Sri Lanka is kicking off an exchange to swap $12.6 billion of its bonds for longer-dated notes as it seeks to complete its dollar-denominated debt restructuring, Bloomberg News reported. Investors in the country’s bonds can tender their holdings for new international bonds with a haircut ranging between 12 cents and 16 cents on the dollar, according to calculations made by Bloomberg and based on a statement sent to bondholders. A creditor committee holding about 40% of the bonds said in a separate press release it supports the offer.
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Resources Per Country
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- Hong Kong
- India
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- New Zealand
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Donald Trump’s new tariff pledges send a clear signal that he wants to rewrite the terms of North America’s free-trade pact and follow through with plans to hit China with tariffs, demonstrating to allies and adversaries alike that he is serious about renewing confrontation over a global trading system that he believes costs the U.S. dearly, the Wall Street Journal reported.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Creditors have recovered around Rs 3.55 lakh crore through resolution of 1,068 cases under the insolvency law till September this year, the government said on Monday. In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Harsh Malhotra also said that a total of 1,963 Corporate Insolvency Resolution Process (CIRP) cases are ongoing and out of them, 1,388 have exceeded the time limit of 270 days, the Economic Times of India reported.
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China’s central bank kept a key policy rate steady in November and drained billions in liquidity from the financial system via a medium-term liquidity management tool, the Wall Street Journal reported. The People’s Bank of China on Monday injected 900 billion yuan of liquidity, or about $124.26 billion, into the banking system via its one-year medium-term lending facility at an unchanged rate of 2.00%. That compared with a total of 1.45 trillion yuan of such loans due this month, representing a net drain of 550 billion yuan in November.
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Japan’s cabinet on Friday approved an economic stimulus package worth more than $140 billion, in Prime Minister Shigeru Ishiba’s latest push to tackle inflation and boost growth after his coalition suffered a bruising electoral defeat last month, the Wall Street Journal reported. The package totaling 21.9 trillion yen, equivalent to $141.71 billion, is aimed at easing rising living costs and promoting business innovation and investment.
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