By Reuters Staff
(Corrects grammar in paragraph 1.)
SHANGHAI, Feb 9 (Reuters) - China’s casino-like convertible bond market is feeling the pressure of regulatory scrutiny and tighter domestic cash conditions, causing bond prices to fall sharply.
Declines in the prices of these bonds, which are hybrid securities with features of both bonds and stocks, have taken the CSI convertible bond index to seven-month lows this week and down nearly 7% in just about two weeks.
Many of the convertible bonds are trading below their 100 yuan ($15.51) par value, reflecting both the drop in the underlying prices of the companies’ stocks as well as worries about default and demand for the bonds.
White House Press Secretary Jen Psaki said on Tuesday that President Joe Biden was open to limiting coronavirus relief by income, and was disinclined to give aid to people who make more than $250,000.
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DUBAI (Reuters) - Dubai’s debts have always been something of a mystery for investors but since the coronavirus pandemic hit its economy, things have got hazier, some say.
FILE PHOTO: View of Burj Khalifa the tallest building from the Business Bay area in Dubai, UAE July 8, 2018. Picture taken July 8, 2018. REUTERS/Satish Kumar
Over the past 12 months, two firms with links to Dubai’s government and its ruler, respectively, have said they would not meet hundreds of millions of dollars’ worth of debt repayments, a rare step in the Middle Eastern business hub, where debts are typically renegotiated and state support is often seen as implicit.
Global stocks rose for the seventh straight day to reach a record high on Tuesday, while bitcoin hit a fresh peak of $48,000, extending gains after an endorsement from Tesla Inc.
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) said on Tuesday it would raise nearly $9 billion from the debt markets to help fund expansion and spend around $178 million to open a Japanese material research subsidiary.