Pemex becomes the world’s chunkiest fallen angel; bond liquidity gets a needed boost. Read the latest updates to Corona Capital for insights on the pandemic’s financial fallout:
Investors can’t work out whether Koninklijke Philips is having a good pandemic or not. After a so-so trading update on Monday, where Chief Executive Frans van Houten promised “modest” growth this year, the $38 billion Dutch medical-technology group’s shares are roughly where they were in early March. Sales of fancy toothbrushes have collapsed, as have non-Covid-19 related medical treatments. But the ventilator business is growing like the clappers.
Even if there is an unexpected spike, say in its unsecured loan portfolio, the bank’s common equity Tier 1 capital is a staggering 16.4%, or 8.9 percentage points above the regulatory minimum. That keeps long-serving boss Aditya Puri on course to go out on a relative high later this year. And with a shortlist of candidates to succeed him going to the regulator for approval, fears of a disorderly succession have also eased. HDFC Bank shares rose 3.
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