Peru upsizes bond to accept more tenders
NEW YORK, Sept 29 (IFR) - Peru has upsized a 12-year local currency bond after deciding to accept more cash tenders on its latest liability management trade, a banker on the deal told IFR on Thursday.
(Adds details, background, investor reaction)
BEIJING Dec 16 Chinese police said had taken "coercive measures" against suspects at Ezubao, the country's largest online peer-to-peer (P2P) platform by lending figures, which generally means detention.
Police in Beijing, Shanghai, eastern province of Jiangsu and southern province of Guangdong said they had sealed, frozen and seized assets of Ezubao and its linked companies as part of probes into the company, according to postings on their official microblogs late on Wednesday.
"How can we get our money back?" said an investor named 24 in an Ezubao investors' social media group in response to the news. "That's our hard-earned money."
The investigation into Ezubao is the latest case highlighting the growing financial risks, and potential social unrest, linked to China's unregulated P2P industry, which has been dogged by reports of frauds in recent years.
In recent days, Ezubao investors have formed social media groups and attempted to protest in several cities around the country, including Beijing and Shanghai.
Among China's almost 3,800 P2P firms operating in the sector now worth of 133.1 billion yuan ($21 billion), more than 1,200 are in trouble, either running away with investors' money, or closed down, according to industry data provider Wangdaizhijia.
Attempts by Reuters to reach Ezubao by telephone were not answered.
Ezubao's offices in Beijing and Shenzhen were closed by police earlier this month, an investor told Reuters. Last week, state media Xinhua News Agency reported Ezubao is under investigation for suspected illegal business activities.
The P2P lender had lent 70 billion yuan ($11 billion) and counts Bank of China, the country's fourth-biggest lender, as its major creditor, financial magazine Caixin reported. ($1 = 6.4723 Chinese yuan renminbi) (Reporting by Shu Zhang and Matthew Miller; additional reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong and Louise Heavens)
(The following statement was released by the rating agency) NEW YORK, September 29 (Fitch) Fitch Ratings is reducing its 2016 US high yield bond default rate forecast to 5% from 6% and expects the overall 2017 rate to finish at 3%, below the 4.1% historical average. Crude oil prices stabilizing in the mid-$40s that aided the challenged energy sector, coupled with improving conditions in the high yield market, contributed to Fitch lowering this year's expected rate. The YTD default total st
NEW YORK, Sept 29 Assets at the largest hedge funds have dropped sharply, according to a new survey by industry data and news provider Hedge Fund Intelligence.