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DUBAI (Reuters) - A group of creditors plans to oppose the terms of an offer by Dubai-listed Emirates REIT to exchange $400 million in Islamic bonds for new instruments, four sources told Reuters.
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Emirates REIT on Tuesday offered to exchange unsecured sukuk for secured ones as part of a revamp aimed at bolstering the sharia-compliant real estate investment trust’s balance sheet, which has been hit by the coronavirus crisis.
The plan envisages extending the bonds’ maturity to 2024 from 2022, as well as a deferral of coupon payments for a year.
Creditors will be given instead first-ranking mortgage security over certain assets in Dubai and its financial centre with an aggregate value of about $280 million.
The Australian and New Zealand dollars weakened against the greenback on Monday, as investors became cautious and cut down on risk amid worries about increasing coronavirus restrictions in Asia and rising U.S. inflation.
By Reuters Staff
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BANGKOK, May 17 (Reuters) - Thailand’s banking system remained resilient with high capital buffers and liquidity to cushion economic uncertainty, the central bank said on Monday, as the country deals with a third wave of coronavirus infections.
The outbreak, Thailand’s biggest so far, has hit consumption and tourism, prompting a growth outlook downgrade by the state planning agency on Monday.
In the first quarter, overall loans expanded 3.8% from a year earlier, slowing from a 5.1% rise in the previous quarter, as large corporate loan growth moderated following an acceleration in loan usage last year, Suwannee Jatsadasake, a senior director at the Bank of Thailand (BOT), told a briefing.
French 10-yr yields above 0.3% for first time since March 2020 Spain, Portugal yields at highest in Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Adds price action in France, Spain, Portugal, adds comment)
LONDON, May 17 (Reuters) - Italian borrowing costs rose on Monday to the highest in over eight months, leading a selloff across the euro zone on concerns over Italy’s reform path and the possibility that the ECB might slow the pace of its bond-buying stimulus in coming months.
Investors are increasingly pricing the possibility that economic recovery, fuelled by rapid COVID-19 vaccine rollouts could encourage the European Central Bank to slow the pace of its emergency PEPP bond purchases.