Debt financing – Agapes GR http://agapesgr.org/ Wed, 29 Jun 2022 10:02:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://agapesgr.org/wp-content/uploads/2021/06/icon-2021-06-25T194407.031-150x150.png Debt financing – Agapes GR http://agapesgr.org/ 32 32 Will Pakistan be removed from the FATF gray list in October? Debt-ridden country hopes for relief after rejections https://agapesgr.org/will-pakistan-be-removed-from-the-fatf-gray-list-in-october-debt-ridden-country-hopes-for-relief-after-rejections/ Wed, 29 Jun 2022 09:31:56 +0000 https://agapesgr.org/will-pakistan-be-removed-from-the-fatf-gray-list-in-october-debt-ridden-country-hopes-for-relief-after-rejections/ There are indications that Pakistan could be removed from the FATF gray list by October 2022 when the global money laundering and terrorist financing watchdog holds its next plenary in Paris. However, this can only happen after an on-the-spot inspection by FATF staff themselves, bearing in mind Pakistan’s shady record so far. A country on […]]]>

There are indications that Pakistan could be removed from the FATF gray list by October 2022 when the global money laundering and terrorist financing watchdog holds its next plenary in Paris. However, this can only happen after an on-the-spot inspection by FATF staff themselves, bearing in mind Pakistan’s shady record so far.

A country on the gray list means that it cannot control money laundering and terrorist financing operations and is subject to increased surveillance by the FATF, an intergovernmental body. It restricts access to the international trading and financial system. The country may have difficulty obtaining loans from multilateral organizations such as the IMF and the World Bank. Being on the FATF gray list is a warning to countries to take corrective action, otherwise their next destination will be the “FATF blacklist”.

Being on the FATF blacklist means the country has become a high-risk money laundering and terrorist financing jurisdiction with “significant strategic gaps in its regime” and faces a restriction almost complete access to the international trading and financial system coupled with an international boycott. Moreover, economic sanctions are also imposed on such an uncooperative state.

Looking back, the FATF first wants to confirm that its 34-point action plan is indeed being implemented on the ground to address FATF concerns regarding the fight against money laundering and the financing of terrorism. Clearly, the FATF is in no mood to accept Pakistan’s paper claims this time, as it has done twice in the past.

FATF 2008 GRAY LIST

Pakistan was first listed on the FATF gray list on February 28, 2008. The country had failed to meet the globally accepted FATF standards to combat money laundering and terrorist financing . The FATF then asked Pakistan to implement anti-money laundering (AML) and counter-terrorist financing (CFT) regulations to get out of the gray list. The FATF statement graylisting Pakistan was 66 words long and was really just a call for loopholes.

After 848 days (2 years, 3 months), Pakistan was removed from the gray list on June 25, 2010, following allegations of measures taken in the country to comply with FATF standards on AML and CFT. The watchdog took the decision to remove Pakistan from the gray list at its plenary meeting in Amsterdam (June 23-25, 2010) based on “the country’s high-level written commitment to implement action plans to address specific AML/CFT deficiencies”. .”

FATF GRAY LIST 2012

After 601 days (1 year, 7 months), again on February 16, 2012, Pakistan was back in the FATF gray list. The FATF found that Pakistan did not fully comply with the FATF Anti-Money Laundering and Anti-Terrorist Financing standards that it agreed to follow when it was delisted in 2010 and used harsh words against the Pakistani government for failing to curb terrorist financing.

The FATF opinion on Pakistan’s second gray list reads: “Pakistan has not made sufficient progress in implementing its action plan…Pakistan needs to enact legislation to s ensure that it meets FATF standards regarding the terrorist financing offense and the ability to identify, freeze, and confiscate terrorist assets.

The 2012 statement, at 139 words, once again placing Pakistan on the gray list, was more than twice as long as the 2008 statement on the gray list. Obviously, the FATF was disappointed to believe earlier that Pakistan was going to take the corrective action alone as it had planned and decided that it needed to monitor the situation more closely now.

The second gray list was of longer duration, for 1,106 days (approximately 3 years), indicating the FATF’s reduced confidence in Pakistan’s claims. To meet FATF standards, Pakistan had to establish legal and regulatory networks to combat money laundering and terrorist financing.

The FATF hopes that “Pakistan will work with the Asia/Pacific Group on Money Laundering (APG) as it continues to address the range of AML/CFT issues identified in its mutual evaluation report, and in particular, will fully implement UNSCR 1267” while removing Pakistan from the gray list on February 26, 2015. UNSCR 1267 was passed in 1999 to target Al-Qaeda and the Taliban.

GRAY LIST 2018

After 3 years and 4 months, Pakistan was back on the FATF gray list again on June 28, 2018, and the reason was the same as in 2015. Pakistan again failed to curb terrorist financing in its geography in accordance with FATF CFT standards. The watchdog found shortcomings in the steps taken by Pakistan to implement the FATF action plan given in 2015.

This time, the watchdog gave Pakistan a 10-point goal to work closely with FATF and APG to effectively control terrorist financing in the country. The FATF has asked Pakistan to demonstrate the measures taken regarding – the identification, analysis and monitoring of terrorist financing; the active involvement of law enforcement agencies in the financing of terrorism; effective, proportionate and dissuasive penalties for prosecution; and targeted financial sanctions against the 1,267 and 1,373 designated terrorists. The watchdog also asked Pakistan to demonstrate its enforcement against violation of Targeted Financial Sanctions (TFS), followed by concrete actions taken against facilities and services owned or controlled by designated individuals, depriving them of their resources and the use of these resources.

UNSC Resolution 1373 was passed in 2001 after 9/11 to control terrorist acts and the financing of terrorism. The resolution imposes restrictions on the provision of assets or the management of assets of designated persons and entities.

The 2018 FATF statement, in 317 words, placing Pakistan in the third gray list, was more than five times longer than the first gray list statement of 2008. As the FATF continued to demand new Pakistan’s measures, now represented in 10 goals, meant the watchdog had totally lost its faith in the country that former US President Donald Trump described as a ‘terror paradise’, a country that was world famous for separate terrorists into good terrorists and bad terrorists and who would have used terror as a state policy.

In June 2018, Pakistan received a 27-point action plan from FATF. These were largely related to the financing of terrorism. In October 2021, seven more points on money laundering were added. In total, Pakistan had to implement and demonstrate the actions taken on these 34 items to get out of the FATF gray list. To comply with these FATF action points, Pakistan again amended the existing AML regulations in January 2021. Additionally, the country’s Parliament passed 10 FATF-related bills.

Pakistan, since the very beginning of the entry into force of the third gray list, has claimed that it has taken all necessary measures to meet the FATF standards, but the FATF, so far, learning from the two episodes has repeatedly made clear – including the latest incident at its plenary meeting in Berlin (June 14-17, 2017) – that Pakistan should still be on the gray list as the country needs to work on its financial system to control the financing of terrorism.

OUT OF THE 3RD GRAY LIST?

During the Berlin Plenary, Pakistan received positive words from the FATF. The watchdog said Pakistan now meets FATF requirements on all 34 elements of the action plan given in 2018, but decided not to remove Pakistan from the gray list for four months, until its next plenary in Paris (16-21 October 2022).

Pakistan’s removal from the FATF’s third gray list depends on the FATF’s visit to the country to investigate steps taken on the ground to address the 34-point action plan to combat money laundering and financing. of terrorism. The FATF, during its visit, will examine the AML and CFT measures implemented by the Pakistani government. The watchdog will also see whether Pakistan’s current political setup has put in place the necessary political commitments to meet FATF standards today and in the future.

Pakistan completed four years on the FATF’s gray list on Tuesday, one year longer than its second gray list restriction period. Let’s see if October 2022 brings good news for the debt-ridden country that needs the support of the international financial system to survive.

Read all the latest news, breaking news, watch the best videos and live TV here.

]]>
PETROGAS CO MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-K) https://agapesgr.org/petrogas-co-management-report-and-analysis-of-financial-position-and-results-of-operations-form-10-k/ Mon, 27 Jun 2022 17:36:03 +0000 https://agapesgr.org/petrogas-co-management-report-and-analysis-of-financial-position-and-results-of-operations-form-10-k/ This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as “anticipate”, “expect”, “intend”, ” plan”, “will”, “we believe”, “management believes” and similar language. Except for historical […]]]>

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as “anticipate”, “expect”, “intend”, ” plan”, “will”, “we believe”, “management believes” and similar language. Except for historical information contained herein, matters addressed in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Report on Form 10-K are forward-looking statements that involve risks and uncertainties. The factors listed in the section titled “Risk Factors”, together with any caveats in this report on Form 10-K, provide examples of the risks, uncertainties and events that may cause our actual results differ materially from those projected. Except as required by law, we undertake no obligation to update forward-looking statements to reflect events after the date of this report on Form 10-K.



Overview


We expect this discussion to provide information that will help to understand our financial statements, changes in certain key elements of these financial statements and the main factors that explain these changes, as well as how certain accounting principles affect our financial statements.

Our company has posted net losses to date and has not generated operating income, we will need additional working capital to repay debt and for ongoing operations, which raises substantial doubt about our ability to continue our business. Our company’s management has developed a strategy to address operational gaps which may include equity financing, short-term or long-term financing, or debt financing, to enable our company to achieve profitable operations. If we are unable to generate positive cash flow or obtain additional financing, if necessary, we may have to modify, delay or abandon all or part of our business and expansion plans.



Corporate History


Closed fiscal years March 31, 2022 and 2021

The following discussion and analysis should be read in conjunction with our company’s audited financial statements for the years ended March 31, 2022
and 2021 and the notes thereto which are included in this annual report.

Results of operations for the year ended March 31, 2022 and March 31, 2021



                          Year             Year
                         Ended            Ended
                       March 31,        March 31,
                          2022             2021           Changes

Operating Expenses   $  140,034,275     $   26,713     $  140,007,562
Other Expenses       $       57,040     $   89,828     $      (32,788 )
Net Loss             $ (140,091,315 )   $ (116,541 )   $ (139,974,774 )





         15

  Table of Contents




We did not recognize any revenue during the year ended March 31, 2022 and 2021.

Our net loss for the year ended March 31, 2022 increased to $140,091,315 of
$116,541 for the year ended March 31, 2021 due to increased operating costs. During the year ended March 31, 2022our company has incurred stock-based compensation of $140,000,000 for the issuance of common shares to our director of management services.



 Plan of Operation


Management is considering plans to reactivate its inactive wells through a lease rework program. Additional rights may be leased by the mine owner to deeper areas near 5,000 feet and below. However, these plans are subject to the fundraising of $500,000 to pay for these redesign plans and an analysis of potential revenues based on projected future oil prices.

Our company is actively seeking to acquire productive and non-productive leases that will allow us to explore and drill in prime paying areas.

We intend to raise low-cost capital from private placements so that we can acquire many additional leases and begin drilling and take advantage of the inevitable oil price hike ahead.

In the current climate, our company believes that there are a very large number of oil and gas leases in difficulty due to lower gas prices and that we can strategically position our company to acquire as many of these leases as possible at a below market price. value, thereby creating shareholder value.

On the Burns and Rogers leases, we intend to rework all current wells and return them to production once oil prices move into an appropriate range. We are planning an exploration strategy to drill new wells on the current concessions, as well as to acquire deeper rights to drill some of the wells to greater depths. We anticipate that reservoirs at these depths could produce very high daily oil production.

Cash and capital resources



Working Capital



                                 As of          As of
                               March 31,      March 31,
                                  2022           2021         Changes

Current Assets                 $        -     $        -     $       -
Current Liabilities            $  541,968     $  451,653     $  90,315
Working Capital (Deficiency)   $ (541,968 )   $ (451,653 )   $ (90,315 )




 Cash Flows



                                               Year           Year
                                              Ended          Ended
                                            March 31,      March 31,
                                               2022           2021        Changes

Net cash used in operating activities ($32,533) ($28,634) ($3,899)
Net cash provided by financing activities $32,533 $28,634 $3,899
Net changes in cash and cash equivalents – $ – $ – $





         16

  Table of Contents



From March 31, 2022we had a negative working capital of $541,968compared to a negative working capital of $451,653 of the March 31, 2021. The increase in the working capital deficit is attributed to the increase in the amount due to the director of the Company and accrued interest.

Cash flow from operating activities

For the year ended March 31, 2022We used $32,533 cash for operations mainly due to the net loss of $140,091,315compensated by stock-based compensation of $140,000,000 and the net changes in operating assets and liabilities of $58,782.

For the year ended March 31, 2021We used $28,634 cash for operations mainly due to the net loss of $116,541offset by the amortization of the discount on the debt of $31,558 and the net changes in operating assets and liabilities of
$56,349.

Cash flow from investing activities

The Company did not use any funds for investing activities during the year ended
March 31, 2022 and 2021.

Cash flow from financing activities

For the year ended March 31, 2022 and 2021 we had $32,533 and $28,634 in net cash provided by financing activities, respectively.

During the year ended March 31, 2022we received a promotion from the director of the company of $32,533.

During the year ended March 31, 2021we received a promotion from the director of the company of $6,500 and proceeds from the issuance of convertible bonds of
$22,134.

Off-balance sheet arrangements

From March 31, 2022the Company had no off-balance sheet arrangements.

© Edgar Online, source Previews

]]>
Convertible debt: listed companies authorized to raise funds from members – Business & Finance https://agapesgr.org/convertible-debt-listed-companies-authorized-to-raise-funds-from-members-business-finance/ Sun, 26 Jun 2022 01:09:53 +0000 https://agapesgr.org/convertible-debt-listed-companies-authorized-to-raise-funds-from-members-business-finance/ ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Friday issued a regulatory framework allowing listed companies to raise funds from existing members in the form of convertible debt. In this respect, the SECP has notified a draft regulatory framework for “the issuance of convertible debt securities (CDS) by way of a right offer”, […]]]>

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Friday issued a regulatory framework allowing listed companies to raise funds from existing members in the form of convertible debt.

In this respect, the SECP has notified a draft regulatory framework for “the issuance of convertible debt securities (CDS) by way of a right offer”, for public consultation.

According to the SECP, a convertible debt security is a conventional/Islamic debt instrument that produces interest/profit payments and can be converted into a predetermined number of shares at a later time.

The product is not known and familiar in our local market. However, through this product, companies can raise debt capital from shareholders without any regulatory hurdles. Raising capital without any regulatory hurdles would increase the issuance of long-term debt securities and promote liquidity.

Currently, convertible debt is issued either through public offerings or through private placements. Under the proposed framework, listed companies would be able to raise convertible debt from existing shareholders.

In India, the primary law i.e. the Companies Act 2013 allows a public limited company or a limited liability company to issue securities including CDS through a rights issue or a bonus issue. CDS by rights offering are issued in accordance with the normal rights issue regime followed for equity securities.

The proposed product would allow businesses to finance projects in a timely and cost-effective manner through existing members and could reduce reliance on other financial institutions and investors. For shareholders, this would provide an additional investment opportunity and allow them to earn money, while retaining the ability to convert a debt/sukuk instrument into share capital.

The board would be able to issue CDS among existing members in proportion to the number of shares held at a specific deadline, through a term sheet/letter of offer. For this, the approval of the SECP would not be required.

In accordance with the disclosure-based regime, the offer letter would be placed on the website of the Pakistan Stock Exchange (PSX) to solicit comments from the public and regulators, if any. Members who do not wish to subscribe can trade offer letters on PSX. If 80% of the issue size is unsubscribed and the issuer has no other means of financing, the rights offering would be cancelled.

Debt securities convertible through a right offering are widespread in several jurisdictions and are considered to be a time and cost efficient instrument compared to other financing methods.

The SECP stated that the regulatory framework does not prohibit the issuance of CDS through a right offering. Issuance of CDS as of right is a unified mode of fundraising that involves the issuance of CDS, as a right for existing shareholders. According to the purpose concept, a company that intends to raise funds in the form of specifically convertible debt can offer a debt instrument to existing shareholders for subscription.

Copyright Business Recorder, 2022

]]>
NPPMCL power plant debt recapitalization: PC tries to persuade MoE to make bank deals a reality https://agapesgr.org/nppmcl-power-plant-debt-recapitalization-pc-tries-to-persuade-moe-to-make-bank-deals-a-reality/ Fri, 24 Jun 2022 01:15:48 +0000 https://agapesgr.org/nppmcl-power-plant-debt-recapitalization-pc-tries-to-persuade-moe-to-make-bank-deals-a-reality/ ISLAMABAD: Privatization Commission (PC) reportedly trying to persuade ‘uncooperative’ Ministry of Energy (petroleum and electricity divisions) to materialize ‘agreements’ with banks for debt recapitalization of two power plants National Energy Parks Management Company Limited (NPPMCL) RLNG-fed power plants, informed sources said company registrar. On June 8, 2022, the Privatization Commission had warned the Petroleum Division […]]]>

ISLAMABAD: Privatization Commission (PC) reportedly trying to persuade ‘uncooperative’ Ministry of Energy (petroleum and electricity divisions) to materialize ‘agreements’ with banks for debt recapitalization of two power plants National Energy Parks Management Company Limited (NPPMCL) RLNG-fed power plants, informed sources said company registrar.

On June 8, 2022, the Privatization Commission had warned the Petroleum Division that the debt recapitalization and refinancing of the RLNG-powered power plants owned by NPPMCL, i.e. Haveli Bahadur Shah and Balloki power plants, would be affected if the problems related to the guaranteed supply of gas were not resolved immediately,

On June 20, 2022, the Secretary of the Privatization Division, Dr. Iram A Khan, in a letter addressed to both the Secretary of Petroleum and the Secretary of Power, stated that the Cabinet Committee on Privatization (CCOP) during of its meeting of December 31, 2021 had approved the recapitalization of the debt. of NPPMCL on the following lines: (i) NPPMCL will initiate the process of recapitalization and debt refinancing in accordance with the Companies Act 2017; and (ii) all GoP stakeholders including the PC, PPIB, PDFL and DG Finance Division (Debt) to jointly support the NPPMCL in the implementation and execution of the process. recapitalization and refinancing of debt with local banks.

According to the Secretary of the Privatization Division, the debt recapitalization of NPPMCL is at an advanced stage. Local banks/consortia are keen to replace the existing Pakistan Development Fund Limited (PDFL) loan/equity with commercial debt.

Petroleum Div requested to address guaranteed gas supply issues

On April 21, 2022, they submitted bids amounting to Rs. 102 billion. Other banks have also shared a draft term sheet which is being finalized by the procuring agency i.e. NPPMCL in consultation with GoP stakeholders. Finalization of the term sheet would also require the completion of some critical conditions precedent (CP) prior to approval by the Private Power Infrastructure Bard (PPIB).

The validity period of the bids expired on June 18, 2022 due to the non-fulfilment of various critical CPs by GoP stakeholders. Some key PCs relate to the Power & Petroleum divisions, which were communicated earlier by PC, in its letter dated June 08, 2022 for the necessary measures.

In the meantime, NPPMCL has asked interested banks/consortia to extend the validity period by ninety days. Some banks responded positively by accepting NPPMCL’s request. The sources said that PC and the Department of Energy have agreed to address issues that are hampering debt recapitalization so that banks are assured in this regard to avoid further delays.

PC has sought the intervention of the Petroleum Division on the following for prompt resolution before the critical deadline: (i) NPPMCL is currently facing an Event of Default (EoD) in the amount of Rs 113 billion in this which relates to the provision of the gas supply depot required under the terms of the GSA. The banks anticipate a risk that SNGPL may interrupt the supply of gas to NPPMCL in the future (hard condition precedent for bank financing); (ii) during term sheet negotiations, the banks demanded an amendment from the GSA to the effect of reducing gas security deposits based on the existing 9 billing cycles to 3 billing cycles; and (iii) a Letter of Comfort (LoC) from the Petroleum Division stating that gas supply will not be interrupted by SNGPL may be provided to NPPMCL so that the lending banks can be persuaded to reconsider this EoD. According to PC, failure to resolve an existing issue could hamper NPPMCL’s debt recapitalization process. The issue of amending the Implementing Agreement (IA) regarding “Lender Financial Close” is under discussion at the end of the PPIB.

Meanwhile, NPPMCL said its receivables are gradually accumulating and have reached Rs 190 billion, of which Rs 160 billion is overdue.

According to the company, the critical situation creates difficulties for NPPMCL to settle its contractual obligations such as payment to SNGPL, the insurance company, payment of the mark-up on working capital facilities, payments to the long term service (LTSA) and O&M contractor fees, etc.

Copyright Business Recorder, 2022

]]>
Risks related to the public debt of Italian banks: real or just deja vu? https://agapesgr.org/risks-related-to-the-public-debt-of-italian-banks-real-or-just-deja-vu/ Mon, 20 Jun 2022 06:04:17 +0000 https://agapesgr.org/risks-related-to-the-public-debt-of-italian-banks-real-or-just-deja-vu/ Links to the breadcrumb PMN Company Author of the article: Content of the article MILAN – A fall in Italian bank stocks, triggered by rising government bond yields, has reawakened memories of the 2011-12 debt crisis and revived worries about lenders’ vulnerability to sovereign risk. The sovereign-bank nexus, which became a ‘catastrophic loop’ of mutually […]]]>

Content of the article

MILAN – A fall in Italian bank stocks, triggered by rising government bond yields, has reawakened memories of the 2011-12 debt crisis and revived worries about lenders’ vulnerability to sovereign risk.

The sovereign-bank nexus, which became a ‘catastrophic loop’ of mutually reinforcing risks a decade ago, is compounding the problems of Italian lenders, which have shrunk by a fifth this year, nearly double the loss of the wider European sector affected by the fallout. of the Ukrainian crisis.

Advertisement 2

Content of the article

Many analysts and bankers, including UniCredit boss Andrea Orcel, point out that the situation has changed and attribute the decline in shares to an unwarranted knee-jerk reaction by investors.

“It’s a matter of deja vu,” Orcel told a conference in Milan last week. “It’s a difficult situation but it’s not the same.”

Italian banks became a proxy for sovereign risk when Rome’s debt costs threatened to spin out of control, before the ECB, led by current Italian Prime Minister Mario Draghi, pledged to save the euro in 2012 and is only mopping up a fifth of Italian bonds.

A decade on, progress towards a Europe-wide banking union has stalled and Italian banks are still halfway through a consolidation process aimed at strengthening mid-sized players and solving the puzzle. eternal head of Monte dei Paschi di Siena.

Advertisement 3

Content of the article

The ECB’s latest promise to devise a new anti-spread tool last week halted the rout for Rome bonds and bank stocks, but investors are wondering if the respite is temporary.

Speaking at the Milan conference, Carlo Messina, CEO of Italy’s biggest bank Intesa Sanpaolo, said a wealthy state like Italy should not rely on the ECB to support its debt and believes its ” problems will be solved from the outside”.

INCOMPLETE RESTRUCTURING

“There are certainly differences from the past, but I also see elements that worry me,” said Ignazio Angeloni, a researcher at Harvard Kennedy School.

“I think the restructuring of the Italian banking system is incomplete,” added Angeloni, who previously served on the ECB’s supervisory board and headed the central bank’s financial stability department.

Advertisement 4

Content of the article

“The two major lenders are safe at any speed, so to speak, but there are four or five medium-sized banks that haven’t made it all the way.”

When bond prices fall, banks experience a direct impact on capital reserves and see the cost of their debt and equity funding increase.

Pushed by regulators to diversify sovereign risk, Intesa and UniCredit have cut domestic bond holdings to 70%-80% as a proportion of their capital base.

Also including smaller peers, that ratio rises to 148% for Italy’s top five banks, according to JPMorgan, though that’s still a long way from 2017’s 261% level.

As a share of total assets, domestic bonds of major listed Italian banks fell to 6.6%, Citi said, from previous levels of more than 10%, a threshold that still applies to the banking system. at large.

Advertisement 5

Content of the article

INSULATION

To protect themselves from market fluctuations, Italian banks have reserved 72% of their domestic bond portfolio among held-to-maturity assets that do not require “mark to market”, according to the Bank of Italy.

As a result, a 100 basis point widening of the yield spread between Italian and German 10-year bonds would cost banks 20 to 25 basis points in terms of aggregate Tier 1 capital, which is well above the thresholds. minimal.

The Bank of Italy calculates that Italian banks held excess capital equivalent to almost 4% of their risk-weighted assets at the end of 2021, after increasing their reserves in recent years.

The ECB, which became the euro zone’s banking supervisor at the end of 2014, also heavily armed Italian banks to reduce gross bad loans to 4% of total loans, from a peak of 18% in 2015.

Advertising 6

Content of the article

Investors fear problem lending could rise again as companies face higher lending costs, record energy and commodity prices and disrupted supply chains and the phasing out of COVID support measures.

Sebastiano Pirro, chief investment officer at London-based Algebris Investments, said tougher lending criteria and state guarantees provided by Italy during the pandemic – which cover 40% of all corporate loans – would allow control troubled loans.

“Italian banks have changed their approach to lending over the past decade. Personal relationships used to play a key role, it’s not like that anymore, banks pay huge attention to credit risk,” he said.

Incorporating time-series data based on much looser past lending practices, banks’ risk assessment models tend to overestimate potential loan losses, Pirro said.

Advertising 7

Content of the article

“None of the COVID-related loan loss provisions that banks made in the first half of 2020 were used to write down loans,” he added.

Angeloni, however, warned it was too early to assess the extent of the damage caused by COVID.

“It looks like things aren’t that bad, but we’re not sure,” he said.

Italian companies have only just started repaying capital from state-guaranteed COVID loans.

Pandemic-related support measures have pushed Italy’s debt to 151% of domestic output in 2021. Rome is now hoping that 200 billion euros in EU recovery funds will help it grow enough to reduce its debt.

“The problem is that Italy has no fiscal space,” Angeloni said, adding that Rome failed to take advantage of low rates in a timely manner to reduce debt.

“I wouldn’t say the catastrophic loop of banking and sovereign risk is behind us.”

(Reporting by Valentina Za, editing by Louise Heavens)

Advertising

comments

Postmedia is committed to maintaining a lively yet civil discussion forum and encourages all readers to share their views on our articles. Comments can take up to an hour to be moderated before appearing on the site. We ask that you keep your comments relevant and respectful. We have enabled email notifications. You will now receive an email if you receive a reply to your comment, if there is an update to a comment thread you follow, or if a user follows you comments. Visit our Community Rules for more information and details on how to adjust your E-mail settings.

]]>
Direct comparison: China Merchants Bank (OTCMKTS: CIHKY) and CompoSecure (NASDAQ: CMPO) https://agapesgr.org/direct-comparison-china-merchants-bank-otcmkts-cihky-and-composecure-nasdaq-cmpo/ Sat, 18 Jun 2022 05:25:48 +0000 https://agapesgr.org/direct-comparison-china-merchants-bank-otcmkts-cihky-and-composecure-nasdaq-cmpo/ China Merchants Bank (OTCMKTS: CIHKY – Get a rating) and CompoSecure (NASDAQ: CMPO – Get a rating) are both finance companies, but which company is superior? We will compare the two companies based on the strength of their analyst recommendations, profitability, risk, valuation, earnings, institutional ownership and dividends. Risk and Volatility China Merchants Bank has […]]]>

China Merchants Bank (OTCMKTS: CIHKYGet a rating) and CompoSecure (NASDAQ: CMPOGet a rating) are both finance companies, but which company is superior? We will compare the two companies based on the strength of their analyst recommendations, profitability, risk, valuation, earnings, institutional ownership and dividends.

Risk and Volatility

China Merchants Bank has a beta of 0.84, indicating that its stock price is 16% less volatile than the S&P 500. In comparison, CompoSecure has a beta of 0.04, indicating that its stock price is 96% less volatile than the S&P 500.

Profitability

This table compares the net margins, return on equity and return on assets of China Merchants Bank and CompoSecure.

Net margins Return on equity return on assets
China Merchants Bank 27.30% 16.13% 1.38%
CompoSecure N / A -1.32% 3.60%

Analyst Recommendations

This is a breakdown of current ratings and price targets for China Merchants Bank and CompoSecure, as reported by MarketBeat.com.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
China Merchants Bank 0 1 0 0 2.00
CompoSecure 0 0 2 0 3.00

CompoSecure has a consensus target price of $16.00, suggesting a potential upside of 201.32%. Given CompoSecure’s higher consensus rating and higher possible upside, analysts clearly believe that CompoSecure is more favorable than China Merchants Bank.

Benefits and evaluation

This table compares the revenue, earnings per share and valuation of China Merchants Bank and CompoSecure.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
China Merchants Bank $69.83 billion 2.20 $18.59 billion $3.72 8:20 am
CompoSecure $267.95 million 0.30 $13.51 million N / A N / A

China Merchants Bank has higher revenue and profit than CompoSecure.

Summary

China Merchants Bank beats CompoSecure on 6 out of 10 factors compared between the two stocks.

About China Merchants Bank (Get a rating)

China Merchants Bank Co., Ltd., together with its subsidiaries, provides various banking products and services. It operates through Wholesale Finance Business, Retail Finance Business and Other Business segments. The company offers current, demand, time, call, savings, notice and renminbi accounts. Its lending products include personal commercial real estate, consumer, housing and auto loans; loans to finance studies abroad; loans to micro-enterprises; equipment mortgages; joint surety, special surety and housing mortgage loan; banker’s acceptance, discount, liquid capital and capital loans; and loans for ships. The company also offers credit cards; insurance products; open-end funds; discount and guarantees of commercial paper, reimbursement of commercial paper and guaranteed discount of commercial paper upon acceptance; and financial advisory, debt financing underwriting, merger and acquisition financing, equity financing, and business listing services. In addition, it provides confiscation and risk participation, escrow, cross-border RMB clearing and interbank services; and financial and risk management, RMB and overseas cross-border financing, international factoring and settlement, and trade finance services. In addition, the company offers leasing and collateral, investment and wealth management, foreign exchange options and gold trading, express forex trading, international, offshore and private banking, custody, retirement and electronic banking. As of December 31, 2021, it operated 143 branches; 1,770 sub-agencies; an operations center at branch level; 2,812 self-service centers; 6,592 self-service machines; a representative office; 14,746 visual counters in Mainland China. The company also operates in Hong Kong, New York, London, Singapore, Luxembourg, Sydney and Taipei. China Merchants Bank Co., Ltd. was founded in 1987 and is headquartered in Shenzhen, China.

About CompoSecure (Get a rating)

CompoSecure, Inc. manufactures and designs proprietary metal, plastic, composite, and financial transaction ID cards in the United States and around the world. Its major metal form factors include integrated, lightweight metal-clad, metal-clad, and all-metal products. The company also offers Arculus Cold Storage Wallet, a three-factor authentication solution, which includes the Arculus Key Card Cold Storage hardware device and the Arculus Wallet mobile application to hold the private key in the highly secure Arculus Key card and store the cryptocurrency and digital assets. . It serves financial institutions, plastic card manufacturers, government agencies, system integrators and security specialists. The company was founded in 1910 and is based in Somerset, New Jersey.



Get news and reviews for China Merchants Bank Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for China Merchants Bank and related companies with MarketBeat.com’s free daily email newsletter.

]]>
Developers want price hike to ease cash crisis https://agapesgr.org/developers-want-price-hike-to-ease-cash-crisis/ Sun, 12 Jun 2022 19:12:35 +0000 https://agapesgr.org/developers-want-price-hike-to-ease-cash-crisis/ Staff reporter The Guangdong Real Estate Chamber of Commerce has urged the province to lift restrictions on falling house prices so developers can speed up sales to boost liquidity, mainland financial media outlet Caixin reported. Some developers want to make money by selling homes in their inventories in certain third- and fourth-tier cities at discounted […]]]>

Staff reporter

The Guangdong Real Estate Chamber of Commerce has urged the province to lift restrictions on falling house prices so developers can speed up sales to boost liquidity, mainland financial media outlet Caixin reported.

Some developers want to make money by selling homes in their inventories in certain third- and fourth-tier cities at discounted prices, but many local governments have set price floors, which means they are unable to get more buyers by reducing prices, Caixin quoted in a document. submitted by the chamber.

Many private real estate companies are now unable to borrow from banks, and there really isn’t much way out of the liquidity crunch except by selling more apartments or unloading their assets, he said. -he declares.

When developers negotiate with asset management companies or state-owned companies on asset disposal, buyers usually only consider assets in Beijing, Guangzhou and Shenzhen, and the terms of acquisition are quite harsh, a he declared.

The prices offered by the public companies could even be much lower than the sums invested by the companies, “which means that the homebuilders would have little funds after the loan repayment and taxes, and that would not help solve their own liquidity difficulties.”

“If public companies can acquire high-quality assets from private companies at low prices, why can’t ordinary people buy residential properties at low prices?”

He then suggests that regulators introduce policies to guide public companies in negotiating prices with reasonable expectations in asset acquisitions, and cities with price controls should relax limits based on the actual situation of the market. market, to allow real estate companies to offer reasonable price reductions and help themselves. of troubles.

Staff reporter

Hong Kong’s future lies in three main directions – financial technology, seeking opportunities in the mainland market and green finance, said Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority in a statement. interview.

The financial center has grown rapidly in the quarter century since the handover, Yue said, and its role as a bridge between the mainland and global capital continues to be a top priority over the three to five coming years.

As for the banking system, assets of the special administrative region increased from about HK$8.7 trillion in July 1997 to about HK$27 trillion in April, Yue said, marking an increase of about 2.1 times.

In the capital market, its market capitalization increased sevenfold to about HK$38 trillion last month from HK$4.6 trillion in July 1997, Yue noted.

The total annual issuance of the Hong Kong bond market, which was less than 20 billion US dollars (156 billion HK dollars) in 1997, has increased more than 19 times to reach about 400 billion US dollars the last year.

In terms of total assets, Hong Kong’s assets under management have increased ninefold, from around HK$3.5 trillion at the end of 1999 to HK$35 trillion at the end of 2020.

Hong Kong is also the largest private banking center after Switzerland, according to Yue.

Looking ahead, Yue said, fintech, finding opportunities in the mainland market and green finance are the three main areas that can be researched to enhance Hong Kong’s role as an international financial center.

In terms of financial technology, Hong Kong will focus on big projects – including the use of central bank digital currency, the money markets central unit, a system providing clearing and settlement facilities for securities receivables and the exchange of commercial data, which will allow a more efficient flow of information in the banking system.

The HKMA, Yue said, will promote the commercialization and upgrading of the CMU, with the aim of making it an international obligation settlement platform.

As for the opportunities on the mainland, Yue believes that Hong Kong will continue to play the role of the yuan’s offshore center in the coming years, saying that there is still much to be done to improve the international use of the yuan, which who can be promoted. expanding the range of yuan-denominated products and strengthening infrastructure.

In terms of green finance, he said Hong Kong has the greatest potential for green finance, with $57 billion of green and sustainable debt financing issued in the city last year, a fourfold increase from barely a year ago.

]]>
Govt unveils Rs 9.5 trillion federal budget for 2022-23 https://agapesgr.org/govt-unveils-rs-9-5-trillion-federal-budget-for-2022-23/ Sat, 11 Jun 2022 04:44:15 +0000 https://agapesgr.org/govt-unveils-rs-9-5-trillion-federal-budget-for-2022-23/ ISLAMABAD: With one eye on the International Monetary Fund and the other on voters, Finance Minister Miftah Ismail on Friday proposed an inflationary budget of 9.5 trillion rupees as part of a daunting challenge to achieve ambitious targets. The new budget for the 2022-23 financial year brings comfort to the working class whose tax burden […]]]>

ISLAMABAD:

With one eye on the International Monetary Fund and the other on voters, Finance Minister Miftah Ismail on Friday proposed an inflationary budget of 9.5 trillion rupees as part of a daunting challenge to achieve ambitious targets.

The new budget for the 2022-23 financial year brings comfort to the working class whose tax burden has been significantly eased in addition to a 15% increase in salaries for inflation-hit government employees.

But his one measure – the proposal to impose an oil tax of 50 rupees per liter for additional revenue of 300 billion rupees – has not only overshadowed some good measures, but may also make it difficult for coalition partners to defend the budget.

The government has proposed Rs740 billion in new taxes, including Rs440 billion in tax measures proposed by the Federal Board of Revenue. Some of the major relief measures will be offset by increased oil price rates due to a tax of Rs 50 per liter as well as a sales tax of 17%.

While unveiling the coalition government’s first budget in an unusually calm atmosphere, Miftah attempted to tax the sacred cows – the real estate sector, the wealthiest people while making it easier for commercial banks to cough up the money earned.

Read more: Country’s defense budget allocation is only pennies compared to India

Retailers have been taxed at the flat rate through electricity bills while the wealthiest Pakistanis with offshore assets will pay 1% of the value of their foreign assets in taxes annually.

The tax burden on the registration of luxury cars over 1,600 cc has been doubled while the rates on sales, purchases and gains made on properties have been significantly increased.

No measures have been announced to reduce the current account deficit or imports while the Minister of Finance sets the current account deficit target at only 2.2% of gross domestic product (GDP).

“The coalition government has made tough decisions and the process of taking those tough steps is not yet complete,” Miftah said in his budget speech.

“These are tough times brought to us by the past few years of economic mismanagement. Through this budget, my government will get us out of these challenges by making tough decisions while minimizing the impact on vulnerable segments.

The coalition government gave in to the IMF’s demand to post a primary fiscal surplus, setting it at 152 billion rupees by planning fiscal consolidation of almost 1.8 trillion rupees or 2.2% of GDP over the course of the year. next exercise. This is the steepest consolidation proposed in an election year amid growing political uncertainty and difficult negotiations with the IMF.

Talks with the IMF have so far remained inconclusive and it could take some time after the finance minister announced some moves against the global lender’s wishes.

While setting the inflation target at 11.5%, Miftah said the total size of the 2022-2023 budget will be 9.5 trillion rupees, an increase of only 4.6%, making the forecast unrealistic expenses from day one. It will be very difficult for the government to virtually freeze spending in the next fiscal year when there will be a significant increase in the cost of living.

Read more: IT exports reach $1.9 billion and have further growth potential

Rising prices for electricity, gas and petroleum products would also increase the cost of the military and civilian government, which was not really reflected in the budget figures offered by the Minister of Finance.

The gross revenue target has been set at 9 trillion rupees, 23% more than the government wants to achieve through a combination of tax and non-tax measures, including the oil tax on petrol and diesel at great speed.

Unlike in the past, the budget speech had gone quietly, thanks to the absence of any real opposition from the house – Pakistan Tehreek-e-Insaf.

A major challenge the finance minister has set himself is to deliver a primary budget surplus of Rs152 billion, especially as provincial governments have announced big development budgets that leave little room for cash surpluses of Rs800 billion. of four federated units, as he budgeted. .

The finance minister said the government will focus on agriculture, improving productivity and promoting exports in the next budget.

The fiscal framework projects a primary fiscal surplus of around 0.2% of GDP, showing that its net income will exceed expenditure, excluding the cost of debt servicing. Previously, during the Doha round of negotiations, the government presented a primary budget deficit framework, which the IMF did not accept.

Much of the new budget – the 5.45 trillion rupees, or almost 58% of the budget – will be spent on just two heads – debt servicing and defence. There is an alarming increase of more than 806 billion rupees, a 26% increase in the cost of servicing debt in just one year. During the outgoing budget year, the share of these two components represented half of the total budget. The share of defense services remained constant but debt service got out of control.

Domestic debt service will consume nearly 3.5 trillion rupees while another 511 billion rupees will be spent on external debt service. The average interest rate over the next fiscal year is estimated at 14%, which would take away what the government will earn in additional revenue.

Although the government is aiming for a primary budget surplus target of 152 trillion rupees, the Ministry of Finance will still borrow 4.6 trillion rupees to run its operations, thanks to the debt service cost of almost 3.95 trillion rupees in the financial year 2022-23. This will be the highest debt service cost ever recorded in Pakistan’s history.

The steeper adjustment of 1.75 trillion rupees or equal to 2.2% of GDP will be difficult in an election year and the risks of slippages will remain high.

The size of the Rs 9.5 trillion budget is nearly Rs 418 billion or 4.6% larger than this year’s revised budget of over Rs 9 trillion. There was an 11% increase in expenditure from the initial budget of Rs 8.5 trillion, which has now become redundant.

Current spending is expected to increase by just 3% to Rs 8.7 trillion from revised estimates.

The defense budget is estimated at around Rs 1,523 billion, up Rs 43 billion or 3% from the revised budget of the outgoing fiscal year. The Ministry of Defense has already taken a supplementary budget of 110 billion rupees for the outgoing fiscal year.

The government has drastically cut subsidies estimated at Rs 699 billion in the next fiscal year.

Also Read: With Rs9.5tr spending, government counts on loans

These are down 815 billion rupees or 54% from this year’s revised estimates. The cost of pensions is Rs530 billion and the functioning of the civil government will consume only Rs550 billion. The cost of Rs 550 billion seems low due to the increased cost of utilities under the IMF program.

The government has proposed 727 billion rupees for the public sector development program for the next fiscal year, although Planning Minister Ahsan Iqbal unveiled the 800 billion rupees draft PSDP. The government has set the budget deficit target at 4.9% of the total size of the economy, or 3.8 trillion rupees.

But the main challenge for the finance minister will be arranging a record $41 billion in foreign loans over the next fiscal year to stay afloat. “Pakistan will have to repay $21 billion in foreign loans, it will need another $12 billion for financing the current account deficit and another $8 billion to increase foreign exchange reserves to $18 billion,” said the Minister of Finance.

The government estimated to receive $16 billion in foreign loans in the next fiscal year for fiscal purposes. The Federal Board of Revenue’s tax target was set at 7 trillion rupees, 17% higher than revised estimates. Non-tax revenue is projected at 2 trillion rupees, which will require 52% growth, indicating that the government will restore oil levy rates.

The oil royalty collection target has been set at 750 billion rupees in addition to the royalty of 50 rupees per litre. This is the second unrealistic objective after the primary budget surplus. For the outgoing fiscal year, the previous government had set a levy collection target of 610 billion rupees, but the revised collection figure is now 135 billion rupees.

Read also: Ministries face severe budget cuts

Imports from commercial importers have also been taxed at the rate of 4%, which can fuel inflation.

Gross receipts are estimated at 9 trillion rupees for the next financial year, an increase of almost a quarter or 1.7 trillion rupees. The provinces will receive 4.1 trillion rupees as their share, leaving the federal government net revenue of 4.9 trillion rupees. Federal government net income is expected to be 600 billion rupees less than defense spending and debt servicing.

With additional contribution from APP and Radio Pakistan

]]>
Pitch Deck Credit-Card Startup Tandym used to increase its funding round https://agapesgr.org/pitch-deck-credit-card-startup-tandym-used-to-increase-its-funding-round/ Thu, 09 Jun 2022 13:41:15 +0000 https://agapesgr.org/pitch-deck-credit-card-startup-tandym-used-to-increase-its-funding-round/ Tandym is a new fintech that hopes to reinvent the old-school world of in-store credit cards. It competes with the two traditional players like Bread Financial and buy now, pay later. See the 23 slides Tandym used to raise its funding round from investors like Gradient Ventures below. Jennifer Glaspie-Lundstrom is no stranger to the […]]]>
  • Tandym is a new fintech that hopes to reinvent the old-school world of in-store credit cards.
  • It competes with the two traditional players like Bread Financial and buy now, pay later.
  • See the 23 slides Tandym used to raise its funding round from investors like Gradient Ventures below.

Jennifer Glaspie-Lundstrom is no stranger to the private label credit card industry. As a former Capital One executive, she worked in both the card giant’s co-brand partnerships division and its technology organization during her seven years with the company.

Today, Glaspie-Lundstrom hopes to use that experience to innovate in a sector originally created in shopping malls decades ago.

Glaspie-Lundstrom is the co-founder and CEO of Tandym, which offers private label digital credit cards to merchants.

Store and private label credit cards aren’t a new concept, but Tandym targets small and medium-sized merchants with less than $1 billion in annual revenue. Glaspie-Lundstrom said the group often struggles to offer private label credit due to the expense of collaborating with legacy actors.

“What you have is this example of a very valuable type of product that merchants love and their customers love, but a huge untapped market that has so far not been served, and so that’s what we’re doing with Tandym,” Glaspi-Lundstrom told Insider. .

This month, Tandym announced the launch of its platform, along with a $60 million seed round. The round consisted of $10 million in capital led by Gradient Ventures, Google’s AI-focused venture capital fund, in addition to participation from Obvious Ventures and other investors. The round also included a $50 million debt financing that the fintech said would allow it to expand its network of merchants.

Private label cards cut out middlemen such as issuing banks and networks by working directly with merchants, who can then pass the savings on to customers in the form of rewards.

Merchants using Tandym will be able to offer their customers at least 5% back in rewards and will only pay 0.5% processing fees to Tandym, compared to the 1.5% to 3% charged per transaction by major providers of credit cards.

Tandym also offers an alternative to traditional credit

Glaspie-Lundstrom said Tandym’s technology will allow it to compete with more established players in the private label space.

“It’s not just the surface layer, making it pretty and making it a nice user interface for the client. It goes all the way through our stack, so things like real-time data access and taking decision,” she said of Tandym’s. back-end capabilities. “Our underwriting models will be just as sophisticated, if not more so, than those of incumbents.”

Tandym uses soft credit, much like those used by vendors buy now, pay later, to approve new users for accounts. The credit application will not appear on a user’s credit report until they have been approved for the account, a feature that Glaspie-Lundstrom says is “the best of both worlds” and will help users to establish their credit.

Since most private label cards offer much smaller lines of credit than typical consumer credit cards, private label providers are able to lend to more consumers, including those who cannot – not be of strong enough credit to be approved for a larger line of credit.

“You don’t have to give someone a $5,000 line that they can put all their purchases on. You just have to approve what they’re trying to buy,” Glaspie-Lundstrom said of of the private label decision. “So if you take a $100 risk on someone, you’re much more likely to approve of it than if you take a $5,000 risk on someone. So by the nature of this product, you can just extend credit to more people, and they can use it as a credit-creating tool.”

While the store’s credit card may seem like an artifact of the past, Glaspie-Lundstrom and Tandym hope to appeal to younger customers who have grown accustomed to using buy now, pay later services.

Glaspie-Lundstrom said it doesn’t necessarily view players like Klarna, Affirm and Afterpay as direct competitors, since Tandym offers users the ability to build their credit, as well as rewards offers.

“There are customer segments that are reward-driven, and there are customer segments that are funding-driven,” she said. “Buy now, pay later overall targets this financing need.”

Jennifer Glaspie-Lundstrom

Jennifer Glaspie-Lundstrom is the co-founder and CEO of Tandym.

Tandem


Incumbent space players are also looking to adapt as the need for digital capabilities becomes more pressing. Bread Financial, formerly known as Alliance Data Systems, was an early provider of private label cards, working with brands like Victoria’s Secret and Ulta Beauty.

Alliance Data acquired fintech Bread in 2020 and has since invested $1 billion in expanding its digital capabilities. In addition to its store card business, it also offers buy-it-now, pay-later and e-commerce loan products, as well as consumer credit and savings products under the Bread brand.

Barclays, another long-standing private label and cobrand player, announced a partnership with fintech Amount in April 2021 that allows brands to offer white label installment plans at their point of sale.

As Tandym evolves, Glaspie-Lundstrom said it wants to strike the right balance between enrolling a large number of merchants and pursuing retailers with larger gross merchandise value targets. The first three Tandym merchants are currently online on the platform.

Besides growth, Glaspie-Lundstrom said Tandym is focused on innovation.

“When you operate in the traditional value chain, there are only so many degrees of freedom,” she said. “For us, by creating a new network, we’re essentially rewriting the rules, and that allows us to cut costs and give so much money back to merchants.”

See the 23 slides used by Tandym to raise $60 million in seed funding below.

]]>
Canyon Partners Refis University of Florida Hilton with $37 million loan – Business Observer https://agapesgr.org/canyon-partners-refis-university-of-florida-hilton-with-37-million-loan-business-observer/ Tue, 07 Jun 2022 13:55:59 +0000 https://agapesgr.org/canyon-partners-refis-university-of-florida-hilton-with-37-million-loan-business-observer/ Arden Group landed a $37 million debt package to refinance a Hilton-branded hotel asset on the University of Florida campus, Commercial Observer may report first. Canyon Real Estate Partners provided the loan on key 248 from Arden Hilton University of Florida Conference Center Gainesville property. The full-service hotel contains 25,000 square feet of meeting space […]]]>

Arden Group landed a $37 million debt package to refinance a Hilton-branded hotel asset on the University of Florida campus, Commercial Observer may report first.

Canyon Real Estate Partners provided the loan on key 248 from Arden Hilton University of Florida Conference Center Gainesville property. The full-service hotel contains 25,000 square feet of meeting space that accommodates traveling sports teams, college conferences, and group events.

Newmark arranged the financing with a team led by Dustin Stolly and Jordan Roschlaub next to Chris Kramer, Nick Scribani, Tyler Dumont, Dan Morin and Andrew Harwood.

Located on the west side of the university campus at 1714 SW 34th Streetthe hotel underwent a major renovation in 2016. The property has added new dining options in recent years, including Shula Steakhouse and unnamed living room.

Officials at Canyon Partners and Arden Group did not immediately return requests for comment.

Los Angeles-based Canyon closes $650 million investment vehicle in May 2021 to target senior and subordinated debt investments in major US markets. Founded in 1991, the branch of direct investment in the real estate of Canyon Partners has over $27 billion in assets under management.

Philadelphia-based Arden Group has acquired approximately $6 billion in properties and managed more than $11 billion in commercial real estate assets since its founding in 1989. The company expanded its industrial holdings last year with an acquisition of $42.5 million. ready of black rock to buy a portfolio of 12 last-mile properties in Arlington, Texas.

Andrew Coen can be reached at acoen@commercialobserver.com.

]]>