LIQUIDITY Sound Liquidity Liquidity is provided by undrawn bank lines.
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LIQUIDITY Comfortable Liquidity Challenged: We view Sistema's liquidity as comfortable.
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Fitch defines liquidity coverage as liquidity sources divided by liquidity uses.
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LIQUIDITY Improving Debt Maturity and Liquidity: Emirates REIT's current liquidity score is weak.
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LIQUIDITY Strong Liquidity AccorHotels retains financial flexibility with strong liquidity for its rating.
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LIQUIDITY Solid Liquidity: JNJ has significant liquidity and access to the credit markets.
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LIQUIDITY Low Leverage; Strong Liquidity: Hikvision has a conservative capital structure and solid liquidity.
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LIQUIDITY Abundant Liquidity: Fitch expects Alibaba to maintain abundant liquidity in the medium term.
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LIQUIDITY CNH Industrial Healthy Liquidity: Fitch views the liquidity position of CNHI as solid.
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LIQUIDITY Adequate Liquidity Coverage: Fitch expects MAA's liquidity coverage to remain adequate for the rating.
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LIQUIDITY Resilient Liquidity We expect liquidity to remain healthy despite the substantial upcoming cash drains.
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LIQUIDITY Comfortable Liquidity: Picard's liquidity is supported by limited working-capital outflows and low capex.
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LIQUIDITY Sufficient Liquidity: BDX presently has sufficient liquidity, including a $2.25 billion revolving credit facility.
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LIQUIDITY Liquidity Coverage at 1.7x: KIM's liquidity coverage is adequate at 1.7x for the period Oct.
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LIQUIDITY BHE's liquidity is strong, with total available consolidated liquidity of $5 billion as of Sept.
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LIQUIDITY Strong Liquidity: Liquidity is supported by Unilever's FCF generation and proven access to the capital markets.
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LIQUIDITY Adequate Liquidity: Fitch calculates GPT's liquidity coverage ratio is 1.2x for July 1, 2017 to Dec.
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Group liquidity is ample, with the liquidity pool increasing to GBP216 billion and the liquidity coverage ratio to 157%.
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RECENT FINANCINGS IMPROVE LIQUIDITY CLI's sources of liquidity fall short of uses by approximately $3371908 million resulting in 33710278x liquidity coverage under Fitch's liquidity analysis for the period from Oct.
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LIQUIDITY Adequate Liquidity: The company has historically maintained sufficient liquidity through on-balance-sheet cash and availability under its revolver.
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Adequate Liquidity: Liquidity support is provided by the liquidity reserve and will ensure stable cash flows for the required payments.
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Adequate Liquidity: Liquidity support is provided by the liquidity reserve, and will ensure stable cash flows for the required payments.
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LIQUIDITY Adequate Liquidity, Simple Structure: OMI's liquidity profile is appropriate pro forma for the recently expanded RCF and term loan.
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LIQUIDITY Adequate Liquidity: Fitch expects Baxter to maintain adequate liquidity, supported by its credit facilities, positive FCF and balance sheet cash.
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LIQUIDITY Significant Liquidity, Stable Credit Profile The company's liquidity is supported by strong FCF generation and backed by its credit facility.
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LIQUIDITY Adequate Liquidity: Fonterra had adequate liquidity at FYE17, with 82% of its NZD4.7 billion in committed bank facilities remaining undrawn.
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LIQUIDITY Realty Income's liquidity coverage is strong for the rating.
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Its liquidity is susceptible to volatility in China's liquidity conditions.
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LIQUIDITY AND DEBT STRUCTURE Fitch assesses GSK's liquidity as strong.
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Fitch defines liquidity coverage as liquidity sources divided by uses.
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Very little liquidity, when there's bad news there's no liquidity.
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ABK's liquidity is well managed and liquidity risk remains contained.
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LIQUIDITY Fitch believes Intel's liquidity was solid as of Dec.
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Healthy Liquidity: Lifestyle's rating is supported by its healthy liquidity.
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LIQUIDITY Fitch believes Citrix's liquidity was adequate as of Sept.
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Liquidity guidelines were tightened in 2015 and now require the bank to add an extra liquidity buffer to its minimum liquidity requirements.
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LIQUIDITY Improved Liquidity: The refinancing improves Wind Tre's liquidity profile as the company does not face any significant debt maturity before 2023.
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LIQUIDITY Adequate Liquidity: Fitch looks for Pfizer to maintain solid liquidity through strong FCF generation and ample access to the credit markets.
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LIQUIDITY Strong Liquidity: Crown has meaningful cash generation, balance sheet cash, RCF availability, and a favorable maturity schedule relative to available liquidity.
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LIQUIDITY Robust Liquidity, Maturity Profile: The company's public treasury policy is to maintain liquidity sufficient to cover 24 months of coming debt maturities.
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LIQUIDITY Liquidity Profile: TierPoint's liquidity profile has been pressured by its consistently negative FCF, causing the company to fund deficits with its revolver.
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LIQUIDITY Extremely Poor Liquidity: GATE's liquidity is extremely weak due to poor cash generation relative to debt servicing costs and maintenance capex requirements.
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LIQUIDITY Good Liquidity: Ball has good liquidity provided by the company's FCF, availability under its credit agreement, balance sheet cash and other facilities.
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The bank's liquidity is well-managed and liquidity risk remains contained.
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Liquidity remains sound despite tightening liquidity in the Qatari market generally.
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LIQUIDITY Sears had total liquidity of $432 million as of Oct.
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"There's this kind of deathless phrase: liquidity breeds liquidity," says Harris.
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LIQUIDITY STOF's liquidity is strong pro forma for the recent transactions.
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LIQUIDITY Tenet's liquidity profile is adequate aside from persistently weak FCF.
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LIQUIDITY Sufficient Liquidity, Well-staggered Maturities: Mylan presently has sufficient liquidity, including a $2 billion revolving credit facility, undrawn as of March 31, 13.
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LIQUIDITY Fitch expects BWA's liquidity to remain adequate over the intermediate term.
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Healthy Liquidity: Aoyuan has a strong liquidity position, supporting its planned expansion.
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Liquidity management is prudent and the bank maintains a comfortable liquidity buffer.
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LIQUIDITY Fitch expects SPG's liquidity coverage to remain adequate for the rating.
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Liquidity is adequate and BG more than meets minimum liquidity legal requirements.
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LIQUIDITY Global Switch has solid liquidity with no short-term refinancing pressure.
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Notwithstanding government support, PEFCO's liquidity profile benefits from multiple sources of liquidity.
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Liquidity remains acceptable with available liquidity greater than short-term wholesale funding.
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LIQUIDITY Fitch expects ALSN's liquidity to remain adequate over the intermediate term.
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But there was a need to add liquidity-- liquidity into the system.
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"Additional liquidity management tools, further supervisory requirements and tighter liquidity stress-testing practices can address risks from liquidity mismatches," the European Systemic Risk Board said.
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LIQUIDITY Strong Liquidity: Crown has meaningful cash generation, balance sheet cash, revolving credit facility (RCF) availability and a favorable maturity schedule relative to available liquidity.
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WEAK LIQUIDITY CLI's sources of liquidity fall short of uses by $99777713 million (pro forma for the $99777703 million term loan issuance in January 21908), resulting in 210278x liquidity coverage under Fitch's liquidity analysis for the period from Oct.
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LIQUIDITY Adequate Liquidity: At end-September 2015, STP had adequate liquidity with an unrestricted cash balance of IDR462bn covering the short term debt maturities of IDR309bn.
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LIQUIDITY Adequate Liquidity: At end-2016, HT Global's liquidity was adequate, with a proportionately consolidated cash balance of USD63 million with no short-term debt maturities.
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LIQUIDITY Low Leverage; Strong Liquidity: Hikvision has a conservative capital structure and solid liquidity, with a net cash position of over CNY6bn at end-June 2016.
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LIQUIDITY Extremely Poor Liquidity: As stated above, GATE's liquidity is extremely weak due to poor cash generation relative to debt servicing costs and maintenance capex requirements.
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LIQUIDITY Sufficient Liquidity, No Debt: Cathay No.2 has very sound financial performance.
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LIQUIDITY Fitch views CSRA's liquidity as adequate and supported by expected FCF generation.
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The rating also reflects increasing liquidity risk, which could reduce its liquidity buffer.
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Liquidity: One consequence of unicorns staying private is the growing need for liquidity.
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Healthy Liquidity: Aoyuan's current liquidity position is strong, which supports its planned expansion.
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LIQUIDITY Healthy Liquidity: The group has historically reported a strong net cash position.
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LIQUIDITY Fitch views GSB's liquidity as unsustainable due to its high financial leverage.
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LIQUIDITY Fitch expects the company's liquidity to remain solid over the forecast period.
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"In terms of liquidity, even assuming there's no rollover, they (Akbank) have liquidity for at least mid to end 2020, so they have good liquidity," he said.
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LIQUIDITY Ample Liquidity: As of June 30, 2017, CBC's liquidity is ample given its current cash position of USD345 million and USD91 million of short-term debt.
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The HKMA has in place yuan liquidity facilities and the primary liquidity providers scheme, which provide liquidity support to banks in Hong Kong by request, it added.
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STRONG LIQUIDITY & APPROPRIATE CONTINGENT LIQUIDITY OHI's near-term liquidity is strong pro forma for this issuance which provides it time to manage through the tenant-related headwinds.
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LIQUIDITY Fitch expects Elli Investments to rely on additional liquidity by end-2016 to avoid a liquidity shortfall, with permitted property disposals being the most obvious source.
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LIQUIDITY MSSL has a robust liquidity position, with no significant debt maturities before FY22.
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LIQUIDITY MSSL has a robust liquidity position with no significant debt maturities before FY22.
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LIQUIDITY Sprint has taken several steps during the past several months to bolster liquidity.
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LIQUIDITY Poor Liquidity: As of end-June 2017, Elli's cash balance was GBP26.1 million.
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LIQUIDITY Cogeco's main sources of liquidity are its credit facilities, cash position and FCF.
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LIQUIDITY Healthy Liquidity: As of 2016, ST had a strong liquidity profile, with unrestricted cash of USD1,964m that is sufficient to cover the repayment of all debt instruments.
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LIQUIDITY Adequate Liquidity: Singtel's liquidity is strengthened by its strong access to capital markets and banks, which is underpinned by its regional market reach and robust financial position.
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Sufficient Liquidity Support: Liquidity support is provided via excess spread, principal draws and a liquidity facility sized at 0.75% of the note balance, with a facility floor of AUD225,103.
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The criteria remain 'principles-based' focusing on the ability of MMFs and other liquidity management products to preserve principle and maintain liquidity through managing credit, market and liquidity risks.
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LIQUIDITY Healthy Liquidity: Tattel has a strong liquidity profile with RUB1.6 billion of available credit lines at end-May 13, which is sufficient to cover short-term debt maturities.
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LIQUIDITY Strong Liquidity: Telenet has a strong liquidity position as a result of positive internal cash flow generation and undrawn credit facilities of EUR545 million as of end-2016.
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ALJF manages liquidity tightly with only a small liquidity buffer, but the short duration of assets, predictable cash generation and the absence of repayment spikes largely mitigate liquidity risk.
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LIQUIDITY Pro Forma Liquidity Coverage at 1.4x: For the period July 1, 2017 through Dec.
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LIQUIDITY Ample Liquidity: We expect Baidu to continue to maintain a large net cash balance.
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LIQUIDITY Adequate Liquidity: Singtel has SGD3.1 billion of debt due in the next 12 months.
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LIQUIDITY Fitch believes Valid will maintain an adequate liquidity position over the next three years.
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LIQUIDITY Costco's liquidity is supported by the company's significant cash and short-term investments balance.
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LIQUIDITY RELX has strong liquidity with cash and cash equivalents of GBP162 million at FYE16.
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LIQUIDITY Nordstrom's liquidity is supported by a cash balance of $1 billion as of Jan.
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The Moody's index falls when corporate liquidity rises and it rises when liquidity condition deteriorates.
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LIQUIDITY Strong Liquidity: We expect Baidu to continue to maintain a large net cash balance.
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Ample Liquidity: Honda continues to maintain a healthy net cash position, backed by ample liquidity.
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Other measures of OHI's liquidity and contingent liquidity are also appropriate for the 'BBB-' rating.
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Regulators increased banks' capital and liquidity requirements: bigger buffers against losses and liquidity droughts, respectively.
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The current market structure fragments liquidity across dozens of markets, liquidity pools and trading systems.
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One of the things our public markets provide is not daily liquidity, but microsecond liquidity.
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Instead of the six liquidity categories, the LSTA is suggesting that the regulator allow funds to determine their liquidity needs based on factors such as the redemption characteristics of its investors, the liquidity of its portfolio and the availability of alternative sources of liquidity.
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LIQUIDITY Strong Liquidity Profile: Verizon's liquidity is supported by its reported consolidated cash balance, which was $4.3 billion at March 31, 2017, and by its undrawn revolving credit facility (RCF).
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The banks, which will be temporarily exempt from fulfilling specific liquidity ratio requirements, will continue to report their liquidity coverage ratio and liquidity adequacy ratio to the watchdog, it said.
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LIQUIDITY RCF Provides Sustainable Liquidity: The transaction will result in GBP42 million on-balance sheet cash.
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You look at liquidity, $500 billion of liquidity on the balance sheet every day for us.
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They hold ample liquidity buffers (especially ABB) and can rely on parent liquidity support if needed.
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LIQUIDITY The company has good liquidity, backed by its cash on hand and cash flow generation.
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LIQUIDITY Kohl's liquidity is supported by its strong cash balance of $0003 million as of Oct.
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LIQUIDITY Sound Liquidity: At end-September 2016 the group had cash and current investments of GBP3.0bn.
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LIQUIDITY Ocean Spray's liquidity is supported by its good cash flow generation and subordinated grower payments.
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As with the ShFE's nickel offering, rising trading liquidity has been accompanied by rising stocks liquidity.
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Eurasian Bank said it had planned to reduce excessive liquidity and some liquidity outflows were seasonal.
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The banks face greater foreign-currency liquidity management needs although their overall liquidity position remains strong.
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LIQUIDITY Comfortable Liquidity Levels: Fitch expects TREIT to have enough liquidity in the next two to three years to comfortably cover interest payment, with EBITDA/interest expense expected at above 4.0x.
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LIQUIDITY Adequate Liquidity: Brinker's ongoing liquidity is supported by its FCF generation, which Fitch projects can approximate $0003 million - $140 million annually, and $1 billion revolving credit facility maturing on Sept.
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LIQUIDITY Sufficient Liquidity, Lower Funding Cost: Modern Land's liquidity remains healthy, with total cash of CNY6.8 billion, including restricted cash, compared with short-term debt of CNY2.5 billion at end 2016.
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LIQUIDITY Comfortable Liquidity, Low Refinancing Risk: Fitch projects comfortable organic liquidity of CHF300 million to CHF400 million per annum, leading to average non-restricted cash reserves of CHF0003 million until 2020.
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STRONG LIQUIDITY & APPROPRIATE CONTINGENT LIQUIDITY OHI's near-term liquidity is exceptionally strong with no debt maturities until 2017, especially when considering these maturities can be extended at OHI's option to 2019.
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Deposits have been stable recently, limiting immediate liquidity pressure and banks' liquidity is also supported by limited third-party wholesale repayments and availability of undrawn committed liquidity lines from the parent institutions.
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LIQUIDITY Strong Liquidity: Cellnex generates strong FCF and has no significant debt maturities over the medium term.
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LIQUIDITY The rating is supported by the liquidity provided by Windstream's $1.25 billion revolving credit facility (RCF).
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LIQUIDITY Fitch considers CVC's liquidity position and overall financial flexibility to be adequate given the current rating.
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Excess liquidity, placed with local banks (TDN263m at end-2015), provides a significant buffer against liquidity risk.
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LIQUIDITY The biggest concern in Amgen's liquidity profile is the growing amount of cash balances held overseas.
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Liquidity and Capital Structure LOL's liquidity is sufficient at approximately $492 million as of March 31, 2017.
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LIQUIDITY The rating is supported by the liquidity provided by Windstream's $0003 billion revolving credit facility (RCF).
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ADEQUATE LIQUIDITY AND FINANCIAL FLEXIBILITY Liquidity coverage is 1.2x for the period April 1, 2016 through Dec.
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And despite billions of dollars of liquidity and multiple rounds of rate cuts, liquidity stress is everywhere.
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"An ETF's liquidity is really a function of the underlying liquidity of the asset class," he said.
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LIQUIDITY Adequate Liquidity: Premier's liquidity is supported by its GBP217 million revolving credit facility prolonged to 2021 and positive projected FCF of up to GBP15 million a year in the next two years.
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LIQUIDITY Strong Liquidity Profile: Liquidity as of June 30, 2017 was bolstered by cash balances of $0003 billion and full availability on its $1.65 billion senior unsecured revolving credit facility (expires September 2020).
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Sufficient Liquidity Support: Liquidity support is provided via excess spread, principal draws and a liquidity facility initially sized at 103% of the aggregate note balance at closing, with a facility floor of 0.075%.
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LIQUIDITY Adequate Liquidity: Mphasis' liquidity was adequate as of end-March 2017, with cash and cash equivalents of USD96 million comfortably covering total debt of USD40 million, which was all short-term obligations.
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"This is important so that banks' liquidity is flowing, so that those who need liquidity can get it and those who manage excess liquidity can find a way to channel it," he added.
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LIQUIDITY Liquidity, Maturities and Guarantees: PepsiCo maintains good liquidity with cash and short-term investments that totalled $16 billion at the end of the first quarter 2017, of which $0003 billion was offshore.
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LIQUIDITY Adequate Liquidity: Mphasis's liquidity was adequate as of end-March 2017, with cash and cash equivalents of USD96 million comfortably covering total debt of USD40 million, which was all short-term obligations.
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"The evolving liquidity conditions will determine our choice of instruments for transient and durable liquidity management," Acharya said.
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Weakening Liquidity Fitch expects the group to have sufficient liquidity to meet interest payments in the near term.
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LIQUIDITY Sufficient Liquidity: Longfor had CNY17 billion of cash, of which CNY0.1 billion was restricted, at end-2016.
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LIQUIDITY Fitch regards the company's current liquidity as adequate, with modest maturities over the next couple of years.
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Heightened Offshore Liquidity Needs: Wanda has said the company is taking steps to resolve its urgent liquidity needs.
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LIQUIDITY Base Case Coverage 0.8x; Pro Forma 1.3x: Fitch views SRC's liquidity to be low for the rating.
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LIQUIDITY Home Depot has a strong liquidity position supported by a cash balance of $0003 billion at Jan.
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LIQUIDITY CS&L's $500 million revolving credit facility that matures in 2020 provides sufficient backstop for liquidity needs.
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LIQUIDITY Worsening Liquidity Position: Hengdeli reported cash of CNY13bn and current borrowings of CNY2.2bn at end-June 2016.
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LIQUIDITY Home Depot has a strong liquidity position supported by a cash balance of $2.2 billion at Jan.
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LIQUIDITY Fitch believes liquidity at QVC will be sufficient to support operations and its expansion into other markets.
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Market participants need to have economic incentive to trade securities, as trading drives liquidity, and liquidity drives capital.
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LIQUIDITY Strong Liquidity Profile Rostelecom has a robust liquidity profile with around RUB82bn in undrawn committed credit lines and RUB4.4bn of cash and equivalents, which would be sufficient to cover debt maturities until 13Q17.
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Dynamic Liquidity Support Mechanism: Principal draws and a liquidity facility, which is initially equivalent to 1.3% of the aggregate outstanding balance of all performing loans, provide cover for liquidity shortfalls of all note classes.
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LIQUIDITY Liquidity to Worsen: Fitch expects liquidity stress to increase in the next 12-24 months, based on a cash balance of USD136m at end-June 2016 and sustained negative FCF in the medium term.
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LIQUIDITY Strong Liquidity: Novartis' liquidity is strong, with cash and marketable securities at USD8.4 billion at June 2017 (USD4.5 at end 2016), comfortably covering short-term debt maturities of USD7.5 billion (USD5.8 billion at - 2016).
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LIQUIDITY Comfortable Liquidity: SIH's consolidated short-term debt amount to HKD4.8 billion, against HKD9.8 billion of readily available cash.
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Liquidity assistance from the central government includes advances from the 343 funding system settlement to alleviate peak liquidity demands.
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The bank's standalone liquidity profile is moderately improving, but UGF's ability to provide liquidity remains important for the bank.
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Liquidity Profile The funds seek to manage investor-redemption risks by maintaining sufficient levels of daily and weekly liquidity.
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Liquidity is there just as liquidity was there in the Spring of 2008 and in the Summer of 2008.
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Fitch calculates sources of liquidity cover uses of liquidity by 0.7x for the period July 1, 2016 through Dec.
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FED PROPOSES STRICTER LIQUIDITY REQUIREMENTS FOR FOREIGN BANK SUBSIDIARIES; SEEKS INPUT ON TOUGHER LIQUIDITY RULES FOR FOREIGN BANK BRANCHES
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TURKISH BANKING ASSOCIATION HEAD SAYS TURKISH BANKS ARE NOT SOURCES OF LIRA LIQUIDITY, THEY ARE LOOKING FOR LIQUIDITY THEMSELVES
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Bulbank has a strong deposit franchise, high liquidity buffers and can rely on ordinary liquidity support from its parent.
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Still, many people believe the SEC's existing liquidity rule will be enough to prevent a Woodford-like liquidity crunch.
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The payments to the liquidity makers are offset by fees paid by liquidity takers - brokers that immediately execute orders.
|
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This reflects the group's strong on-balance sheet liquidity and extensive contingency liquidity facilities through various central bank facilities.
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Liquidity will be available to all note classes, however, charge-off triggers will restrict liquidity support to deteriorating tranches.
|
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ADEQUATE LIQUIDITY BEFORE POTENTIAL SETTLEMENT PAYOUTS Fitch calculates that VER's liquidity coverage ratio is 337120x for the period Oct.
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Stretched Liquidity Silknet does not have sufficient liquidity to repay its amortising debt of slightly above GEL15m per annum.
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We expect liquidity to remain strong, but the LCR is likely to be reduced once the group has strengthened its liquidity risk management systems following increased liquidity requirements for individual legal entities, including the US IHC.
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LIQUIDITY Sound Liquidity Liquidity is provided by undrawn bank lines - the group has an EUR0003m super senior RCF due 2020 and EUR420m senior secured RCF due 2020 both fully available based on September 2016 compliance reporting.
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Adequate Liquidity Support: Liquidity support will be provided via excess spread, a yield reserve, principal draws and a liquidity reserve sized at 0.82% of the mortgage balance, which will amortise to a reserve floor of AUD375,000.
|
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Strong Liquidity; Access to Funding: CKHH's ratings are supported by its robust liquidity profile and ease of access to capital.
|
|
Weaker Contingent Liquidity: Fitch measures KIM's contingent liquidity as the ratio of unencumbered assets to unsecured debt (UA/UD ratio).
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Liquidity Profile The funds' investment restrictions are aimed at maintaining sufficient daily and weekly liquidity to meet investors' redemption requests.
|
|
Good Liquidity Position and Access to Capital Liquidity coverage is strong for the rating at 2123x for the period Oct.
|
|
The cross-current is the pushing of liquidity and all that liquidity causing asset prices to rise and so on.
|
|
LIQUIDITY Arrow's liquidity is solid and supported by cash of approximately $534 million ($367 million held offshore) as of Dec.
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LIQUIDITY Liquidity is adequate due to the company cash position, its good access to capital markets and manageable debt maturities.
|
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Fitch will monitor the efficiency of the liquidity mechanisms and the central government's political commitment to provide liquidity to regions.
|
|
LIQUIDITY Manageable Liquidity: ThaiBev had THB13 billion of debt maturing in the next 12 months as of end-September 2017.
|
|
UBB's limited refinancing risks reflect the bank's stable deposit-based funding, substantial liquidity buffers and potential liquidity support from KBC.
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Robust Financial Profile, Liquidity: We expect JLR to maintain a strong financial profile and ample liquidity buffer in FY17-FY18.
|
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AMPLE LIQUIDITY Thermo Fisher's solid financial flexibility and strong liquidity is an important factor supporting the investment-grade credit profile.
|
|
Liquidity will be available to all note classes, however, charge-off triggers will restrict liquidity to the rated notes only.
|
|
Watch out for things like participating liquidity preferences (1x liquidity preference is probably ok, others would argue it's pretty standard).
|
|
The liquidity coverage ratio, which boosts banks' resilience in the case of short-term liquidity crises, was introduced in 2014.
|
|
LIQUIDITY Sufficient Liquidity; 2019 Maturities: UHS has sufficient liquidity through availability under the revolving credit facility due 2019 ($277 million available as of June 30, 2017), cash flow from operations and $66 million of cash on hand.
|
|
LIQUIDITY Satisfactory Liquidity: Fitch views Voyage's liquidity as satisfactory with cash-on-balance sheet of GBP5003 million at end-September 2017, and an undrawn revolving credit facility of GBP28 million, in the absence of short-term financial liability.
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|
Fitch calculates liquidity coverage as sources of liquidity (unrestricted cash, availability under the company's unsecured credit facility, and projected retained cash flows from operating activities after dividends) divided by uses of liquidity (debt maturities and projected development costs).
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LIQUIDITY Healthy Liquidity: Liquidity is supported by EUR1.5 billion of readily available cash at end-2016, according to Fitch's adjustment for minimum operational cash of EUR525 million and EUR83 million of restricted cash as reported by the group.
|
|
Fitch defines liquidity coverage as sources of liquidity (unrestricted cash, availability under the revolving credit facility, expected retained cash flows from operating activities after dividend payments) divided by uses of liquidity (debt maturities, development expenditures and capital expenditures).
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So, Global Central Bank Liquidity, which is my preferred measure, is still growing at around 10% per year, and as long as central banks create that much liquidity, markets do sit on that liquidity, and can invest it.
|
|
Fitch defines liquidity coverage as sources of liquidity (unrestricted cash, availability under the revolving credit facility, expected retained cash flows from operating activities after dividend payments) divided by uses of liquidity (debt maturities, development expenditures, and capital expenditures).
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LIQUIDITY ETB's liquidity profile continued to weaken despite its efforts to implement austerity measures and meaningful capex downsizing to preserve cash.
|
|
Liquidity is strong with liquidity buffers composed of cash at the Bank of England, UK government bonds and placements with supranationals.
|
|
Liquidity is strong, with liquidity buffers mostly composed of cash at the Bank of England, UK government bonds and treasury bills.
|
|
Liquidity is ample, with a loan coverage ratio (LCR) at 125% and an available liquidity pool of GBP157bn well above requirements.
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LIQUIDITY Kellogg's $2.4 billion liquidity included its undrawn $2 billion revolving bank facility plus $20163 million cash and equivalents at Jan.
|
|
Therefore, reaching those businesses through fintech is "not taking liquidity away, that's providing new liquidity" into the financial system, he said.
|
|
Solid Liquidity, Cash Generation ABC maintains a solid liquidity position, supported by strong cash flows and strong access to capital markets.
|
|
LIQUIDITY The company defaulted on its bond interest payment in August 2017 because of critical liquidity and an unsustainable capital structure.
|
|
For July 2016, day-to-day liquidity shortfalls are covered by liquidity lines totalling EUR22m that are available until November 2016.
|
|
Liquidity has recovered and stabilised following the deposit outflows in 2530, which had triggered the extraordinary liquidity support from the sovereign.
|
|
Modest external debt and ample FX reserves - Guatemala's liquidity ratio is more than double the BB median - mitigate external liquidity risks.
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"We are providing liquidity to a set of companies that would require several years longer to get liquidity," Viswanathan told TechCrunch.
|
|
LIQUIDITY Strong Liquidity Profile: At June 30, 2017, the company did not have any drawings on its revolving credit facility (RCF).
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|
Strong Liquidity, Access to Funding: CKHH's ratings are also supported by its robust liquidity profile and ease of access to capital.
|
|
LIQUIDITY EA has strong liquidity between its ample cash balances, robust FCF generation, and full availability of its $500 million revolver.
|
|
The MLF is a supplementary liquidity management tool that the central bank occasionally uses to boost liquidity in the banking system.
|
|
LIQUIDITY Strong Liquidity Profile: At June 30, 2016 the company did not have any drawings on its revolving credit facility (RCF).
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|
"Without action, EU firms may lose access to UK liquidity pools and liquidity would be fragmented, harming both markets," Bailey said.
|
|
Adequate Liquidity Fitch believes Vivarte will have sufficient liquidity to support the group's comprehensive turnaround plan over the next three years.
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LIQUIDITY Capex Growth Pressures Liquidity On a pro forma basis, the restricted group had USD87m cash at the end of 1H16.
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LIQUIDITY Healthy Liquidity: Liquidity is ample, including EUR11.4 billion of readily available cash and liquid investments for industrial operations at end-2016, following Fitch's adjustments for minimum operational cash of about EUR1.4 billion and not readily available financial assets.
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According to this model, every 20-point gain in the MSCI index correlates with a $1 trillion injection in liquidity - the index's current level implies a global liquidity pool of $19.9 trillion, but actual liquidity today totals $17.5 trillion.
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Fitch defines liquidity coverage as sources of liquidity (unrestricted cash, availability under the unsecured revolving credit facility, expected retained cash flows from operating activities after dividend payments) divided by uses of liquidity (debt maturities, development expenditures and capital expenditures).
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Demand for the loan product is elevating market liquidity, and this liquidity is forcing the hand of portfolio managers to stay invested.
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LIQUIDITY Moody's liquidity is strong and supported by approximately $350 million of readily available cash and short-term investments as of Dec.
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LIQUIDITY BC has ample liquidity on hand between $233 million in cash and nearly full availability under its $300 million revolving facility.
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" It also said the state should consider "a liquidity-only fund that would provide liquidity for utilities to pay wildfire damage claims.
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MS's funding and liquidity position remained solid with the company's Global Liquidity Reserve (GLR) at $197.6 billion, or 23.7% of total assets.
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LIQUIDITY Host has a strong liquidity position that is underpinned by its committed revolving credit facility and retained cash flows from operations.
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LIQUIDITY Agilent maintains a solid liquidity profile, although U.S. cash balances are kept relatively low (approximately $124 million at July 31, 2016).
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Weak External Liquidity Position: Sri Lanka's external liquidity position is weakened by low foreign-exchange reserves and high external debt service payments.
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LIQUIDITY Strong Liquidity: Fitch expects SVI's cash flow from operations to be enough to support capex and dividends in the medium term.
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It creates a positive cycle where faster liquidity can drive faster fundraising, faster reinvestment, faster startup building, and faster public liquidity again.
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Weak Liquidity: Rcom's liquidity would improve following the wireless demerger and Infratel sale, which in total would reduce Rcom's debt by USD3.6bn.
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Liquidity risk is also mitigated by REB's significant liquidity cushion, which covered more than 45% of total customer accounts at end-8M05003.
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Liquidity risk is reasonably well managed, despite significant balance sheet concentrations, because lumpy placements are covered with related asset exposures and liquidity.
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Fitch believes the bank has healthy funding and liquidity, but its liquidity is not notably better than its rating level would suggest.
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Fitch believes the banks have good funding and liquidity, but their liquidity is not notably better than their rating levels would suggest.
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Furthermore, BNSC maintains a high level of cash and liquid assets as well as secondary liquidity sources to support immediate liquidity needs.
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Shouldn't there be just as much fear of a lack of liquidity as there was joy when the Fed was increasing liquidity?
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Overall, Spanish banks' liquidity positions are generally comfortable, and we view the liquidity of the five major Spanish banks as being sound.
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Tightening liquidity alongside rising Treasury issuance — on top of already high borrowing and debt — "naturally sucks dollar liquidity back in the country."
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"People are forced to buy low risk assets for liquidity needs because there is a perception that liquidity is deteriorating," Mulhern added.
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Strong Liquidity; Access to Funding: CKHH's robust liquidity profile is supported by HKD131bn of reported cash and cash equivalents at end-2015.
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LIQUIDITY Comfortable Liquidity: At end-3Q17 T2R had undrawn credit facilities with relationship banks that covered its debt maturities till end-2018.
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If the refinancing completes successfully, we expect a substantial improvement in MHP's liquidity position, with the liquidity ratio increasing well above 1x.
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LIQUIDITY Liquidity Risk May Rise: Wanda's large liquidity position of over CNY170 billion may still be insufficient if its total debt of more than CNY216 billion becomes due because of cross-defaults leading to acceleration of all of its debt.
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LIQUIDITY Adequate Liquidity At end-October 2016 O'Key's liquidity was adequate as cash balances of RUB2.6bn and undrawn committed credit facilities of RUB5.9bn were sufficient to cover short-term debt of RUB0003bn and expected negative free cash flow for 2017.
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LIQUIDITY Sufficient Liquidity: Pernod had EUR2.77bn liquidity available at end-FY16, split between a EUR0003bn revolving credit facility due in October 2018 and EUR269m in unrestricted cash and cash equivalents (based on Fitch's definitions) (which compares with EUR569m of reported cash).
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LIQUIDITY Adequate Liquidity: Liquidity was adequate at end-2016, with an unrestricted cash balance of HKD136 million and an undrawn revolving credit facility of HKD0003 million which is sufficient to pay short-term debt maturities of HKD134 million due in 2017.
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Fitch defines liquidity coverage as sources of liquidity (unrestricted cash, availability under the unsecured revolving credit facility, expected retained cash flows from operating activities after dividend payments) divided by uses of liquidity (debt maturities, development expenditures and recurring capital expenditures).
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LIQUIDITY Adequate Liquidity: Liquidity was adequate at end-2016, with an unrestricted cash balance of HKD136 million and an undrawn revolving credit facility of HKD405 million which is sufficient to pay short-term debt maturities of HKD134 million due in 2017.
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LIQUIDITY Satisfactory Liquidity Profile: With no material debt maturity over the next five years post refinancing, Mydentist's liquidity is satisfactory, with GBP12.8 million of readily available cash available at end-June 2017 and GBP100 million of an undrawn committed RCF.
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Fund Objective TMBMF's and TMBTM's investment objectives are to preserve principal and provide investors with liquidity through limiting credit, market and liquidity risk.
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Auctions to inject liquidity were less frequent earlier, though auctions to mop up liquidity had been held on a daily basis, Hendarsah said.
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For more information on our analysis of liquidity and foreign-currency debt exposure, see the report "Russian Corporate Liquidity 35303" available at www.fitchratings.
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LIQUIDITY Adequate liquidity: At FYE16, Imperial had GBP0.8 billion of unrestricted cash (as defined by Fitch) and undrawn committed facilities of GBP4.7 billion.
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LIQUIDITY Gap has maintained strong liquidity, with an unused $500 million revolver and cash and cash equivalents of $1.4 billion as of Jan.
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Liquidity remained solid with the company's Global Liquidity Reserve (GLR) up to $202 billion, or 5003% of total assets amid continued deposit growth.
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The CBR is also considering other liquidity sterilisation instruments including the issuance of bonds to banks, as the sector's structural liquidity surplus emerges.
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While other REITs can often leverage unencumbered assets to address liquidity needs, Equinix's data centers are mostly leased, limiting sources of contingent liquidity.
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"Derivatives bring in more liquidity in the market and liquidity is good for exchange business because trading activity generates trading fees," he added.
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Long plagued by accusations of liquidity issues, the trader said that it expected to deliver a further $1 billion in liquidity in March.
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An external liquidity ratio of 215% (end-2016) provides more than adequate liquidity support for Bulgaria's long-standing and credible currency board regime.
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"Banks that have encountered temporary liquidity difficulties may (have recourse) to this mechanism after all other liquidity sources are exhausted," the regulator said.
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LIQUIDITY Satisfactory Liquidity Position: LSR's short-term debt as of 0003H17 was RUB7.4 billion, while the company's cash position stood at RUB28 billion.
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In the event that liquidity can not be found in a specific bond, substitute liquidity recommendations can be made based on customisable preferences.
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LIQUIDITY Fitch expects Abbott to maintain adequate liquidity, as the company had approximately $6.1 billion in cash and short-term investments at Sept.
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LIQUIDITY Satisfactory Liquidity: Following the refinancing the company should have an improved debt maturity profile with only a large debt repayment in 2022.
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The liquidity enhancing auction, in which the Ministry of Finance re-offer existing JGB issues to boost their market liquidity, drew tepid bids.
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They cannot provide liquidity to the stumbling bank and neither can other megabanks because they would all be hoarding liquidity in a crisis.
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And we're going to make sure if there are great companies that need liquidity that we're going to work with them for liquidity.
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Fitch defines liquidity coverage as sources of liquidity (readily available unrestricted cash, availability under the unsecured revolving credit facility, and projected retained cash flows from operating activities after dividends and distributions) divided by uses of liquidity (debt maturities and projected recurring capital expenditures).
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LIQUIDITY Liquidity Coverage at 1.2x: SLG's sources of liquidity (cash, availability under its revolving credit facility, retained cash flow after dividends/distributions) cover its uses (pro rata debt maturities, recurring capital expenditures, non-discretionary development expenditures) by 1.2x for the period Oct.
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Fitch defines liquidity coverage as sources of liquidity (unrestricted cash, availability under the company's unsecured credit facility, and expected retained cash flows from operating activities after dividends) divided by uses of liquidity (pro rata debt maturities, expected recurring capital expenditures, and development costs).
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LIQUIDITY Fitch believes FOXA's liquidity position and financial flexibility are strong for the rating given the strength of its businesses and expected FCF generation.
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"There is so much liquidity in the public markets that if they go well, I don't see how liquidity would dry up," Krappe said.
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THERE'S STILL LIQUIDITY IN THE SYSTEM I'M NOT WORRIED THAT THE SYSTEM DOESN'T HAVE ENOUGH LIQUIDITY IN IT I'M WORRIED THAT THE OTHER SIDE.
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LIQUIDITY Adequate Liquidity: TBLA reported a cash balance of IDR107 billion and had undrawn credit facilities of around IDR2.1 trillion at 30 September 2017.
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The bank's liquidity position remains comfortable; at end-1H5003, it had a liquidity reserve of EUR99 billion, in the form of highly liquid assets.
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LIQUIDITY Strong Liquidity At end-June 2016 Sky reported balance sheet cash of GBP2.1bn and had an undrawn GBP1bn revolving credit facility due 2021.
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"At the second quarter stage, Deutsche had a liquidity reserve of 223 billion euros and a liquidity coverage ratio of 124 percent," he wrote.
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LIQUIDITY In Fitch's opinion, AMT has a strong liquidity position supported by its FCF, cash on hand, and availability on its revolving credit facilities.
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LIQUIDITY Fitch believes that negative FCF over the rating horizon will cause Equinix to rely heavily on external funding to support its liquidity needs.
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"A structural problem may arise when the liquidity demanded by the ETF exceeds the liquidity availability of some of the underlying holdings," they wrote.
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LIQUIDITY Ample Liquidity, Manageable Maturities: Conagra maintains an undrawn $1.25 billion senior unsecured revolving credit facility that provides backup for its commercial paper program.
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LIQUIDITY In Fitch's opinion, AMT has a strong liquidity position supported by its FCF, cash on hand and availability on its revolving credit facilities.
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"Liquidity risk stress testing is one tool that can be helpful to ensure fund managers are maintaining appropriate liquidity," it said in its letter.
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Fitch believes ATF is also exposed to relatively high liquidity risks considering the possible deposit outflows, partially mitigated by its currently large liquidity cushion.
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LIQUIDITY Good Contingent Liquidity: EQR's unencumbered cash NOI stressed at a 7% capitalization rate covered its net unsecured debt by 3.3x as of Sept.
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LIQUIDITY Fitch continues to view Sodexo's liquidity as strong and we assume that the company will maintain adequate financial flexibility over the medium term.
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Fitch views RM's liquidity management as sound, which will allow the metropolis to provide sufficient liquidity coverage of its forthcoming French commercial paper issuance.
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"Liquidity risk stress testing is one tool that can be helpful to ensure fund managers are maintaining appropriate liquidity," it said in the letter.
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LIQUIDITY Satisfactory Liquidity: At September 2016, OT had cash of EUR64m and access to a EUR88m revolving credit facility, of which EUR38m was available.
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LIQUIDITY Solid Liquidity: EPR's sources of cash exceed its uses by a ratio of 2.6x for the period beginning July 1, 2017 through Dec.
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LIQUIDITY AAT's organic liquidity is moderate as its AFFO payout ratio was 74.3% in 2016, compared to 73.8% in 0003 and 74.7% in 2014.
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The 'F103+' Short-Term IDRs of JPM's bank subsidiaries reflects substantial liquidity at the banks and typically higher core deposit funding, liquidity resources at JPM that could be extended to the bank, and access to contingent liquidity sources such as Federal Home Loan Bank advances.
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LIQUIDITY Liquidity Risk May Rise: Wanda's large liquidity position may still be insufficient if its total debt of more than CNY200 billion becomes due because of the cross-default clauses in various debt covenants are triggered, leading to acceleration of all of its debt.
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LIQUIDITY Adequate Liquidity: At FYE17, TCG had sufficient liquidity, comprising GBP374 million of readily available cash (Fitch views GBP1 billion as restricted for seasonal working-capital purposes, and also excludes GBP28 million for cash held in escrow accounts and at the group's captive insurance companies).
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The 'F1+' Short-Term IDRs of JPM's bank subsidiaries reflects substantial liquidity at the banks and typically higher core deposit funding, liquidity resources at JPM that could be extended to the bank, and access to contingent liquidity sources such as Federal Home Loan Bank advances.
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LIQUIDITY, DEBT AND GROUP STRUCTURE Improved Liquidity after Eurobond Placement: We expect an improvement in MHP's liquidity ratio to well above 1x after the new Eurobond placement, as USD240 million of proceeds will be used to repay short-term debt and create a cash overfund.
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The 'F1+' Short-Term IDRs of JPM's bank subsidiaries reflect substantial liquidity at the banks and typically higher core deposit funding, liquidity resources at JPM that could be extended to the bank, and access to contingent liquidity sources such as Federal Home Loan Bank advances.
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Fitch defines liquidity coverage as sources of liquidity (unrestricted cash, availability under revolving credit facilities, expected retained cash flow from operating activities after dividend payments and distributions to noncontrolling interests) divided by uses of liquidity (debt maturities, cost-to-complete development expenditures, and capital expenditures).
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"Risk caution is warranted ... the replacement of Fed liquidity has come at the expense of tightening liquidity conditions outside the U.S.," Morgan Stanley strategists said.
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The incentive program, designed to increase liquidity and tighten spreads, will offer rebates and compensation to qualifying liquidity providers in XRP pairs at partner exchanges.
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Cross-Default Complications: Wanda's failure to resolve its immediate offshore liquidity needs may lead to further liquidity calls that will put pressure on its position.
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LIQUIDITY Sprint's financial objectives include a commitment toward deleveraging, targeting a minimum liquidity position of 18 months, reducing interest expenses and generating FCF in FY2018.
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Liquidity is prudently managed, and the bank maintains a large liquidity buffer (over 20% of total assets at end-September 2017) to absorb potential shocks.
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While deposits have now stabilised and the liquidity position is acceptable, in Fitch's opinion, MPS's liquidity position has proven itself highly vulnerability to market events.
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LIQUIDITY Sufficient Liquidity: TT has a good relationship with its banks, and had undrawn available facilities of USD93 million and EUR28 million at end-3Q16.
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LIQUIDITY Falabella's liquidity is adequate due to the company's financial flexibility resulting from its cash from operations, credit card portfolio and ample capital market access.
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Strong Liquidity: Pertamina's liquidity remains strong, with a cash balance of USD5.8bn as of end-September 0003 (end-2015: USD3.1bn) and strong access to funding.
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LIQUIDITY On a stand-alone basis, Reynolds has solid liquidity with cash of $1.9 billion and full availability under a $2 billion revolver due Dec.
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LIQUIDITY Fitch considers Voyage's liquidity is satisfactory with cash on balance sheet of GBP28 million post-refinancing, together with committed undrawn RCF of GBP13 million.
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Banks' market access and foreign-currency liquidity have remained adequate, but foreign-currency liquidity could come under pressure if there is a prolonged market closure.
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GE's liquidity: Contrary to Mr. Markopolos's allegations, GE continues to maintain a strong liquidity position, committed credit lines, and several executable options to monetize assets.
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LIQUIDITY Wider Funding Access, Sufficient Liquidity: Finnet repaid its 11% five-year medium-term notes in 2016, and refinanced it with short-term bank loans.
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Treasurers deal with financing and liquidity and have taken on greater importance as tougher capital, liquidity and reporting regulations have been introduced in recent years.
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LIQUIDITY Comfortable Liquidity: Picard's positive FCF is supported by limited working-capital outflows due to moderate overall seasonality in the group's businesses and low capex.
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Liquidity is ample, with a loan coverage ratio (LCR) at 149% and an available liquidity pool of GBP201 billion at end-1H17, well above requirements.
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LIQUIDITY Strong Liquidity: Orange had EUR7.9 billion of cash and cash equivalents at end-2016 and has access to EUR6.3 billion of undrawn revolving lines.
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LIQUIDITY Liquidity remains healthy, including EUR8.6bn of readily available cash, after Fitch's adjustments for minimum operational cash of EUR1.7bn and less liquid marketable securities of EUR4bn.
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LIQUIDITY Ample Liquidity: CKP had a cash balance of HKD44.5bn at end-2015 and committed undrawn credit facilities of HKD6.5bn against short-term borrowings of HKD5.8bn.
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"In the banking sector, there's a lot more capital, a lot more liquidity, but leverage, liquidity in the corporate sector is not really regulated," he added.
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LIQUIDITY Strong Liquidity: TELUS's financial flexibility is good, owing to its cash and temporary investments, undrawn revolver capacity, commercial paper program and accounts receivable securitization program.
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"While these rules work to increase stability and ensure liquidity at individual banks, this may happen at the expense of overall market liquidity," the report said.
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Apart from capital and liquidity commitments as per Article 3, BGK's short-term liquidity is supported by a committed deposit line from the Ministry of Finance.
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"This isn't 2008 or 2009 when there was a liquidity problem and banks were desperate to get their spreads down and get liquidity back," he said.
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Fitch's expectations for $4 billion of normalized FCF also supports liquidity, as does Dell's moderate to strong parent-subsidiary linkage with VMware, which provide contingent liquidity.
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LIQUIDITY The company has $1.4 billion in liquidity, comprising primarily its $1.1 billion RCF which matures in 2019 and nearly $400 million in cash at Sept.
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The Central Bank of Nigeria's regulatory liquidity ratio (requiring banks to hold liquid assets equivalent to 30% of total deposits) is focused exclusively on naira liquidity.
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On domestic liquidity, the Thai banking system has ample domestic liquidity; so we do not expect capital outflows to trigger any tightening of domestic financial conditions.
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The central bank also holds occasionally a weekly reverse repo auctions to boost short-term liquidity, but demand has recently been low due to good liquidity.
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On Tuesday, market sentiment was aided by central bank's fresh measures to inject liquidity into the banking system, via both medium- and short-term liquidity tools.
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LIQUIDITY Healthy Liquidity: The company has access to a fully undrawn UPC Holding Bank Facility of EUR13 million and we' expect positive FCF from 2017-2020.
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LIQUIDITY Fitch believes that FOX's liquidity position and financial flexibility are strong for the current rating given the strength of its businesses and expected FCF generation.
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"While no single factor appears to be the predominant cause of the evolution of market liquidity, some regulations may be affecting market liquidity somewhat," Yellen said.
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Solid Financial Flexibility and Liquidity Rogers is well-positioned from a liquidity perspective with expectations for consistent FCF generation and undrawn capacity on its credit facilities.
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In October the regulator granted liquidity status at its discount window for banks' investment in Islamic bonds issued by national governments, and for banks' liquidity ratios.
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LIQUIDITY With the signing of the EUR250m RCF NH has significantly enhanced its liquidity profile, allowing this asset-heavy group some reasonable operational and financial flexibility.
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And part of it is to keep everything afloat in a sea of liquidity, even as this liquidity is draining out the back in unprecedented quantities.
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Fitch defines liquidity coverage as sources of liquidity (unrestricted cash, availability under its unsecured revolving credit facility, estimated retained cash flow from operating activities less distributions) divided by uses of liquidity (pro rata debt maturities, cost-to-complete development and redevelopment expenditures and maintenance capital expenditures).
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Other companies that now have minimum liquidity covenants tied to revolving credit facilities include Atwood Oceanics Inc , which agreed to maintain $150 million in liquidity in March, and Key Energy Services Inc, whose liquidity cannot be less than $100 million at the end of any quarter.
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LIQUIDITY Strong Liquidity Profile: Fitch estimates CXW's sources of liquidity (unrestricted cash, retained cash flow from operating activities, and availability on the company's $900 million secured revolver) cover its uses (debt maturities, development expenditures, and recurring maintenance capex) by 4.9x which is strong for the rating.
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LIQUIDITY Sufficient Liquidity: Fitch expects Future Land to maintain sufficient liquidity, with available cash of CNY11.2bn and unutilised credit facilities (uncommitted) of CNY34bn at end-June 2016 to cover repayments on its short-term debt of CNY4.2bn and Fitch-estimated 2016 outstanding land premium of CNY20bn.
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LIQUIDITY, DEBT AND GROUP STRUCTURE Improved Liquidity after Refinancing: We expect an improvement in MHP's liquidity after the new Eurobond placement, as USD150 million of proceeds will be applied towards short-term debt reduction and the USD100 million PXF facility will be extended for three years.
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The liquidity and access to capital risks are partially mitigated by the expectation that LXP will use dispositions as a liquidity source over the next few years.
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Certainly, the hedge fund targets growth-stage opportunities which have shorter liquidity times in general, yet, the speed of liquidity is still notable even for growth investors.
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"We need to check where the liquidity is and if the liquidity is mainly in China and the panda bond requirements meet our standards," he told Reuters.
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LIQUIDITY: John Browning, managing director at BANDS Financial, said in a note that total social financing, a broad measure of credit and liquidity in China, is important.
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Grupo ASSA's liquidity would come from its subsidiaries' excess reserves coverage because, in Fitch's opinion, investments available for sale would not be the primary source of liquidity.
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LIQUIDITY Strong Liquidity: PLDT's unrestricted cash balance of PHP34 billion as at end-June 2017 was sufficient to fully cover its short-term maturities of PHP0003 billion.
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LIQUIDITY Sufficient Liquidity: Shimao had CNY22.2 billion in cash, of which CNY2.9 billion was restricted, and CNY13 billion in unused bank credit facilities as of end-2016.
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Liquidity assistance includes treasury advances to autonomous communities, on request, to alleviate peak liquidity demands, and Catalonia will receive a EUR350m treasury advance soon for such purpose.
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The SEC proposed requiring mutual funds and exchange-traded funds to set up programs for managing liquidity risks and broaden disclosures about their liquidity and redemption practices.
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Decline in liquidity is evident from widening bid-offer spreads — the difference between prices what investors pay to execute a trade with wider spreads indicating falling liquidity.
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LIQUIDITY Strong Liquidity: Protelindo's unrestricted cash balance of IDR3.6trn at end-June 2016 is sufficient to meet short-term maturities of IDR13trn over the next 12 months.
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LIQUIDITY Sufficient Liquidity: Shimao had CNY22.2 billion in cash, of which CNY2.9 billion is restricted, and CNY16 billion in unused bank credit facilities as of end-13.
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Liquidity support will be provided via excess spread, principal draws and a liquidity facility, sized at 1.9% of the notes' balance, with a facility floor of AUD1.425m.
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Related Research China Banks: Funding and Liquidity here China MMFs' Asset Concentration Raises Liquidity Risk here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
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The parents are now legally obliged to provide capital or liquidity support when needed, and have increased credit lines for their leasing subsidiaries as additional liquidity sources.
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However, the liquidity risks associated with high loan growth are mitigated by liquidity support from their parents, which Fitch expects to be forthcoming in times of need.
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LIQUIDITY Fitch expects EPR's liquidity coverage ratio to remain in excess of 1.5x pro forma for the note issuance for the period March 31, 2017 to Dec.
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It will also provide liquidity to banks via repo transactions and purchase leu-denominated debt on the secondary market to consolidate structural liquidity in the banking system.
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Over time as the company as running processes and setting prices for liquidity we, along with a number of other investors, took some liquidity in that investment.
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LIQUIDITY Strong Liquidity: Telkom's unrestricted cash of IDR34 trillion at end-March 2017 is sufficient to meet debt maturities of IDR11 trillion over the next 24 months.
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The liquidity agreements that the FSB wants to expand are separate contracts for banks to supply additional liquidity in a timely manner if CCPs face significant shortages.
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LIQUIDITY Comcast's liquidity position and overall financial flexibility are strong based on Fitch's expectation that the company will continue to generate material amounts of free cash flow.
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LIQUIDITY Strong Liquidity: TDC has sufficient liquidity, with undrawn revolving credit facilities of EUR500 million available until September 13 and EUR200 million of bilateral credit facilities available until December 2018 along with available cash and cash equivalents of DKK1,687 million and forecast positive FCF across the rating horizon.
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LIQUIDITY Strong Liquidity: At end-June 2017, Sky reported cash and cash equivalent of GBP2.5 billion and access to an undrawn GBP1 billion revolving credit facility due 2021.
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Larger banks have benefitted from tighter liquidity as they are net liquidity providers to the second-tier banks, and we expect an improvement in their net interest margins.
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Vanguard, another big ETF provider, says ETF liquidity has little impact on underlying bond market liquidity because buyers and sellers on the exchange can offset each other's transactions.
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Amundi's Short-Term IDR of 'F1' reflects the company's sound standalone liquidity but also the Short-Term IDR of CA, as the provider of Amundi's back-stop liquidity.
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BNT is the hub network token for a decentralized global liquidity network that allows anyone to launch a viable currency with continuous liquidity based on its actual usage.
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The Fed diagnoses this liquidity problem as a result of two shifts in institutional dynamics: Fewer principal trading firms providing liquidity and increased concentration among firms that do.
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The mutual fund liquidity rules(here) were approved by the SEC in October 213 in an effort to promote effective liquidity risk management programs in the fund industry.
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This time, the liquidity chart would look like this (which is more realistic): Density, a balanced demand and supply and category concentration are crucial drivers of marketplace liquidity.
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LIQUIDITY Sufficient Liquidity: As of 13 June 2016, Reward Group had cash and cash equivalents of CNY4.2bn, which is sufficient to cover its short-term debt of CNY1.7bn.
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This strategic move, coupled with FRC's strong asset quality and its proven ability to sell jumbo mortgages, even in stressed liquidity markets, significantly reduces the company's liquidity risk.
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Deutsche Bank's liquidity position is comfortable as reflected by its large EUR242 billion reserve, consisting 74% of cash and cash equivalents, and a liquidity coverage ratio of 148%.
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LIQUIDITY Televisa boasts a strong liquidity profile, with its readily available-cash balance of MXN47 billion comfortably covering MXN12billion of short-term debt as of June 30, 2017.
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SPG's primary sources of liquidity are its unrestricted cash, availability under the two revolving credit facilities totalling $7.5 billion, and the contingent liquidity in the unencumbered asset pool.
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LIQUIDITY The company had liquidity of $2132 billion comprising $218 million in cash and $2117 billion in availability under the $212015 billion ABL as of April 211011326, 10113261.
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LIQUIDITY Sufficient Liquidity: Golden Eagle had over CNY5 billion of cash and short-term investments and only CNY171 million of current bank loans as of end-December 2016.
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However, liquidity levels could deteriorate if interest rates rise further and larger banks that need to comply with higher regulatory liquidity standards, become aggressive in attracting retail deposits.
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LIQUIDITY Healthy Liquidity, Long-Maturity Debt: CR Land's available cash of HKD13 billion at end-2016 was sufficient to meet its short-term debt repayments of HKD12.0 billion.
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Sterling money market funds went into the referendum well prepared, with overnight liquidity of 32 percent and one-week liquidity of 42 percent on average, according to Fitch.
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Solid FCF & Liquidity: Accenture's liquidity is supported by significant and consistent free cash flow (FCF), despite cyclical demand associated with the consulting and systems integration (C&SI) business.
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However, in light of the adequate liquidity buffers of Ziraat, Halk and Vakifbank, foreign currency liquidity needs should be manageable for the sovereign even in quite extreme scenarios.
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Airbus has not drawn down any credit lines and said it had enough liquidity to cope with the coronavirus with some 30 billion euros worth of liquidity available.
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The Negative Outlook reflects Fitch's expectations the weak operating environment will further deteriorate the company's liquidity unless it can restructure its debt maturities or arrange additional liquidity lines.
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Fitch estimates that liquidity levels may decrease once the credit demand increases in the country in the mid-term, although Macro's liquidity levels are expected to remain adequate.
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LIQUIDITY Sound Liquidity: Liquidity is supported by EUR1.2billion of readily available cash according to Fitch's adjustments for minimum operational cash of about EUR0.4billion and total committed and unutilised credit lines maturing in June 2021 were EUR1.2 billion at end-0003, largely covering short-term debt of EUR0.3 billion at end-2016.
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LIQUIDITY Satisfactory Liquidity: In 2016 we expect the enlarged group to have sufficient liquidity supported by a GBP750m revolving credit facility of which we expect at least GBP500m to be undrawn and unrestricted cash on balance sheet which level will depend on various financing transactions related to the merger with GCG.
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Multiple Liquidity Sources: Liquidity support will be provided via excess income; an excess revenue reserve that traps excess income up to a target balance of 0.25% of the note balance at closing; principal draws; and a liquidity facility sized at 0.85% of the note balance, with a facility floor of 0.085%.
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Multiple Liquidity Sources: Liquidity support will be provided via excess income, a conditional yield reserve that traps excess income up to a target balance of AUD800,000, principal draws and a liquidity facility sized at 1.5% of the note balance, with a facility floor of 0.15% of the original note balance.
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"Despite Banco Popular's requests for emergency liquidity assistance to calm the panic and stabilise its liquidity position, Spain initially denied liquidity assistance altogether, and then granted only about a third of what Banco Popular had requested to overcome the ongoing run on the bank," said the New York court filing.
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LIQUIDITY Adequate Liquidity: Fitch assesses AZ's liquidity as adequate with readily available cash at USD4.5 billion at end-2016 (as defined by Fitch after assuming USD500 million restricted/non-readily available cash) and undrawn committed term bank facilities of USD3 billion maturing in 13, which are not subject to financial covenants.
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LIQUIDITY Becle's liquidity position is strong with a pro forma cash balance of around MXN21.2 billion including the proceeds from its IPO and a dividend payment in January 2017.
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LIQUIDITY Fitch considers Voyage's liquidity satisfactory with cash on balance sheet of GBP21 million at the end of December 2016 together with committed undrawn RCF of GBP 37.5 million.
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"Foreign banks are basically looking around the world to where they can meet their liquidity requirements because Basel III essentially allows them to meet that liquidity requirement, " she said.
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Its second-quarter earnings - released in July - showed it has liquidity reserves of around 220 billion euros ($246 billion) and a liquidity coverage ratio (LCR) of around 120 percent.
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LIQUIDITY Sufficient Liquidity: At end-June 2016, Wharf had cash balances of HKD19bn (end-2015: HKD24bn) and committed undrawn credit facilities of HKD16bn against short-term borrowings of HKD14bn.
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Strong liquidity, including access to liquidity from the Bank of England, should enable banks to withstand periods of market dislocation where wholesale funding is not available or is expensive.
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"While IAG has more than adequate liquidity to cover the fine (Dec 2018 cash 3.8 billion euros, total liquidity 6.3 billion euros), the penalty is still substantial," he said.
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SPG's primary sources of liquidity are its unrestricted cash and availability under the two revolving credit facilities totalling $7.5 billion and the contingent liquidity in the unencumbered asset pool.
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As the severity of the financial crisis reduced liquidity in the interbank market, the government launched the scheme to offer capital and liquidity support to the country's banking sector.
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HM: Keep in mind that liquidity is a very, very important aspect of a financial marketplace, and having access to core liquidity that doesn't change frequently is very important.
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In a statement, HSBC said it maintained a strong liquidity and funding position, without elaborating on what led APRA to say the lender had improperly reported its liquidity ratios.
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Investment Holdings Support Liquidity: We believe LH's large investments in listed associates and its investment-property portfolio ought to support liquidity through a tough operating period or aggressive expansion.
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It will sterilize the excess liquidity created by the program and reduce the amount of liquidity crowded out from its facilities by 100 billion forints in the second quarter.
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We expect the holding company to maintain prudent management of liquidity, which should be helped by existing policies to manage liquidity across a large number of legal entities globally.
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MMFs in South Africa also have a greater reliance on secondary market liquidity than US and European MMFs, and often have mismatches between the largest investors and overnight liquidity.
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Sufficient Liquidity: Noble's current liquidity stands at USD1.86bn (comprising of USD862m of unrestricted cash and equivalents and USD1bn of undrawn committed facilities), down from USD2.16bn at year-end 2015.
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LIQUIDITY Overall, the liquidity position is satisfactory in our view, with short-term debt standing at RUB12.4bn at 31 August 2016, while the company's cash position stood at RUB13bn.
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"If markets make a new all-time high and we see central banks still supportive, it's kind of good for liquidity, so there's ... liquidity going into bitcoin," Lee said.
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The NBH also injected forint liquidity into the banking system via its fx swaps on Monday, and announced new, daily swap tenders to provide even more short-term liquidity.
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In doing so, $300 million equivalent of liquidity in terms of gold will be withdrawn from the market, whereas 2 billion lira liquidity will be provided to the market.
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He also argued that liquidity rules imposed on U.S. banks are impeding lenders from using abundant liquidity in a profitable way by requiring banks to hoard more liquid assets.
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The company was also able to execute another repurchase facility, extracting liquidity from the overcollateralization of certain private student loan trusts in 2016, which further enhanced its liquidity position.
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RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action - Annual contracted sales, including sales to CFLD, sustained at more than IDR3.5 trillion - Net debt/adjusted inventory sustained below 50% Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Net debt/adjusted inventory above 60% for a sustained period (30 September 2017: 0003%) - Significant weakening in liquidity LIQUIDITY Satisfactory Liquidity: Structurally, the liquidity schedule looks manageable.
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Because insurers are generally holding the assets until maturity they have less need for liquidity, particularly if they are held as part of a diverse portfolio that has liquidity elsewhere.
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While Loews' robust liquidity, considerable asset liquidity, resilient dividend characteristics, favorable investment policy and record, and strong credit metrics provide an additional two notches uplift from the blended income stream.
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In addition, a material reduction in banks' dependence on central bank funding through the Bank of Greece's Emergency Liquidity Assistance (ELA) mechanism points to a liquidity improvement in recent quarters.
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"Because banks are in a more comfortable position in terms of forex liquidity, we don't expect (the move) to have a negative impact regarding banks' forex liquidity," the banker said.
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LIQUIDITY Refinancing to Support Liquidity: Fitch expects Globe to partially refinance its short-term maturities of PHP20.1bn as at end-June 2016 due to its unrestricted cash balance of PHP9.5bn.
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Bankers say that there is not enough liquidity in the market for them to lower rates and lend more freely while still being sure they can fulfill their liquidity requirements.
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LIQUIDITY Fitch expects Pinewood Group's liquidity to be adequate following the issuance of the proposed GBP240 million bonds, as debt maturity will be pushed out to 13 at the earliest.
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Amundi's Short-Term IDR of 'F1' reflects the company's sound standalone liquidity but also the Short-Term IDR of CA, which acts as the provider of Amundi's back-stop liquidity.
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LIQUIDITY Adequate Liquidity: at year-end 13, PMI's gross debt of USD29.1 billion was well spread out, with no more than USD3 billion of bonds maturing in a given year.
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LIQUIDITY Ample Liquidity: GOHL had SGD5.0bn of cash as at end-December 2015, which was sufficient to cover its short-term debt of SGD164m and long-term debt of SGD1.46bn.
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Liquidity Profile The fund's investment restrictions are aimed at maintaining strong daily and weekly liquidity to meet investors' redemption requests, in line with Fitch's rating criteria for 'AAAmmf(mar)' funds.
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The central bank will take steps to absorb excess rouble liquidity, while FC liquidity will remain sound and sufficient to allow banks and corporate borrowers to meet external debt repayments.
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Some 6.4 billion Turkish lira ($1.5 billion) of liquidity will be withdrawn from the market and approximately 2.2 billion U.S. dollars of liquidity will be provided to banks, it said.
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LIQUIDITY Fitch believes Bimbo's liquidity position is ample due to its positive FCF generation, adequate cash balance, and an undrawn committed credit facility of USD0003 billion that expires in 2021.
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LIQUIDITY Manageable Liquidity: Fitch believes Bepensa has the flexibility to face its short-term debt amortizations by managing the working capital requirements of its financial services division and its capex.
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The central bank pledged to keep liquidity in the banking system "reasonable and adequate" and keep market interest rates stable, as liquidity volatility increases ahead of the Lunar New Year.
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"If you're providing liquidity to good businesses that just need liquidity for three to six months, where you're taking collateral and you have security, that's not a bailout," he said.
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The jump in lending has prompted Saudi Arabia's central bank to monitor banking sector liquidity on a daily basis, assuring that there have not been any liquidity issues so far.
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"We are monitoring all indicators on a daily basis and if there is any squeeze on liquidity, definitely well be injecting liquidity but so far ... everything is assuring," he said.
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LIQUIDITY Adequate Liquidity: TWM has well-established and solid banking relationships in Taiwan and proven access to domestic capital markets, which should allow the company to refinance its debt obligations.
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Additionally, the commission is proposing amendments to Form N-PORT that would allow funds classifying the liquidity of their investments pursuant to their liquidity risk management programs required by rule 22e-4 under the Act to report on Form N-PORT multiple liquidity classification categories for a single position under certain specified circumstances.
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LIQUIDITY Adequate Liquidity: Fitch expects Abbott to maintain adequate liquidity, as it will term out all of its and STJ's short-term borrowings ($3.5 billion- $4 billion) and ultimately end up with full availability on its $5 billion revolving credit facility that expires in July 13 and availability on its CP program.
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Do you feel confident now that after several moves by the New York Federal Reserve to inject liquidity and make liquidity available to the banking system and to the overnight lending market, is there enough liquidity to avoid some kind of crisis or rise of risk over the turn of the year?
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"The Reserve Bank of India will inject adequate additional liquidity using a combination of appropriate instruments, while continuing with its normal Liquidity Adjustment Facility (LAF) operations," it said in a statement.
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Andre Rodrigues of Caixa-Banco de Investimento, an investment bank, does not think access to liquidity is a problem in the short term, because bank balance sheets are "awash" with liquidity.
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Credit strengths also include strong financial flexibility as measured by above-average liquidity coverage and appropriate contingent liquidity as measured by unencumbered asset coverage of unsecured debt, and minimal secured debt.
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Banks' ability to withstand liquidity shocks would also be put under the microscope later this year, the BOE said, though it added that it did not intend to tighten liquidity rules.
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Based on the market episodes examined in their blog, "the degree of deterioration in market liquidity was within historical norms, suggesting that liquidity remained resilient even during stress events," they wrote.
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Tight But Sustainable Liquidity: The company's liquidity position is stable with a ratio of cash to short-term debt of 90% at end-June 2016 compared to 92% at end-2015.
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LIQUIDITY Digicel's liquidity profile is adequate as the company will not face any sizable bond maturity until FY21, when its USD2 billion notes become due, following the recent DIFL loans refinancing.
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Banks' ability to withstand liquidity shocks would also be put under the microscope later this year, the BoE said, though it added that it did not intend to tighten liquidity rules.
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Liquidity was similarly strong with the company's Global Liquidity Reserve (GLR) improved to $211 billion and its deposit balances grew to $158 billion both as of the end of 1Q'16.
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"We downgraded Noble because the company's liquidity is below what we expect for a strong liquidity position, despite the sale of its agricultural unit," S&P credit analyst Cindy Huang said.
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Improved Liquidity Ratio Likely: Fitch upgraded MHP's LC IDR to 'B' from 'B-' due to the expected improvement in the liquidity ratio to above 4807123x after placement of the new Eurobond.
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The risks are mitigated by the bank's good liquidity buffer - at end-2016 liquidity cushion (net of obligatory reserves) comprised about 15% of total assets, covering 27% of total customer deposits.
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However, our analysis of weekly liquidity data for our entire rated European MMF portfolio over the last five years has not identified a single instance of fund liquidity falling below 10%.
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In a separate step on Wednesday, the cabinet amended the ordinance on liquidity of banks to ease terms of the liquidity coverage ratio from January 2018, especially for smaller financial institutions.
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The trader also observed that the recent liquidity crunch in offshore renminbi in Hong Kong continued to prompt sell-offs on Dim Sum bonds, although the CNH liquidity eased up today.
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Bank Capital and Liquidity Buffers: The Federal Reserve is encouraging banks to use their capital and liquidity buffers as they lend to households and businesses who are affected by the coronavirus.
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"If you are providing liquidity to good businesses that just need liquidity for three to six months where you're taking collateral and you have security, that's not a bailout," Mnuchin reasoned.
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The central bank has also launched long-term repo operations to boost rupee liquidity and said it would conduct dollar/rupee sell/buy auctions to provide dollar liquidity to the market.
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While the PBOC decided against injecting fresh liquidity for the past week, it announced a temporary liquidity facility to let commercial banks have more cash ahead of the Lunar New Year.
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Asked if there would be impact on bank's liquidity, he said that the central bank did not expect any shortage in liquidity but was prepared to support the market if needed.
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"The allocation of liquidity between banks was not efficient, so we see in December that the SNB has stepped in to provided liquidity and dampen the spike in SARON," said Botteron.
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LIQUIDITY Fitch believes Conduent's liquidity profile will be adequate and supported by: --$400 million of on balance sheet cash at separation; and --An undrawn $750 million senior secured revolving credit facility.
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LIQUIDITY AMX has strong liquidity backed by robust internal cash flow generation and good access to domestic/international capital markets when in need of external financing, which supports its financial flexibility.
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However, this is unlikely in the short- to medium-term term, given the large ratings headroom LIQUIDITY Solid Liquidity: We forecast Telkomsel to maintain its net cash position over FY17-FY19.
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"Today, liquidity is valued, perhaps more highly... and I think end-customers, the really important people, didn't fully understand the nature of gating and the value of that liquidity," he said.
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" "A working group on liquidity is a welcome step.
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Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -EBIT margin sustainably below 0003% (2016: 5.7%, 2017E: 6.1%) -A material weakening in the group's liquidity profile, including sustained negative FCF margin -FFO-adjusted net leverage increasing above 1x (2016: 0.0x, 2017E: -0.1x) LIQUIDITY Ample Liquidity: Liquidity remains healthy, including EUR13 billion of readily available cash, after Fitch's adjustments for minimum operational cash of EUR1.8 billion and less liquid marketable securities of EUR4.5 billion.
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LIQUIDITY Strong Liquidity: The group currently has strong liquidity with, over the coming 10 years, no more than 10% of total debt maturing in any 0003-month period, cash balances averaging GBP1.5 billion to GBP 2 billion and a GBP3 billion committed revolving bank facility due May 2021 and undrawn as at 31 December 2016.
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Liquidity increased in the quarter, as evidenced by a liquidity coverage ratio of 149% and a GBP36 billion increase in the liquidity pool to GBP201 billion from end-2016, reflecting a further drawdown of the Bank of England's term funding scheme, minimum requirement for own funds and eligible liabilities (MREL) issuance and higher client balances.
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LIQUIDITY Diversified Debt Structure and Satisfactory Liquidity: Capital Market issuance reached 73% of total drawn debt as of 2016 compared to 65% in 2015, maintaining a debt maturity profile of 5.3 years.
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Goldman's main broker-dealer, GSCO's Short-Term IDR of 'F1' reflects the view that there is less surplus liquidity at this entity, given its greater reliance on the holding company for liquidity.
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Zimbabwe, which has suffered a crippling liquidity crisis in financial markets because of a shortage of foreign currency, is now at risk of suffering an acute liquidity crisis in its alcohol market.
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The bank said in a regular report on liquidity and the banking sector that there was a structural deficit of liquidity of 1 trillion roubles ($15.4 billion) at the end of July.
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"There is pushback [from the market] against the core definition of the liquidity measurement, assigning days of liquidity to every asset," said Neal Epstein, senior credit officer at Moody's in New York.
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Adequate Liquidity: BTS Group's liquidity should remain sound due to the strong dividend from its 33% investment in BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF), large cash balance and treasury investments.
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We believe that the acquisition will not have a material impact on Santander's funding and liquidity profile despite Popular experiencing liquidity pressures from customer deposit outflows in the weeks before its resolution.
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At 1QFY17, JLR had strong liquidity, with cash and cash equivalents of GBP2.4bn (FY16: GBP3.4bn), short-term liquidity deposits of GBP1.3bn (FY16: GBP1.3bn) and committed undrawn facilities of GBP1.9bn maturing in 717.
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NBC reports a strong liquidity coverage ratio (LCR) within the Canadian bank peer group at 134% and continues to have strong on-balance-sheet unencumbered liquidity at over 20% of total assets.
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In contrast, the rating is limited by the constrained fiscal and budgetary flexibility of the Province as well as its relatively weak liquidity position, which is mitigated by quite diverse liquidity sources.
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IT'S TRYING TO FIND AREAS WHERE OTHER PEOPLE ARE NOT COMPETING AND WHERE THE LIQUIDITY OR THE DEMAND FOR LIQUIDITY IS NOT AS HIGH BUT THE DEMAND FOR CAPITAL IS VERY HIGH.
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The liquidity premium right now is enormous, so, we have a private equity secondary strategy where we're providing liquidity for would-be or limited-partnership holders that just want to get out.
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"Banks that have encountered temporary liquidity difficulties may recur to this mechanism after all other liquidity sources are exhausted, including the standard central bank instruments," the central bank said in a statement.
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Banks have a tremendous amount of liquidity, but they also have a lot of restraints on how they could use that liquidity and how much they have to maintain at the Fed.
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This week, Quarles also said it may be necessary to make similar changes to liquidity rules, suggesting nonglobal banks should not be subject to the same onerous liquidity requirements as global banks.
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LIQUIDITY Ample Liquidity: As of February 2017, General Mills maintained $2.7 billion undrawn of a committed unsecured revolving credit facility which supports its commercial paper (CP) program, and expires in May 0003.
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Liquidity Profile The fund's investment restrictions are aimed at maintaining strong levels of daily and weekly liquidity to meet investors' redemption requests, in line with Fitch's rating criteria for 'AAAmmf(mar)' funds.
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"While the central bank stated that the liquidity injection is to prepare for possible liquidity shock amid Chinese New Year season, we see that this is primarily to counter the strong capital outflows and the withdrawal of yuan liquidity due to FX market intervention," Zhou Hao, senior emerging markets economist at Commerzbank in Singapore, wrote in a client note.
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Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Investment-property EBITDA/ gross interest expense sustained below 4.0x (end-2015: 6.7x, end-1H16: 7.1x) - Net debt/investment property asset sustained above 13% (end-2015: 10%, end-1H16: 9%) LIQUIDITY Healthy Liquidity: HK Land has ample liquidity to cover maturing debt in the next three years.
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Ample Liquidity & Strong Access to Capital: Realty Income has ample liquidity due largely to the $1.3 billion of availability under its line of credit due 2019 and relatively modest near-term debt maturities.
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"If there should be problems for specific French banks liquidity-wise, then the ECB has the ... ELA, Emergency Liquidity Assistance, but we don't expect of course any special movements," Nowotny said in Washington.
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On-balance sheet liquidity is strong and is supported by contingent liquidity, if required, through central bank facilities at the Bank of England and the European Central Bank (via the society's Irish operations).
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Quarles listed several options Fed officials could adopt to give financial firms more flexibility when meeting liquidity requirements while not loosening the standards for how much liquidity banks need to hold, Quarles said.
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Last week the NBH warned of an impending drop in interbank market liquidity as it tries to fine-tune liquidity conditions via its swap tenders, with the forint trading near all-time lows.
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On 2 August the ECB lowered the Emergency Liquidity Assistance (ELA) ceiling for Greek banks to EUR38.9 billion from its peak of EUR90 billion in July 0003, reflecting positive development in liquidity conditions.
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A quick look at its second-quarter earnings - released in July - shows it has liquidity reserves of around 220 billion euros ($246 billion) and a liquidity coverage ratio (LCR) of around 120 percent.
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LIQUIDITY Adequate Liquidity: As of March 31, 2017, Avon had cash on the balance sheet of $560 million, and $356 million in revolver availability (after netting out $44 million outstanding letters of credit).
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LIQUIDITY Adequate Liquidity: CSC had cash and cash equivalents, including restricted cash, of around HKD10.5 billion and unutilised banking facilities of HKD5.4 billion as at FYE17, covering short-term debt of HKD8.4 billion.
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"There is little liquidity in the long duration bonds in the secondary market; we need to see how the liquidity pans out," said R Sivakumar, head of fixed income at Axis Mutual Fund.
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Goldman's main broker-dealer, GSCO's Short-Term IDR of 'F1' reflects the view that there is less surplus liquidity at this entity, particularly given its greater reliance on the holding company for liquidity.
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Liquidity is prudently managed, and the bank has a large liquidity buffer in place (around one-quarter of total assets at end-3530) to absorb the outflows accompanying the lifting of capital controls.
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AMPLE LIQUIDITY WHILE RE-ESTABLISHING ITSELF WITH INVESTORS HCP will have ample liquidity to retire maturing debt obligations through 2018 which provides it time to re-establish itself with debt and equity investors.
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WASHINGTON, Aug 22 (Reuters) - U.S. banking regulators said on Wednesday they were easing liquidity rules on the treatment of municipal securities, allowing banks to count more of the assets against certain liquidity requirements.
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Weak Liquidity: Rcom's liquidity is dependent on its ability to refinance its maturing debt because its cash generation and unrestricted cash of INR963bn are insufficient to pay its short-term debt of INR143bn.
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"The liquidity crisis in 2016 was at its peak but liquidity conditions continue to be a challenge and while that remains the case the cost of funding will remain a challenge," he said.
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LIQUIDITY MIC's liquidity profile is good given its large cash position, which fully covered the short-term debt as well as its well-spread debt maturities with an average life of 21 years.
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The bank has raised reserve requirements for banks several times in 2016 and forecasts that the Russian banking sector could move from a structural liquidity deficit to a liquidity surplus early next year.
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However, the company said it did not rely substantially on SunEdison for funding or liquidity and that it would have sufficient liquidity to support its operations even if its parent sought bankruptcy protection.
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"Interbank liquidity is expected to remain abundant after the issuance of additional Exchange Fund Bills, which is not expected to have a significant impact on liquidity conditions and interest rates," the HKMA said.
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The Turkish currency dived 5 percent against the dollar on Thursday after banks started providing lira liquidity to the London market again following several days of authorities withholding liquidity to support the currency.
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"If there is any liquidity deficiency, we will make sure the rupiah liquidity is adequate, but not too much and not too little," Perry Warjiyo told a news conference alongside other financial authorities.
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Market participants told the Fed that reasons for the trend include decreased willingness of principal trading firms to provide liquidity as well as a higher concentration in the firms that generally provide liquidity.
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The NBH has already boosted short-term market liquidity in the past weeks and launched a new one-week foreign currency swap tender to provide local banks with liquidity on a daily basis.
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It will provide liquidity to banks via repo transactions and purchase leu-denominated debt on the secondary market to consolidate structural liquidity in the banking system, which analysts said amounted to quantitative easing.
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By decreasing the limit, $1.7 billion equivalent of liquidity in terms of gold will be provided to the market and 4.5 billion lira liquidity will be withdrawn from the market, the bank said.
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"Liquidity had been tight since September, and the market had widely expected tight liquidity conditions to continue," said Becky Liu, the head of China macro strategy at Standard Chartered Bank in Hong Kong.
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Concerns over a liquidity squeeze seemed to have eased, even as the central bank had skipped open market operations for the 10th straight session, citing "relatively high liquidity level in the banking system".
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Building a marketplace is not without challenges, notably achieving liquidity.
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This ensures currency convertibility and reduces foreign exchange liquidity risks.
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A $600 million liquidity facility at Bunge Asset Funding Corp.
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DT's leverage and liquidity are comfortable for the rating level.
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They also factor in its adequate funding and liquidity profile.
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Combined, these two infusions will generate $1 billion in liquidity.
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On the other hand there is so much tight liquidity.
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LIQUIDITY Viacom's weakening operating profile is diminishing its financial flexibility.
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The incentives aimed at attracting electronic liquidity are under review.
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It also pledged to provide "all the liquidity banks need".
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The policy in effect taxes banks for storing excess liquidity.
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Liquidity could dry up in public markets, causing more volatility.
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Authorities sought to boost liquidity last year by printing money.
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Less visible is the liquidity that makes those journeys possible.
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Here's what we're watching: • Jamie Dimon chafes under liquidity rules.
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Given the liquidity of cryptocurrency exchanges, there's always some spread.
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For weeks the shadow banks have faced a liquidity crunch.
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But investors were wary as many expect liquidity to tighten.
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The PBOC also injected another 203 billion yuan in liquidity.
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This has pressured its funding, liquidity and asset quality metrics.
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And that rising liquidity has sucked metal into ShFE warehouses.
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HCN's unencumbered assets provided sufficient contingent liquidity to unsecured bondholders.
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This is a financing event more than a liquidity event.
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The first was to provide banks in crisis with liquidity.
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The VR also factors in AHB's adequate funding and liquidity.
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"Liquidity absorption is also possible at any time," he said.
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In theory, greater liquidity should lead the rates to converge.
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JCET provided USD30m to support liquidity at STATS in 3Q16.
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Banks use the bonds as part of required liquidity reserves.
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Their IPO wasn't that important aside from the liquidity then.
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That's so important for when you hit a liquidity crisis.
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PARTS OF THE VOLCKER RULE ARE UNAMBIGUOUSLY AFFECTING MARKET LIQUIDITY.
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"We're getting liquidity higher," Ivascyn said in a phone interview.
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"We're selling two things: liquidity and legitimacy," Hernandez told TechCrunch.
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For FC liquidity, there are no prudential limits in place.
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It causes liquidity to fall as large lenders hoard cash.
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The lira did not substantially move after the liquidity step.
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"Saudi Aramco has an extremely strong liquidity position," Moody's said.
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But it began restricting withdrawals last April, blaming "liquidity problems".
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Liquidity conditions deteriorate and risk premiums rise across financial markets.
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AND IN SOME PART THE BANKS TO MEET LIQUIDITY REQUIREMENTS.
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Elli currently has no other available or committed liquidity buffers.
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Losing access could force them to use Emergency Liquidity Assistance.
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A mismatch of liquidity could worsen price adjustments in markets.
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Liquidity varies over as time as well as between assets.
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Penney ended the quarter with liquidity of about $1.70 billion.
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Liquidity is further supported by the company's annual FCF generation.
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The central bank pledged to provide unlimited liquidity to banks.
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The VR is also sensitive to weakening capitalisation or liquidity.
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Multibank's funding and liquidity profiles are adequate, in Fitch's view.
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Liquidity has also been facing a crunch, adding to woes.
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Liquidity support is provided by a reserve funded through waterfall.
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Boal said the dairy industry was keen on adding liquidity.
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The higher volumes have meant greater trading liquidity for Kimanis.
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It also noted a few incidents where market liquidity deteriorated.
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There's going to be $1 trillion less liquidity in 2018.
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"The goal has been to foster good liquidity," he said.
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The quality of a financial market is driven by liquidity.
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The entrepreneur took minimal liquidity as part of the transaction.
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To address the liquidity crunch, HNA has been selling assets.
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"Liquidity is crucial for them to be successful," Chen said.
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LIQUIDITY See the relevant RAC for each issuer referenced above.
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Fitch believes Liberty has sufficient liquidity to handle this maturity.
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The bank's liquidity buffers have modestly declined but remain ample.
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|
Should the Fed be flooding the market with more liquidity?
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Traders said liquidity was tight amid a surge in demand.
|
|
Second, the government is detailing liquidity support measures for startups.
|
|
This represents a liquidity injection of $1.6 billion (€1.5 billion).
|
|
The company has around $1.2 billion in liquidity, he said.
|
|
UniCredit will also exclude Yapi when calculating its liquidity ratios.
|
|
Unfortunately, the markets did not find the extra liquidity reassuring.
|
|
Central bank liquidity is especially not a fix for that.
|
|
In some cases, there are needs to shore up liquidity.
|
|
Smaller Chinese banks are facing liquidity issues and mounting risks.
|
|
Traders said market moves could be exaggerated by low liquidity.
|
|
Much depends on the Chinese government's ability to maintain liquidity.
|
|
You need the rules — capital and liquidity requirements are essential.
|
|
Just because of the liquidity around the globe right now.
|
|
It manages the group's liquidity and coordinates the group's subsidiaries.
|
|
Other companies with liquidity issues also suspended their dividend programs.
|
|
CBK's liquidity is sound and funding is balanced and stable.
|
|
We look at capital in the financial system and liquidity.
|
|
I need to understand how I can manage my liquidity.
|
|
This is complemented by good access to contingency liquidity sources.
|
|
"Deals are selling on credit, not liquidity," said one banker.
|
|
Metals are traded in short, timed bursts to enhance liquidity.
|
|
Capital is not freely transferable, liquidity is not freely transferable.
|
|
China has previously tightened liquidity to squeeze the currency higher.
|
|
If inflation is not a problem, neither is market liquidity.
|
|
The SEC cited concerns about liquidity, volatility and investor protection.
|
|
The liquidity model used is the same as correspondent banking.
|
|
"From a mutual fund perspective, liquidity is paramount," he said.
|
|
The VR also reflects AHB's adequate capital ratios and liquidity.
|
|
The BOJ's massive asset purchase programme has reduced market liquidity.
|
|
Fitch expects liquidity to remain strong throughout the forecast period.
|
|
JAY CLAYTON: In private markets, its liquidity is a negotiation.
|
|
Surplus liquidity is incentivising retail investors to buy peso bonds.
|
|
This credibility keeps market interest rates lower and liquidity greater.
|
|
They were pretty fully invested, and liquidity became a problem.
|
|
" He emphasized that "the liquidity of the company is extraordinary.
|
|
"The LME copper market has good levels of liquidity at least two years forward, while in contrast, the SHFE copper market has little contract liquidity further forward than about three months," Citi analysts wrote.
|
|
LIQUIDITY Fitch believes the company's liquidity profile is sufficient and supported by: --$13 billion of cash and cash equivalents, $455 million of which is located outside the U.S.; --$2.1 billion undrawn RCF expiring 2019.
|
|
And instead of having to bootstrap their way to enough users trading tokens on their app alone so that there's liquidity, 0x offers cross-platform liquidity between users on the different projects it powers.
|
|
"In order to meet the durable liquidity needs of the system, the Reserve Bank has decided to... inject rupee liquidity for longer duration through long-term foreign exchange buy/sell swap," the RBI said.
|
|
MOSCOW, Sept 16 (Reuters) - Russian central bank governor Elvira Nabiullina said on Friday that a liquidity surplus would need to be sustained for the central bank to start liquidity absorption via OBR bond auctions.
|
|
The group also has access to GBP279 million of debt service reserve liquidity and GBP96 million of operating and maintenance reserve liquidity, dedicated standby lines that would be available during times of financial distress.
|
|
Although Noble's sale of Noble Agri will improve the company's liquidity profile, its liquidity position will "remain constrained" until it refinances approximately $1.6 billion in bank facilities due in May, the ratings agency said.
|
|
In a monthly report on liquidity the central bank said it has increased the year-end liquidity surplus forecast to 2.2-2.6 trillion roubles ($37.7-$44.6 billion) from 1.8-2.3 trillion roubles expected earlier.
|
|
Liquidity was similarly strong with the company's Global Liquidity Reserve (GLR) down just slightly to $2646 billion, or 2582% of total assets relative $24947 billion or 26% of total assets in the sequential quarter.
|
|
Sound buffers of regulatory capital and higher liquidity than peers are also factored into the rating, particularly as Fitch expects ample liquidity and capital would be available from the group in case of need.
|
|
LIQUIDITY Walmart had nearly $18 billion of liquidity inclusive of revolver availability and readily available cash which excludes $700 million of oversees cash that may not be easily transferable, as of July 31, 2016.
|
|
BENGALURU, May 24 (Reuters) - The Reserve Bank of India (RBI) on Friday proposed introducing a liquidity coverage ratio (LCR) for large non-banking finance companies (NBFC) to help tackle liquidity problems in the sector.
|
|
However, the company said that it did not rely substantially on SunEdison for funding or liquidity and that it would have sufficient liquidity to support its operations even if its parent sought bankruptcy protection.
|
|
LIQUIDITY Adequate Liquidity: At FYE16 GSK had readily available cash (as defined by Fitch) of GBP4.5 billion and undrawn committed credit facilities of GBP4.4 billion, which covered the GBP4.1 billion of short-term debt.
|
|
"In a world flush with liquidity but with less trading liquidity, positioning and flows have and will matter more, particularly around key catalysts like a tax cut," Parker said in a note to clients.
|
|
Anyone who experienced the Great Recession might recall that merely raising the idea that there might not be adequate liquidity immediately injects doubt into investors' minds about adequate liquidity, whatever assurances you attach afterward.
|
|
The U.S. banking agencies have also significantly increased capital and liquidity requirements, including improving the quality of regulatory capital, raising minimum capital requirements, establishing capital and liquidity buffers, and implementing annual capital stress tests.
|
|
The increase in citing of "relatively tight" appears to reflect intensifying worries about a liquidity squeeze as a vigorous regulatory clampdown on riskier forms of financing has kept liquidity conditions unusually tight this year.
|
|
They are "better tailored to the liquidity risks faced by different kinds of funds, with an improved classification scheme for the liquidity of fund investments and a more targeted approach to ETFs," she said.
|
|
New liquidity released by China's central bank has basically been transmitted to the real economy, while current liquidity level in China's banking system is reasonably ample, Ruan Jianhong told reporters at a news briefing.
|
|
"No bank in Europe or the UK will go bust because of a lack of liquidity as the central banks are behind them, providing unlimited liquidity," said Mark Holman, CEO at TwentyFour Asset Management.
|
|
Liquidity is also adequate, as liquidity sources (unsecured revolver capacity, unrestricted cash, expected sales proceeds and next 12 months operating cash flow) exceeded uses (next 12 months debt maturities and capital expenditures) by 1.1x.
|
|
BEIJING (Reuters) - China's central bank said on Sunday that it will use various policy tools to keep liquidity in the market reasonably ample, and provide targeted liquidity support to small and mid-sized banks.
|
|
"They already had liquidity needs before the crisis, so it's difficult to know whether they will be able to do that in the volumes they need to compensate for loss of liquidity," the banker said.
|
|
While the group should have sufficient liquidity to service its debt in the near-term, refinancing risks will be excessive as both the absolute EBITDA level and liquidity are likely to be insufficient by FY83.
|
|
LIQUIDITY Disney's liquidity position and financial flexibility remain strong and is supported by significant FCF generation as well as $6 billion of aggregate available borrowing capacity (as of April 2, 2016) under three credit facilities.
|
|
Tight Liquidity: JCET group's liquidity is stretched with cash balance of USD440m (CNY2.8bn) and undrawn committed bank facilities of USD26m at end-September 2016, which are insufficient to pay for short-term debt of USD845m.
|
|
There are signs that liquidity is improving in corporate debt, such as declines in estimated bid-ask spreads, but "there is some evidence that liquidity has deteriorated for the lowest-rated bonds," he also said.
|
|
There is concern in the financial sector that waning market liquidity poses a significant threat to financial stability, but a Treasury Department official said there's no statistical evidence to show a widespread deterioration in liquidity.
|
|
Conway MacKenzie, an adviser to the Puerto Rican government, briefed the board on the island's liquidity, reiterating earlier forecasts of a liquidity gap as high as $3 billion by the end of the fiscal year.
|
|
LIQUIDITY Adequate Liquidity: Yida had CNY2.9 billion in cash, including restricted cash, on hand as of end-2016 and unused bank facilities of CNY4.1 billion; sufficient to cover its short-term debt of CNY0003 billion.
|
|
"Liquidity from Chinese lenders may start to taper off in the second half of this year to protect their US dollar liquidity," said John Corrin, global head of loan syndications for ANZ in Hong Kong.
|
|
Portfolio flows and foreign-exchange reserves have stabilised since 3Q15 and Malaysia's external liquidity position remains stronger than the 'A' median as measured by the reserve coverage of current external payments and Fitch's liquidity ratio.
|
|
LIQUIDITY DSG had LKR942 million of cash and LKR13 billion in unutilised facilities at FYE16, compared with LKR1.8 billion of term loans falling due within one year, placing the group in a satisfactory liquidity position.
|
|
While the RRR cut provides long-term liquidity to the market, liquidity tools like MLF, SLF and PSL only provide short-term money to banks which have to pay interest on the funds, unlike RRR.
|
|
The central bank said it considered the need to issue the guidelines to enhance the quality of sukuk instruments and to grant liquidity status at its discount window as well as for banks' liquidity ratio.
|
|
CUB's funding profile remains stable and its liquidity position is sound.
|
|
Deltablock – PARIS DeltaBlock adapts traditional capital liquidity services for Digital Assets.
|
|
HBL's funding and liquidity profile is satisfactory for its rating level.
|
|
The more liquidity there is, the more representative the price is.
|
|
Sears raised nearly $10 billion in liquidity from 2012 to 2015.
|
|
The purchases would have a neutral impact on liquidity, said Nabiullina.
|
|
It's possible there could be some outsized moves given reduced liquidity.
|
|
However, this is mitigated by the existence of state liquidity mechanisms.
|
|
With less liquidity in the system, we should have more volatility.
|
|
The advantage of those funds is that they offer daily liquidity.
|
|
In addition, CBK maintains an intraday liquidity portfolio of EUR8.6 billion.
|
|
Nonetheless, we view STI's liquidity profile as in line with others.
|
|
Fitch views funding and liquidity as strong for all six banks.
|
|
Liquidity is further supported by our expectation of positive FCF generation.
|
|
Rules forcing the hoarding of liquidity may, thus, crimp that activity.
|
|
It's now going to require an economic infusion of substantial liquidity.
|
|
Nomura Holdings oversees and centrally manages the group's capital and liquidity.
|
|
This would reduce the group's liquidity, which however should remain adequate.
|
|
All VRs also consider the three banks' comfortable funding and liquidity.
|
|
Few think that a liquidity crisis is the firm's only problem.
|
|
Moreover, TRMK's ratings are supported by solid capital and liquidity levels.
|
|
The deposit base has been historically stable, mitigating liquidity maturity mismatches.
|
|
But they have plenty of liquidity to make up the shortfall.
|
|
"We need to watch out if liquidity tightening continues," Duggad added.
|
|
The subordinated loan also funded the reserve fund and liquidity reserve.
|
|
ECFC aims to preserve capital and secure liquidity in its investments.
|
|
However, this is mitigated by Madrid's strong access to external liquidity.
|
|
It is critical for them to have access to cheap liquidity.
|
|
Fitch believes RGA's liquidity at the holding company level is strong.
|
|
Funding and liquidity are adequate and have proved stable to date.
|
|
Sprint now has $11 billion in liquidity and is growing again.
|
|
The Cerberus investment and dividend suspension provided Avon with incremental liquidity.
|
|
FMBI's ratings are supported by a solid funding and liquidity profile.
|
|
Regulatory liquidity coverage ratio (LCR) was 137.4% at the same date.
|
|
Those tools are designed to adjust short-term liquidity, he added.
|
|
Accordingly, this step will not absorb additional liquidity from the system.
|
|
The company's liquidity coverage ratio is 2.1x for the period Oct.
|
|
And long-dated contracts are becoming more common, which boosts liquidity.
|
|
This includes adequate, but weakening, funding and liquidity, including deposit concentration.
|
|
Fitch expects BWA's liquidity to remain adequate over the intermediate term.
|
|
Stand ready to supply liquidity in the midst of a crash.
|
|
We see liquidity coverage as adequate across the Russian corporate portfolio.
|
|
Liquidity also included $20 billion of credit lines exceeding one year.
|
|
Or is it a sign of declining liquidity on quarter-end?
|
|
This time it was ridesharing liquidity, ridesharing M&A and more.
|
|
So when trouble struck, there was a scramble for dollar liquidity.
|
|
Alior's available liquidity was PLN6.6 billion (about 33716657% of total assets).
|
|
The bank's funding and liquidity profile benefits from strong parental support.
|
|
Further significant TRY depreciation could, however, put some pressures on liquidity.
|
|
Other factors may also have spurred liquidity concerns among equity traders.
|
|
Sears' available liquidity at the end of July was $810 million.
|
|
Both oil benchmarks saw low liquidity during early trading on Friday.
|
|
Smartfren's rating reflects its weak cash flow generation and liquidity position.
|
|
Low interest rates and high liquidity have also generated collateral damages.
|
|
Interest rates for both liquidity facilities were unchanged from previous levels.
|
|
They are a source of liquidity for the entire banking system.
|
|
Including its revolving credit facility, available liquidity amounted to $348 million.
|
|
Japan risked becoming stuck in a liquidity trap, they pointed out.
|
|
So-called "pledged supplemental lending" ranks among China's strangest liquidity tools.
|
|
Central banks may not be the only factor affecting market liquidity.
|
|
He said liquidity could drop by about one trillion forints then.
|
|
Two other people have also been informed of Huarong's liquidity concerns.
|
|
The U.S. sanctions will exacerbate the country's already weak external liquidity.
|
|
Funding and liquidity indicators remain satisfactory and are important rating drivers.
|
|
"This is more an issue of liquidity than solvency," he said.
|
|
This supports the bank's business generation, but also funding and liquidity.
|
|
It is unclear if this liquidity crunch will abate in 2018.
|
|
Thirdly, the central bank will absorb liquidity from the financial market.
|
|
TURKISH BANKS' LIRA LIQUIDITY DECISIONS ARE BUSINESS BASED -BANKING ASSOC HEAD
|
|
It has become much harder for financial institutions to provide liquidity.
|
|
It certainly goes a long way toward "solving" Devon's liquidity issues.
|
|
Liquidity is comfortable and in excess of minimum operational cash requirements.
|
|
We appreciate the transparency and the liquidity of the public markets.
|
|
Even before coming into the voting day, liquidity was generally light.
|
|
Implausible ratings and thin liquidity are among its fixable teething issues.
|
|
"We have sufficient liquidity to launch tomorrow," he told The Post.
|
|
Fitch views the society's funding and liquidity as solid and stable.
|
|
More auctions would also help build liquidity on the Shanghai Exchange.
|
|
Icelandic banks have reduced their credit risks and increased liquidity ratios.
|
|
This strong internal liquidity should comfortably accommodate small scale business additions.
|
|
The company had $855.9 million in total liquidity as of Dec.
|
|
This would put some weaker privately owned banks' liquidity at risk.
|
|
Some industry experts say signs of tighter liquidity have already emerged.
|
|
Moreover, the vaunted liquidity buffers of China's financial system are fraying.
|
|
So I think it will provide more liquidity to the market.
|
|
The fact is, liquidity was probably underpriced in 2004 and 2005.
|
|
The group currently has no other available or committed liquidity buffers.
|
|
Moreover, last December we saw markets plunge on poor liquidity conditions.
|
|
Fitch considers INDB's liquidity profile to be somewhat weaker than peers.
|
|
"On a marketplace like this, it's all about liquidity," Lu said.
|
|
That will free up billions in desperately needed liquidity for borrowers.
|
|
Wider spreads, Dick said, means less liquidity, which means higher volatility.
|
|
Liquidity is another obstacle to the development of the FTZ market.
|
|
Interbank liquidity is generally tighter towards the year-end holiday season.
|
|
LIQUIDITY At June 29, 2016, Brinker had $14.83 million of cash.
|
|
Less prudent liquidity management would also be negative for the rating.
|
|
At the time, analysts said the decision would strengthen Gol's liquidity.
|
|
Significant liquidity deterioration and weakening of core profitability would be negative.
|
|
The central bank said it would provide unlimited liquidity to banks.
|
|
However, their impact was exacerbated by an environment of low liquidity.
|
|
But the liquidity available was so good that we didn't care.
|
|
"It's no coincidence," said David Santschi, TrimTabs' director of liquidity research.
|
|
Sudden and unexpected liquidity tensions would put the ratings under pressure.
|
|
PBoC again did not inject or drain liquidity via repo ops.
|
|
Alibaba should continue to maintain abundant liquidity in the medium term.
|
|
Our capital and liquidity-- analysis, and-- KAYLA TAUSCHE: In what way?
|
|
The plasticity, liquidity and effortless eloquence of her movement seem unchanged.
|
|
Liquidity buffers mainly consist of cash and high quality sovereign bonds.
|
|
Investors in other markets have also largely overlooked the liquidity crisis.
|
|
However, this liquidity crunch is equally advantageous for Fuss' investing style.
|
|
He also briefly mentioned that liquidity requirements have increased for banks.
|
|
MUCH MORE STABLE, WELL CAPITALIZED, STRONG LIQUIDITY AND PRIME FOR GROWTH.
|
|
"There's $210 billion less liquidity from December to January," he said.
|
|
That is, it was saying that the liquidity trap was real.
|
|
Liquidity remained thin as holidays kept investors away from trading desks.
|
|
If there is a market correction, developers' liquidity will be tested.
|
|
Fund Objective The fund's objective is to preserve capital and liquidity.
|
|
BK's liquidity coverage ratio of 115% comfortably exceeds the 100% requirement.
|
|
However, Fitch believes Thai banks' capital and liquidity positions remain adequate.
|
|
"Now you can actually buy liquidity to the market," he said.
|
|
The liquidity requirements have removed their ability to lend funds freely.
|
|
" Pierotti noted that "stocks are more valuable if they have liquidity.
|
|
For ordinary investors, liquidity is important only at human time scales.
|
|
The Fed's intensifying steps reflect the scale of the liquidity squeeze.
|
|
Ensuring this immediate liquidity for all workers is key, said Rouse.
|
|
The dollar continued its rally as investors rushed to secure liquidity.
|
|
The SNB will take additional steps to ensure liquidity as necessary.
|
|
A decade ago, Bear Stearns was facing a grave liquidity crisis.
|
|
Some users send money to Compound to contribute to liquidity pools.
|
|
"That's ... an enormous amount of liquidity in the system," he said.
|
|
Companies tapped credit lines while Treasury trading experienced worrying liquidity disruptions.
|
|
Other measures to inject liquidity into the system were also announced.
|
|
The need for liquidity may be even more pervasive this time.
|
|
"The dollar liquidity is there, no need to panic," he said.
|
|
What was it like to have money from a liquidity event?
|
|
Monitoring Beijing, which controls liquidity and fiscal spigots, therefore becomes essential.
|
|
PREPARATORY WORK ON LIQUIDITY SCHEME ONGOING, NO DECISION IS IMMINENT -SOURCES
|
|
The petroyuan lacks the market liquidity to compete with the petrodollar.
|
|
Steady interest rate should not affect liquidity operations in the future.
|
|
This aversion to bitcoin was attributed to the lack of liquidity.
|
|
Liquidity tightness has happened due to mismatch between demand and supply.
|
|
An increase in liquidity risk can also lead to a downgrade.
|
|
"It provides an opportunity to support liquidity management," the banker said.
|
|
So, the macro is that China's injecting a lot of liquidity.
|
|
It injected 02.69183 billion yuan ($43.51 billion) via the liquidity tool.
|
|
Instead it was mopping up naira liquidity to support the currency.
|
|
Its liquidity coverage ratio is among the highest in Hong Kong.
|
|
Regulations on liquidity and capital encourage banks to hold sovereign debt.
|
|
As passive investment grows it siphons liquidity out of the market.
|
|
Privat's liquidity has also come under pressure from recent deposit outflows.
|
|
I had no liquidity; everything was in the Boston Beer Company.
|
|
HCL's liquidity arrangements are diversified and sufficient to cover debt service.
|
|
Ample liquidity in China's interbank money market also pressured the yuan.
|
|
Private pension funds account for roughly a fifth of bourse liquidity.
|
|
With $25 billion in cash, liquidity is not an immediate concern.
|
|
The company's liquidity profile remains strong, providing support to Citi's ratings.
|
|
The strength of the liquidity and capital profiles underpins Citi's ratings.
|
|
OTCGH provides liquidity on exchanges including ICE, NFX, CBOT and NYMEX.
|
|
All eight obligors' liquidity cushion is assessed by Fitch as weaker.
|
|
Liquidity improves to 2x assuming 80% of secured debt is refinanced.
|
|
"There is a risk of further (bank) liquidity concerns," he said.
|
|
Liquidity normally dries up at quarter-end as banks pull back.
|
|
I think that what people always want is, they want liquidity.
|
|
It's part of how we manage liquidity for these financial institutions.
|
|
LIQUIDITY Adequate Liquidity As of end-December 2015, Henkel had EUR2.3bn of directly available liquidity, consisting of EUR0.8bn unrestricted cash and cash equivalents on balance sheet (based on Fitch's definition), EUR1.5bn committed syndicated credit facilities serving as back-up for its commercial paper programmes, and some committed bilateral line with a revolving term of up to one year in other subsidiaries.
|
|
LIQUIDITY AND DEBT STRUCTURE The company has significant liquidity with more than $1.29 billion in cash, a $2.37 billion un-utilized five-year bank facility expiring in November 2019, and considerable access to the capital markets.
|
|
The bank's liquidity management, in particular in FX, is highly dependent on access to FX liquidity through the bank's Latvian subsidiary and certain non-resident companies (together comprising about 30% of Pivdennyi's liabilities at end-1Q17).
|
|
Traders believe that the two most important issues that determine the direction of stock prices are earnings and liquidity (how much money there is to invest), and the primary determinant of liquidity is central bank actions.
|
|
While the RBI assured markets on Thursday of providing durable liquidity, traders were concerned over the extent to which the liquidity deficit could go up to unless the central bank conducted frequent open market bond purchases.
|
|
MUMBAI, March 23 (Reuters) - The Reserve Bank of India on Wednesday tweaked some rules on measuring liquidity for Basel III norms, including asking banks to exclude certain loans backed by deposits from liquidity coverage ratio calculations.
|
|
While this might not matter much at a time of ample global liquidity, there is every reason to fear that this could become a major issue for the country when global liquidity conditions begin to tighten.
|
|
But the impact of lower oil prices have reduced liquidity in the banking sector so the government has taken steps to encourage companies to raise money by selling bonds to reduce pressure on local banks' liquidity.
|
|
BUT, YOU KNOW, THAT'S IN A BROADER PICTURE, WHERE OUR BANKS ARE SO MUCH BETTER CAPITALIZED, AND MORE CAREFULLY MANAGING THEIR LIQUIDITY, AND WE HAVE IN PLACE A SYSTEM OF VERY ROBUST LIQUIDITY AND CAPITAL BUFFERS.
|
|
LIQUIDITY Fitch expects Cosan Limited's liquidity profile to improve following the proposed issuance of USD500 million in Global Notes due 2024, as the company will use USD0003 million to prepay existing indebtedness maturing in December 2018.
|
|
LIQUIDITY Bunge's internal sources of liquidity include $548 million of cash and cash equivalents, $215 million of marketable securities and short-term investments and FCF that can fluctuate from positive to negative from year to year.
|
|
Only solvent institutions may receive emergency liquidity support and should the ECB determine that ABLV cannot meet its financial, liquidity and capital obligations, it could start proceedings that may lead to the bank being wound down.
|
|
LIQUIDITY Solid Liquidity: Dialog had a sufficient unrestricted cash balance of LKR7.2 billion and undrawn committed bank facilities of LKR19.5 billion at end-2016 to pay for its short-term debt maturities of about LKR13 billion.
|
|
S&P said a mismatch in the durations of ICBC Financial Leasing's assets and debt presented some liquidity risk, but diverse funding sources and liquidity support from parent Industrial and Commercial Bank of China (ICBC) (601398.
|
|
Among other conditions, it said non-interest lenders must have a liquidity problem to be able to access the new window — which will offer liquidity at zero interest, although lenders will be required to post collateral.
|
|
Greek lenders, which were forced to rely on central bank borrowing to deal with a liquidity squeeze after a flight of deposits in 2015, have been reducing exposure to ELA borrowing as liquidity conditions have improved.
|
|
GZMG has granted, instead of a guarantee, a keepwell and liquidity support deed and a deed of equity interest purchase undertaking to ensure GMHK has sufficient assets and liquidity to meet its obligations under the guarantee.
|
|
"Having a rival liquidity pool that is supported by domestic Chinese liquidity that trades and invests at a very different valuation ... allows them to walk on two legs globally at different clocks of trading," Li said.
|
|
"Such a pilot should provide the Commission with more data to assess the effects of access fees and rebates — including 'maker-taker' and other pricing systems — on liquidity provision, liquidity taking and order routing," he said.
|
|
This is unlikely before 2019, when Fitch expects Kaztel to take full control over its mobile joint venture with Tele2 - Maintaining sufficient liquidity diversified between external and internal sources - Consistently strong FCF generation with pre-dividend FCF margin in mid to high single digits Future Developments that May, Individually or Collectively, Lead to Negative Rating Action - A protracted rise in FFO-adjusted net leverage to above 2.5x (end-2016: 0.9x) - A material increase in refinancing risks driven by insufficient liquidity - Operating underperformance and significant market share erosion including in the mobile segment LIQUIDITY Strong Liquidity: Kaztel's liquidity is supported by a large amount of cash holdings and deposits in banks (KZT99 billion at end-3Q13).
|
|
LIQUIDITY Adequate Liquidity: GWTH had CNY1.8 billion in cash on hand, including restricted cash, as of end-2016, and unused bank facilities of CNY1.2 billion, which are adequate to cover its short-term debt of CNY1.8 billion.
|
|
The company said its liquidity position was strengthening heading into this year's key summer period but it was acting proactively to ensure it had financial flexibility to maintain an "appropriate liquidity buffer through the (2019/2020) winter".
|
|
LIQUIDITY Manageable Liquidity: Out of THB12 billion debt to be due in 2017, THB5 billion has already been repaid by the proceeds from the 30% spin-off of the group's utilities business carried out in April 2017.
|
|
Bulk Land Sales Support Liquidity: Fitch believes Modernland's large land bank and the good locations of the sites allow the company to sell land in bulk, which may provide liquidity support during downturns in the property cycle.
|
|
Lastly, liquidity is enhanced by MAA's consistently low adjusted funds from operations (AFFO) payout ratio, which was 70.3% in 2Q17, 66.1% in 13, and 91.9% in 2009 and which allows the issuer to retain organically generated liquidity.
|
|
The CBR is concerned about the emerging liquidity surplus and has absorbed excessive liquidity by making three increases to mandatory deposit reserve requirements, selling OFZs from its own portfolio to banks and holding (since August) deposit auctions.
|
|
LIQUIDITY AMC's liquidity is supported by $211 million of cash on hand (as of December 2015) and $2908 million availability on its revolving credit facility, which is sufficient to cover minimal amortization payments on its term loan.
|
|
If the spin-off is not completed, Wharf's rating may be affirmed at 'A-' with Positive Outlook LIQUIDITY Sufficient Liquidity: At end-June 2017, Wharf had cash balances of HKD30 billion against total borrowings of HKD5003 billion.
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Its funding and liquidity position was also comfortable, with a loan/deposit ratio of 27234% at the group level (90% in Singapore dollars), and Singapore-dollar and all-currency liquidity coverage ratios of 259% and 122% respectively.
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LIQUIDITY Fitch believes Rackspace's liquidity is sufficient and supported by: --Over $100 million of available cash at the end of 2Q 2017, a portion of which is located outside the U.S.; --$13 million undrawn senior secured RCF.
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LIQUIDITY Liquidity to Remain Adequate: Fitch believes Sunac had sufficient cash of CNY91 billion at end-1H17 to purchase the Wanda assets following strong contracted sales in 1H13, when its attributable contracted sales rose to CNY75 billion.
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In Hungary, the successful introduction of a new retail government bond reduced forint liquidity, casting doubt on the need of a further cut in the central bank's liquidity-creating FX swaps at its meeting on June 211.71.
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LIQUIDITY Following completion of the acquisitions planned for FY16 Fitch expects LFF's liquidity to remain adequate, supported by positive FCF generation, a EUR45m revolving credit facility maturing in 2020 and a EUR80m factoring facility maturing in 2017.
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They are "better tailored to the liquidity risks faced by different kinds of funds, with an improved classification scheme for the liquidity of fund investments and a more targeted approach to ETFs," she said before the vote.
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The ratio is intended to ensure liquidity over a one-year horizon, compared with the liquidity coverage ratio of 2014 requiring banks to hold high-quality assets that could be readily converted into cash within 30 days.
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WCDI has granted a keepwell and liquidity support deed and a deed of equity interest purchase undertaking to ensure that Xihui International has sufficient assets and liquidity to meet its obligations under the guarantee for the notes.
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To prop up its liquidity, Veneto Banca said it would ask the state to guarantee a new bond issue for up to 1.4 billion euros, after tapping the liquidity support scheme for 3.5 billion euros in February.
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LIQUIDITY Liquidity Adequate: As at end-September 173 Indosat Ooredoo had cash of IDR3.7trn and undrawn credit facilities of IDR3trn, which are are sufficient to meet maturities of around IDR4.8trn falling due over the next 12 months.
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Strong Liquidity Profile STAG's liquidity position is strong, with $4807123 million of availability under its committed, unsecured credit facility and $212001 million of committed unsecured term loan borrowings that Fitch expects the company to access during 4Q16.
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OPERATING PROFIT EUR 0.1 MILLION VERSUS LOSS EUR 2.4 MILLION YEAR AGO * SAYS LIQUIDITY OF COMPANY CONTINUES TO BE EXTREMELY TIGHT, ITS FINANCIAL SITUATION AND LIQUIDITY REMAIN CRITICAL Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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LIQUIDITY Liquidity to Remain Adequate: Fitch believes Sunac had sufficient cash of CNY91 billion at end-1H17 to purchase the Wanda assets following strong contracted sales in 1H17, when its attributable contracted sales rose to CNY75 billion.
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The European Central Bank said it could provide additional liquidity and would protect euro zone financial stability, while the People's Bank of China pledged to keep the yuan basically stable and said it would maintain ample liquidity.
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LIQUIDITY AMC's liquidity is supported by $93 million of cash on hand (as of June 2016) and $137 million availability on its revolving credit facility, which is sufficient to cover minimal amortization payments on its term loan.
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SYDNEY, March 16 (Reuters) - Australia's central bank will provide the banking system with extra liquidity through its market operations to help offset a dislocation in global financial markets, part of a package of liquidity steps by regulators.
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"Although the drop in oil prices has induced a fall in export earnings and government revenues and consequently government deposits, banking systemic liquidity has been comfortable so far, partly reflecting QCB's active liquidity management operations," he said.
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This is because Baosteel Group has granted an investment and keepwell deed and a liquidity-support covenant deed to ensure the issuer and BRI have sufficient assets and liquidity to meet their respective obligations for the notes.
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Fortunately, banks are "awash with liquidity", says Guido Tabellini of Bocconi University.
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To offset that, it has been injecting huge amounts of new liquidity.
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One is that the liquidity buffer of $2trn might be invested unwisely.
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A plunge in confidence that prompts a liquidity crisis is another risk.
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The move reflected Greek banks' improved liquidity, the Bank of Greece said.
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Steinhoff is working with turnaround specialist AlixPartners to help maintain its liquidity.
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Simsek said the new lender would provide liquidity and investment banking services.
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He said there was no liquidity problem in Turkey's strong financial sector.
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This would ensure easier yearly renewal and thus a consistent liquidity buffer.
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Volksbank's liquidity coverage and net stable funding ratios are maintained above 100%.
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Liquidity support from the state could also be made available, if needed.
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Slightly Low Liquidity Position For the period April 1, 2016 to Dec.
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Moreno's main challenge will be to solve the OPEC nation's liquidity problem.
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Aside from liquidity, ETFs come with other benefits, including generally lower costs.
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"The liquidity available is ridiculous right now," said one banker in London.
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The $68 billion valuation is just paper money until a liquidity event.
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"We have had too long a period of excessive liquidity," he said.
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"It is important for keeping liquidity and the market functioning," he said.
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Paragon said it expects to maintain sufficient liquidity throughout the restructuring process.
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Every dip is being bought into as liquidity continues to flow unabated.
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The group targets sufficient liquidity based on an internally defined risk appetite.
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Companies with weaker positions will struggle to maintain adequate liquidity and deleverage.
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The algobots provide most of the exchanges' volume and liquidity, after all.
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Regional integration can also help, pooling listings and liquidity into larger markets.
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Investors are attracted by higher levels of liquidity than in an IPO.
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First, a bank that lacks liquidity is in no position to lend.
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Instead, it has been stingier in supplying short-term liquidity to banks.
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Analysts say this is no immediate threat, as banks have ample liquidity.
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So market liquidity was there contrary to many rumors and concerns before.
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One new source of liquidity has come from exchange-traded funds (ETFs).
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The ECB could provide the Bank of Greece with plenty of liquidity.
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However, the liquidity ratio remains weak and well below the 'B' median.
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" He added, "They've implemented research, and they're more comfortable with the liquidity.
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This liquidity comfortably covered the GBP1.3bn short-term financial liabilities at FYE15.
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Now we have a story about the lifespan of a liquidity trap.
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Europe, I would say, will eventually get out of its liquidity trap.
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Another change in the bond markets exacerbates the problem: liquidity has deteriorated.
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China, however, is at no risk of either deflation or liquidity problems.
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In local marketplaces, there is a strong correlation between density and liquidity.
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It ended the latest quarter with more than $6.8 billion of liquidity.
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The country's liquidity issues were partly due to an import/export imbalance.
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Sprint has taken several steps during the past year to bolster liquidity.
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Treasuries benefit from their relative safety and liquidity compared with other assets.
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The Federal Reserve stepped in to provide foreign central banks with liquidity.
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The shipbuilding group has had liquidity problems in the last 12 months.
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"It's a race to build liquidity faster than anyone else," says Juliano.
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But listen, it ultimately, the goal is to have a liquidity event.
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He said the liquidity situation would improve in the next six months.
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He never slips up when talking about his bank's earnings or liquidity.
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The ETF industry faces scrutiny over bond liquidity, leverage and inverse ETFs.
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Some such deals offer liquidity to investors during a fund's "normal" lifetime.
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And the CRA would release temporary liquidity worth almost 2 trillion yuan.
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They would also need to maintain a 90-day liquidity cash buffer.
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Liquidity needs are growing, which means that secondaries are becoming more common.
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The interest rates for both liquidity facilities were unchanged from previous levels.
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Banco BPI has a generally stable funding profile and acceptable liquidity position.
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The liquidity position is adequate but sensitive to investor sentiment in Portugal.
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We see easing pressure on all three banks' funding and liquidity profiles.
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The SEC adopted the open-end fund liquidity rule in October 2016.
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However, it also restricts demand, which, again is counter to increasingly liquidity.
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SCB AG's funding consists primarily of retail deposits, and liquidity is robust.
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LET'S TAKE AWAY THINGS CAUSING LIQUIDITY TO DRY UP IN THE MARKETS.
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Two weeks ago, folks were I think understandably asking the liquidity question.
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There are other reasons to worry about liquidity in the bond market.
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Because prices are too high, liquidity is weak after shares start trading.
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Further weakening of HNB's liquidity position could also negatively affect its rating.
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Axtel expects to boost its liquidity position with the planned tower sales.
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The transaction may boost Wanda's offshore liquidity provided Wanda receives payment offshore.
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This will help TV Azteca retain adequate liquidity over the medium term.
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Thus lowering the reserve ratio helps neutralize the liquidity squeeze at home.
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The problem is how much liquidity can you have for these things.
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Cash liquidity was strong at RUB2 billion as of 1 January 2017.
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The liquidity-trap explanation suggests the Fed's rate rise was ill-advised.
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Eskom said it was not insolvent but was facing serious liquidity issues.
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Liquidity is stable and sound and is a focus for the bank.
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ABO's VR is sensitive to changes in the bank's funding and liquidity.
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MUMBAI (Reuters Breakingviews) - India has slammed the brakes on a liquidity crisis.
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The interbank rate reflects levels of naira liquidity in the banking system.
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"The excess liquidity is flattening spreads at the short end," said Schroeder.
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The monetary arrangement assures currency convertibility and reduces foreign exchange liquidity risks.
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As China moves to devalue its overvalued currency, U.S. liquidity markets suffer.
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Beijing has already opened the taps to boost liquidity in the market.
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There is no lifeline like the liquidity that comes from pooling economies.
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Air Berlin said it had sufficient liquidity and financing to continue restructuring.
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The impact is exacerbated by the poor liquidity of corporate-bond markets.
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Fitch's international liquidity ratio for Israel has also continued to improve strongly.
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Term securitization transactions of timeshare receivables provide an additional source of liquidity.
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Global reserve currency status requires four things: size, stability, security, and liquidity.
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"There is no equity, no possibility of a liquidity moment," Lublin said.
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The family argued the change would boost the stock's liquidity and value.
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Cecabank's funding and liquidity reflect the bank's business model and are stable.
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The turmoil indicated an unexpected shortage of liquidity in the financial system.
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