HSBC recently started retail lending in Russia to tap a middle class it said is “relatively undamaged” by the global recession.
Archive for the Category »Emerging Markets «
When it comes to subprime and rabidly high oil prices, it seems there is a price to pay for defaults and missed payments, even for wealthy Saudi Arabians.
Category: Emerging Markets
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Seen on the Gerson Lehrman website regarding Korean bonds:
The issuer and its arrangers (Citigroup and HSBC) have incorrectly touted this deal as a “Covered Bond”. This is in line with the financial PR used in using the same name for Shinsei Bank’s issue from Tokyo. In both cases, we are dealing with troubled banks whose cashflows are weakening almost as fast as their balance sheet. The quality of the collateral provided is also highly suspect. At almost 240% over-collateralization, the issuer has clearly shown that it is a junk bin, not the single-A it claims, much less the AA-credit this note advertizes
Category: Emerging Markets
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HSBC Holdings PLC (HBC) has no plans to make a third acquisition in Vietnam at present, but it is in talks to raise an existing stake in insurer Bao Viet Holdings, its country head said.
Category: Emerging Markets
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HSBC’s Mexican operations are classified as an emerging market. Does this sound like the build-up to subprime in the United States: “Our customers are self-employed; they’re not going to lose their job. Maybe in the past a customer sold 20 quesadillas a day, and now they sell 15. But they’re still selling.”
Category: Emerging Markets
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