Bond Investor Revolt Brews Over Bogus Green Debt Flooding Market, How Bill Hwang’s Archegos Blindsided Global Banks, PayPal Will Let You Buy With Bitcoin.
“Easter is the time to rejoice and be thankful for the gift of life, love, and joy.” –Unknown
Bond Investor Revolt Brews Over Bogus Green Debt Flooding Market – Bloomberg
“At the forefront of concerns among a small but growing contingent of bond buyers is greenwashing: the possibility that governments and companies are exaggerating or misrepresenting their environmental credentials or sustainability bona fides to tap feverish demand, lower borrowing costs and boost their reputation.”
“The European Union is working on a set of standards that will require more rigour and accountability from issuers, while the U.S. Securities and Exchange Commission has created a task force focused on rooting out misconduct in so-called ESG investing that considers environmental, social and governance issues.”
“James Rich, a senior portfolio manager at Aegon Asset Management, estimates about a third of bonds designated as eco-conscious contain elements of greenwashing, up from as much as 20% a couple of years ago.”
“Lombard Odier is developing proprietary models for assessing an issuer’s green credentials.”
New Supercycle Makes Energy Billionaires Richer Globally – Bloomberg
“Energy tycoons from the U.S. to Russia and India have also boosted their fortunes. Their combined net worth climbed about $51 billion in the first quarter — or roughly 10% — the fastest rate of any group in the Bloomberg index.”
“In February, JPMorgan Chase & Co. talked about a new supercycle for commodities, echoing similar comments from banks including Goldman Sachs Group Inc. Oil has climbed 66% in the past six months, and some bulls predict prices could once again top $100 a barrel by the end of next year.”
Masdar to build largest wind farm of Central Asia in Uzbekistan through capacity expansion – GCC Business News
“Last year, Masdar made bilateral agreements with the Government of Uzbekistan, to develop, build and operate the wind farm project and the current expansion will make it the largest wind farm in Central Asia and attract foreign direct investments of more than $600 million into the country.”
“The 500 MW wind farm is expected to start functioning by the end of 2024.”
AlJurf Gardens
A coastal community seamlessly integrated within the natural and raw beauty of AlJurf.
AlJurf Gardens harnesses nature’s raw beauty and combines it with refined heritage-inspired architecture and contemporary design to present a sanctuary of wellness and calm. Throughout the villa spaces, the refined and controlled raw beauty of nature is repeated in different scales, to showcase its exquisiteness across every typology of homes, gardens and courtyards.
Foreign investors key to Arab market’s recovery
“According to Ahmed Shams El-Din, the managing director and global head of research at EFG Hermes, Saudi Arabia is currently the most diversified market in the region.
“During a session discussing the Arab markets’ response to coronavirus (COVID-19), Saudi Stock Exchange Company (Tadawul) CEO Khalid Al-Hussan said stimulating and encouraging foreign investment would lighten the impact of the pandemic.”
PayPal Will Let You Buy With Bitcoin (BTC). But Why Would You? – Bloomberg
“PayPal Holdings Inc. on Tuesday announced a new service called “Checkout with Crypto,” which promises to allow customers to select either Bitcoin, Litecoin, Ethereum or Bitcoin Cash as a payment method to buy goods from millions of merchants worldwide. Once the purchase is confirmed, PayPal will convert the cryptocurrency to fiat on behalf of the customer, who will receive both a receipt and a record of the crypto sale.”
“This strikes at the heart of a key question surrounding Bitcoin: Can it serve both as a store of value and a medium of exchange?”
Leveraged Blowout: How Bill Hwang’s Archegos Blindsided Global Banks – Bloomberg
“Archegos business, at Goldman and everywhere else, was swaps.“
“One feature that protected Hwang’s lenders was the right, in the event he couldn’t meet a margin call, to seize all the collateral in his swap accounts and sell the positions. That’s what happened last week after Viacom plunged.“
“Swaps are agreements between a bank and its client that are settled on the basis of changing prices in the underlying assets — such as shares of Viacom.”
Bill Hwang’s Wealth: One of World’s Greatest Hidden Fortunes Wiped Out in Days – Bloomberg
“Hwang and his private investment firm, Archegos Capital Management, are now at the center of one of the biggest margin calls of all time — a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink.”
“The cascade of trading losses has reverberated from New York to Zurich to Tokyo and beyond, and leaves myriad unanswered questions, including the big one: How could someone take such big risks, facilitated by so many banks, under the noses of regulators the world over?”
“Family offices that exclusively manage one fortune are generally exempt from registering as investment advisers with the U.S. Securities and Exchange Commission.”
“The question is if it’s just friends and family why do we care? The answer is that they can have significant market impacts, and the SEC’s regulatory regime even after Dodd-Frank doesn’t clearly reflect that.”
“Without the need to market his fund to external investors, Hwang’s strategies and performance remained secret from the outside world.”
“The full picture of his holdings is still emerging, and it’s not clear what positions derailed, or what hedges he had set up.”