prompted the police to keep him under observation, leading them to reports that he had recently promised gold.
Another investigation confirmed that the gold belonged to Yashodamma.

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Under the proposal, more non-tenured faculty members would be eligible for loan forgiveness. Here’s how. https://hhqh.net/under-the-proposal-more-non-tenured-faculty-members-would-be-eligible-for-loan-forgiveness-heres-how/ Fri, 22 Jul 2022 22:56:26 +0000 https://hhqh.net/under-the-proposal-more-non-tenured-faculty-members-would-be-eligible-for-loan-forgiveness-heres-how/ More contingent faculty members would be eligible to have their federal student loans forgiven under the Biden administration’s proposed changes to the civil service loan forgiveness program. The federal program, which provides student loan forgiveness to public service employees who have made loan repayments for at least 10 years, has been widely criticized as overly […]]]>

More contingent faculty members would be eligible to have their federal student loans forgiven under the Biden administration’s proposed changes to the civil service loan forgiveness program. The federal program, which provides student loan forgiveness to public service employees who have made loan repayments for at least 10 years, has been widely criticized as overly complex and poorly administered, with very few borrowers managing to make cancel their debt.

If approved, a change would allow contingent faculty members — part-time and full-time instructors not on the tenure track, including adjuncts — to qualify for the program by working at least 30 hours per week for qualified employers, including public and nonprofit colleges. Currently, employers may define full-time work differently; the proposed change would not affect the definitions of employers for purposes other than the Loan Forgiveness Program.

Another proposed change is intended to help the many contingent faculty members who are paid based on the number of credits they teach. Under this change, instructors could convert credit hours taught to total hours worked by multiplying the number of credit hours by 3.35; the change would recognize that one hour of classroom instruction requires additional work, such as prep time, office hours, meetings, and training.

“This is really going to help a lot of families,” said Winston Berkman-Breen, deputy director of advocacy and policy advice at the Student Borrower Protection Center, a national nonprofit group focused on easing the burden of loan debt. student.

A report published this year by the American Federation of Teachers, based on a survey conducted in 2020, painted a grim picture of the lives of the growing number of contingent faculty members nationwide. A quarter of respondents said they made less than $25,000 a year, and only one in five said they could comfortably cover basic monthly expenses. Almost half said they struggled with job security, saying they didn’t know until a month before the start of a school year if they would get a teaching job. According to the AFT, 75% of faculty members are not eligible for tenure and 47% hold part-time positions.

Proposed changes to the Civil Service Loan Forgiveness Program echo state laws in California, Oregonand Washington that determine how faculty members can calculate total hours worked based on classroom teaching hours. A similar bill was passed New Yorkthe Legislative Assembly and awaits the Governor’s signature.

Student loans are one of the real burdens of auxiliary living, auxiliary work, which is inherently underpaid work and not recognized as full-time work for the purposes of job security or social advantages.

Changes to reflect the time faculty members spend working outside the classroom would be “incredibly significant,” said Rosa Squillacote, vice president for part-time employees at the Professional Staff Congress, the union faculty and staff from the City University of New York. . “Anecdotally, student loans are one of the real burdens of auxiliary living, auxiliary work, which is inherently underpaid work and not recognized as full-time work for the purposes of job security or benefits,” she said.

Squillacote, who worked at CUNY’s Hunter College and John Jay College of Criminal Justice for 10 years, teaching full-time about half that time, said qualifying for the loan forgiveness program would give him a realistic way to repay the $200,000 in student loans she accumulated while attending law school. “This relief, in my view, doesn’t go far enough, but it really needs intervention or support for a whole generation of people who have lived in this financially precarious life literally forever,” Squillacote said.

Daniel A. Collier, assistant professor of higher education and adult education at the University of Memphis, said he was supportive of the proposed changes, which he said would help clarify and simplify the curriculum. loan relief. But he also questioned whether the changes might encourage administrators “to use deputies more and not replenish the lines leading to tenure.”

“If we see the assistant pool opening up,” Collier asked, “why should an administrator replenish teaching roles with tenure-track professors, which cost a lot more money?”

Election implications

In addition to these changes to the Civil Service Loan Forgiveness Scheme, the Department of Education has proposed allowing more types of payments as well as certain types of deferments and forbearances to qualify for the scheme. . The ministry has also proposed creating a formal reconsideration process for borrowers whose applications are denied.

The changes are among several that the Biden administration unveiled this month to pave the way for loan forgiveness for borrowers in a number of different categories. The department is in the midst of a 30-day comment period on the proposals and expects to release the final rules this fall that would take effect next July.

Under President Biden, the department has taken a targeted approach to expanding student loan forgiveness. So far, he has approved the cancellation of approximately $26 billion in federal student loan debt for more than 1.3 million borrowers, including borrowers who attended the now-defunct Corinthian Colleges and those with permanent status. disabled.

But during the 2020 election campaign, Biden pledged to tackle student loan forgiveness more broadly, pledging to to cancel at least $10,000 in debt for each federal student loan borrower and promising to to forgive undergraduate tuition debt incurred at public colleges and universities, historically black colleges and universities, and other minority-serving institutions for those earning up to $125,000 per year. Right-wing critics have argued that universal loan forgiveness would be unfair to those who have not attended college, taken out student loans or have already repaid them. Some on the left argued either that universal loan forgiveness wouldn’t focus on helping those who need help the most, or that a $10,000 forgiveness wouldn’t go far enough. Some have expressed concerns that canceling student debt could worsen inflation.

Meanwhile, those with federal student loans are anxiously awaiting a decision on whether payments, which have been suspended since the start of the pandemic, will resume on September 1, as scheduled, or whether the pause can be extended to new. Furthermore previous The expansion of the civil service loan forgiveness program is due to expire on October 31. With both dates falling so close to the midterm elections, any decision on student debt will be closely watched for its political impact.

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Research: Rating Action: Moody’s assigns an A1 senior unsecured bond rating to NTT Finance https://hhqh.net/research-rating-action-moodys-assigns-an-a1-senior-unsecured-bond-rating-to-ntt-finance/ Thu, 21 Jul 2022 05:35:45 +0000 https://hhqh.net/research-rating-action-moodys-assigns-an-a1-senior-unsecured-bond-rating-to-ntt-finance/ No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS OR INDEBTEDNESS OR SECURITIES ASSOCIATED WITH […]]]>


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Debt securities outstanding reached P8.77T in June https://hhqh.net/debt-securities-outstanding-reached-p8-77t-in-june/ Sun, 17 Jul 2022 20:20:00 +0000 https://hhqh.net/debt-securities-outstanding-reached-p8-77t-in-june/ The stock of government securities, which account for the bulk of the country’s outstanding debt, hit a new high of 8.77 trillion pesos at the end of the first half of 2022. With sustained domestic borrowing even amid rising interest rates, the nominal amount of treasury bills and bonds issued at the end of June […]]]>

The stock of government securities, which account for the bulk of the country’s outstanding debt, hit a new high of 8.77 trillion pesos at the end of the first half of 2022.

With sustained domestic borrowing even amid rising interest rates, the nominal amount of treasury bills and bonds issued at the end of June rose from 8.67 trillion pesos in May, according to data from the Treasury Office ( BTr).

And with local creditors preferring longer maturities in times of uncertainty, exacerbated by the Russia-Ukraine crisis and aggressive tightening by central banks around the world, the stock of fixed-rate Treasuries soared further to 8, 22 trillion pesos in June, compared to 8.13 trillion pesos per year. a month ago.

Outstanding short-term treasury bills also increased to 544.2 billion pesos from 536.7 billion pesos a month ago.

Higher yields

Outstanding IOUs will rise again this month, as the BTr would borrow 200 billion pesos – 60 billion pesos in treasury bills and 140 billion pesos – in the domestic debt market.

Following Bangko Sentral ng Pilipinas’ off-cycle decision to raise the policy rate by 75 basis points to 3.25%, the BTr expects government-eligible brokers to demand higher yields.

The national government will borrow a total of 2.2 trillion pesos this year, of which 75% or 1.65 trillion pesos would be raised through the issuance of BTr debt securities. The Philippines prefers to source most of its borrowing locally to take advantage of a liquid financial system and to mitigate exchange rate risks.

Record P13.4T debt

The rest of the 560.6 billion pesos to be borrowed in 2022 will come from foreign sources, including concessional or low-interest official development assistance loans from bilateral and multilateral lenders and commercial fundraising through offshore bond issues.

Borrowing will also increase the stock of national government debt to a record high of 13.4 trillion pesos by the end of 2022. With economic growth projected at a slightly slower pace of 6.5% to 7.5 % vs. 7% to 8% previously, the debt-to-gross domestic product (GDP) ratio will end 2022 at 61.8%, up from the 16-year high of 60.5. percent last year.

For the years 2023 to 2028, the Marcos administration plans to raise 80% of its annual funding from local creditors. A more ambitious GDP growth target of 6.5% to 8% per year would gradually reduce the public debt ratio to 52.5% by 2028. INQ

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Gigantic BSP rate hike to drive up local debt yields https://hhqh.net/gigantic-bsp-rate-hike-to-drive-up-local-debt-yields/ Fri, 15 Jul 2022 21:20:00 +0000 https://hhqh.net/gigantic-bsp-rate-hike-to-drive-up-local-debt-yields/ The off-cycle and oversized rise in Bangko Sentral ng Pilipinas (BSP) interest rates will increase yields on domestic government borrowing while reducing external debt service. “For future issues [of T-bills and bonds], expect rates to rise,” National Treasurer Rosalia de Leon said Friday. Bid rates from government-eligible brokers or local lenders, including banks, had risen […]]]>

The off-cycle and oversized rise in Bangko Sentral ng Pilipinas (BSP) interest rates will increase yields on domestic government borrowing while reducing external debt service.

“For future issues [of T-bills and bonds], expect rates to rise,” National Treasurer Rosalia de Leon said Friday. Bid rates from government-eligible brokers or local lenders, including banks, had risen on jitters about aggressive central bank tightening to stop high global inflation.

For outstanding government securities issued locally, De Leon said the BSP’s decision to raise the key bank lending rate by 75 basis points to 3.25% last Thursday will not affect debt servicing as those these had fixed term rates.

About 70% of the national government’s outstanding debts were denominated in pesos, De Leon noted. Of the 12.5 trillion pesos of bonds outstanding at the end of May, 8.6 trillion pesos were denominated in the national currency.

On the positive side, De Leon said the latest surprise rate hike has reduced pressures on the peso, easing currency risks in the country’s external debts. Note that the weaker peso in May, for example, added a total of 15.04 billion pesos in foreign exchange adjustments to the stock of external debt.

Former BSP Deputy Governor Diwa Guinigundo said last Thursday that “while the policy rate adjustment sends a market signal in the right direction for interest rates, it should not necessarily immediately translate into a higher debt service” because “everything will depend on the relative demand for the government”. debt instruments and the need for public spending.

“It is time for the BSP to focus on stabilizing inflation and the exchange rate, as both would also affect market rates. Uncertainty about the direction of policy when inflation hits historic highs and the peso misbehaves could also drive up interest rates and, therefore, debt service costs,” he said. said Guinigundo.

Budget documents had shown that the national government would settle a record 1.3 trillion pesos in debt this year, including 785.2 billion pesos for principal amortization and 512.6 billion pesos for interest.

The government will borrow a total of 2.2 trillion pesos this year, of which three quarters or 1.65 trillion pesos will be locally sourced through the issuance of treasury bills and bonds.

For the period 2023 to 2028, the Marcos Jr. administration plans to raise 80% of its borrowing needs in the domestic debt market to reduce currency risks, Finance Secretary Benjamin Diokno said last week. .

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