Ethiopia becomes Africa’s latest sovereign default
LONDON (Reuters) – Ethiopia became Africa’s third default in as many years on Tuesday after it failed to make a $33 million “coupon” payment on its only international government bond. Africa’s second…
‘A False Dilemma’: GOP Presidential Hopefuls Weigh In On The Debt Ceiling Debate As Default Looms
‘A False Dilemma’: GOP Presidential Hopefuls Weigh In On The Debt Ceiling Debate As Default Looms Mary Lou Masters on May 10, 2023 As debt limit negotiations ensue between President Joe Biden…
S&P says El Salvador’s debt exchange constituted default
(Reuters) – Ratings agency S&P on Tuesday said a pension debt exchange by El Salvador in April constituted a default event, but added that the new terms of the exchange also cured…
Would Fed’s Powell go full ‘loathsome’ to buffer against a debt default?
By Howard Schneider WASHINGTON (Reuters) – Federal Reserve Chair Jerome Powell, asked on Wednesday about what the Fed would do in the event of a U.S. debt default, repeated the mantra of…
U.S. Treasury official says June 1 default scenario is ‘best estimate’ but variable
WASHINGTON (Reuters) – The U.S. Treasury’s estimate that it could run short of cash to satisfy all U.S. payment obligations as early as June 1 is its “best estimate” based on recent…
S&P cuts First Republic’s credit rating, says default a ‘virtual certainty’
(Reuters) – S&P Global on Tuesday slashed First Republic Bank’s credit rating deeper into junk territory after California banking regulators seized the U.S. lender and sold its assets. S&P cut its rating…
Explainer: How the Fed might act in a US default
(Reuters) – Federal Reserve Chair Jerome Powell at his press conference on Wednesday is likely to get asked – again – what contingencies he plans for in the event of a U.S.…
Oil slumps 5% to five-week low amid US debt default fears
By Scott DiSavino NEW YORK (Reuters) -Oil prices sank about 5% to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default…
US debt ceiling technical default seen at 2%-3%, says Summers
By Davide Barbuscia CHICAGO (Reuters) – Former U.S. Treasury Secretary Lawrence Summers said the odds that the U.S. government could face a technical debt default due to legislation around its borrowing limit…
U.S. five-year credit default swaps hit new 2011 high
LONDON (Reuters) – The cost of insuring exposure to United States sovereign debt rose to its highest since 2011 on Wednesday, driven up by unease that the government could hit its debt…
US 5-year credit default swaps rise to highest since 2011
(Reuters) – The cost of insuring exposure to United States sovereign debt rose to the highest level since 2011 on Friday, over market jitters that the government could hit its debt ceiling…
JPMorgan sees “non-trivial risk” of a technical default on U.S. Treasuries as debt ceiling looms
LONDON (Reuters) – JPMorgan expects the U.S. debt ceiling to become an issue as early as next month with the Wall Street bank ascribing a “non-trivial risk” of a technical default on…
ECB’s Centeno says mortgage default risk in Portugal is low
By Sergio Goncalves LISBON (Reuters) – The risk of default on mortgages in Portugal is low despite the steep rise in interest rates by the European Central Bank (ECB) because there are…
S&P sees corp high-yield default rate doubling by year end
(Reuters) – S&P Global Ratings Credit Research & Insights said on Wednesday that it expects the U.S. trailing 12-month speculative-grade corporate default rate to reach 4% by December, more than double the…
Argentina swaps $21.7 billion in domestic debt, dimming default risk
BUENOS AIRES (Reuters) – Argentina has swapped 4.34 trillion pesos ($21.66 billion) in domestic debt, amounting to around 64% of loans due to mature through June and helping to ease near-term fears…
U.S. default would cause job, benefits losses, Yellen tells counties
By David Lawder WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen warned county leaders on Tuesday that their residents could lose jobs and federal benefit payments if Congress allows the United States…
Fed’s Powell: No one should assume Fed can protect economy in debt default
(Reuters) – Congress lifting the debt ceiling is the “only way forward” to allow the federal government to meet its obligations and no one should expect the Federal Reserve to be able…
U.S. corporate default rate to rise in 2023 -Moody’s
By Matt Tracy (Reuters) – Moody’s Investors Service expects the U.S. corporate debt default rate to accelerate to nearly 6% by year-end from 2% in 2022, it said in a report on…
White House: Americans should expect Congress to make sure debt default is avoided
ABOARD AIR FORCE ONE (Reuters) – The White House said Americans should expect Congress to make sure a looming debt default is avoided after the U.S. government hit its $31.4 trillion borrowing…
Kenya will not default on its debt payments -President Ruto
NAIROBI (Reuters) – Kenya will not default on its debt and plans to ramp up tax collection in the next two years, President William Ruto said on Wednesday. Ruto’s government, which took…
S&P warns of possible trebling of U.S., European default rates
LONDON (Reuters) – Credit rating firm S&P Global has warned that speculative-grade U.S. and European corporate default rates are likely to double and might even treble next year as rising borrowing costs…
Credit default ratio in Brazil hits highest in almost 4 years
BRASILIA (Reuters) – A broad measure of Brazilian consumer and business credit default ratios rose in October to its highest level in almost four years, central bank data showed on Monday, amid…
UBS credit default swaps hit decade high after Credit Suisse blow out
LONDON (Reuters) – The cost of insuring exposure to debt issued by Swiss lender UBS rose to a decade high on Monday after peer Credit Suisse was caught in the market spotlight…
UK credit default swaps hit fresh 27 month high
LONDON (Reuters) – The cost of insuring exposure to Britain’s sovereign debt rose by 2 basis points on Wednesday, hitting levels last seen in June 2020 when markets were recovering from the…
Fund managers shun China property bonds on default risks
By Patturaja Murugaboopathy and Gaurav Dogra (Reuters) – Fund managers are cutting their holdings in Chinese property bonds by half or even more as the sector lurches from crisis to crisis and…
S&P pushes Sri Lankan bonds deeper into junk territory with ‘default’ rating
(Reuters) – Global ratings agency S&P Global on Monday slashed its rating on Sri Lankan bonds to ‘D’, representing default, following missed interest and principal payments. The South Asian nation, which had…
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