(Bloomberg) -- The family business of U.S. President Donald Trump is in informal discussions with Deutsche Bank AG about delaying some loan payments as the coronavirus forces widespread disruptions to the economy, according to a person familiar with the matter.Trump Organization representatives reached out to the Deutsche Bank’s private banking unit in New York late last month and the talks are ongoing, according to the New York Times, which reported the negotiations earlier. Deutsche Bank is having similar discussions with other commercial real estate companies in the U.S., said another ...
The Trump Organization, a company owned by President Donald Trump's family, held talks with Deutsche Bank AG (NYSE: DB) and Florida county about deferring payments on existing loans and financial obligations.What Happened The coronavirus outbreak has forced the closure of some Trump Organization properties, leading to the President's company seeking relief in the form of delayed payments on loans and other financial obligations from its primary lender Deutsche Bank, according to The New York Times.The company, which owns the 300 acres Trump International Golf Club in West Palm Beach ...
Daimler said on Thursday it has signed an agreement for a 12 billion euro ($13 billion) credit line to increase its financial flexibility in the current coronavirus crisis. The credit line comes in addition to an 11 billion euro revolving credit with a term until 2025, including extension options. The new loan facility can be utilized within a 12-month period with two extension options of six months, Daimler said, adding the line was agreed with BNP, Banco Santander , Deutsche Bank and JP Morgan on April 1.
(Bloomberg Opinion) -- Governments are helping businesses survive the debilitating effects of the coronavirus by allocating state funds to various rescue packages to keep companies alive and preserve as many jobs as possible. With unprecedented amounts of economic stimulus planned to combat an unparalleled situation, it’s essential that the authorities spare at least some attention to what a post-pandemic exit strategy might look like. Once the virus is subdued and the lockdowns end, governments should convert a chunk of the aid they’ve distributed into equity stakes in the recipients, with ...
(Bloomberg) -- After closing an industry-altering U.S. wireless deal, Deutsche Telekom AG’s Chief Executive Officer Tim Hoettges now wants to change telecommunication markets closer to home. Europe’s phone industry needs mergers if it wants to build the kind of superior infrastructure needed to compete with bigger rivals in Asia and the U.S., Hoettges said Wednesday. He indicated he’s willing to get the German carrier involved in M&A to achieve that goal. “Europe is too fragmented,” Hoettges said in a phone interview. “Wherever I see a deal or an opportunity for European market consolidation ...
(Bloomberg) -- Amid all the economic despair in the age of coronavirus, there is still something about the promise of sky-high returns that the American investor finds irresistible.Cruise line operator Carnival Corp. proved that Wednesday when investors clamored to buy a new $4 billion bond sale that pays interest of 11.5%, one of the highest coupons ever offered, particularly by an investment-grade rated company. Demand was so frenzied -- as high as around $17 billion -- that Carnival was able to cut the coupon and increase the original size of the offering by an extra $1 billion, according ...
Moody's Investors Service (Moody's) has assigned Baa3 ratings to T-Mobile USA, Inc.'s (T-Mobile) new senior secured credit facilities (Secured Credit Facilities), comprised of a $4 billion five-year senior secured revolving credit facility (undrawn) and $4 billion seven-year senior secured term loan, and proposed senior secured notes (Secured Notes) of various maturities in USD and/or Eurodollar denominations. Moody's has affirmed T-Mobile's Ba2 corporate family rating (CFR) and Ba2-PD probability of default rating (PDR) and downgraded its senior unsecured rating to Ba3 from Ba2, concluding ...
Deutsche Bank is discussing whether it will waive bonuses for its management board in 2020 due to the fallout from the coronavirus crisis, a person with knowledge of the matter said on Wednesday. The discussion comes after the European Banking Authority on Tuesday said banks should be "conservative" in how they award bonuses to preserve capital and keep lending to an economy hit by the coronavirus outbreak. A decision hasn't been made yet but the bank is likely to result in waiving bonuses for top board members, the person said.
(Bloomberg Opinion) -- Financial regulators are applying all of the lessons of the 2008 credit crisis at record speed. In the past few weeks, they’ve worked with central banks to pump liquidity into markets and to make it easier for banks to lend. It’s essential now that lenders keep providing money to companies and households whose incomes have evaporated in the Covid-19 lockdowns. If the banks stop functioning, what hope for the rest of the economy?The next chapter in European regulators’ crisis playbook is ensuring that the banks don’t hand much of their excess capital to investors or keep ...
A month ago, it looked like Christian Sewing had turned the corner. Two years after taking on the most difficult job in European finance, Deutsche Bank’s chief executive had overseen the closure of swaths of its lossmaking investment bank, was ahead of schedule on a €280bn balance sheet clean-up, and had stemmed a stream of misconduct fines. “Our strategy is working,” Mr Sewing said in late January, promising Deutsche would go “on the offensive” in 2020.
Deutsche Bank is set to ink a sponsorship deal with the local soccer team Eintracht Frankfurt, two people with knowledge of the matter said on Tuesday. The deal, which could be announced as soon as Wednesday, sidelines Commerzbank, the team's current long-time sponsor and a top Deutsche Bank competitor. The Frankfurt-based banks, Eintracht and a spokesman for the Commerzbank Arena declined to comment.
(Bloomberg) -- German unemployment was broadly stable in March, before far-reaching restrictions on business and movement sparked thousands of furloughs in Europe’s largest labor market.The number of people out of work rose by just 1,000, significantly less than economists predicted. Germany’s federal labor agency said on Tuesday the report was processed based on data available through March 12. With large parts of the economy in lockdown, unemployment is likely to have risen more.Early estimates have also shown a spike in companies applying for state wage support, which allows businesses to ...
(Bloomberg Opinion) -- The global stock market rallied on Monday for the fourth time in five days. The MSCI All-Country World Index is up 15.9% since March 23, led higher by gains in the U.S. Does this mean the carnage is over? Nobody can say for sure, and for every Wall Street firm saying yes, there’s another warning that the worst is yet to come. Yet, there was a lot to like about how markets gained at the start of the week.What was most encouraging about the latest action is that it came despite a slew of news that, one would think, would be negative for riskier assets. Yes, the news out ...
(Bloomberg Opinion) -- The rat-a-tat of banks in the U.S. and Europe pledging not to cut jobs in the midst of the coronavirus pandemic will be a relief to those inside and outside the industry as the world economy crumbles. For many bankers, though, the respite will be no more than temporary.As governments race to prop up companies and individuals with financial aid, lenders are critical to the transmission of these policies. It will be up to them to delay mortgage and loan payments and hand out state-backed loans to millions of customers. That will determine the extent to which economies can ...
(Bloomberg) -- China’s central bank cut the interest rate it charges on loans to banks by the biggest amount since 2015 as authorities ramp up their response to the worsening economic impact from the coronavirus pandemic.The People’s Bank of China reduced the interest rate on 7-day reverse repurchase agreements to 2.2% from 2.4% when it injected 50 billion yuan ($7.1 billion) into the banking system, according to a statement Monday. The central bank said this will keep liquidity sufficient to help the real economy.The first cut to a PBOC policy rate since February is in line with a pledge by ...
