June, 2020

• 20 June

  Covid-19: Aeromexico mulls bankruptcy as travel plunges

  

  Bloomberg Grupo Aeromexico SAB is considering a Chapter 11 bankruptcy filing in the US as the coronavirus pandemic ravages the airline industry, said people familiar with the matter. The Mexican carrier is weighing its options and no final decision has been made, the people said, asking not to be named because the discussions are private. The company is working to …

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• 20 June

  Spirit fined for calling customers ‘volunteers’

  

  Bloomberg Spirit Airlines Inc misclassified as “volunteers” more than 1,000 people who were denied boarding against their will on oversold flights, the US Transportation Department said in announcing a fine against the carrier. The department said consumer complaints filed with its Office of Aviation Consumer Protection showed the budget carrier required that passengers bumped from flights sign waivers or documents …

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• 20 June

  Lufthansa says A380s won’t return for at least two years

  

  Bloomberg Deutsche Lufthansa AG’s fleet of Airbus SE A380 jets will be mothballed for at least two years and may never return to service as demand for long-haul travel remains subdued in the wake of the coronavirus outbreak. With Lufthansa already retiring about half of its 14 superjumbos, remaining jets will be relegated to its secondary hub in Munich. Flights …

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• 20 June

  New York & Co parent RTW preparing for bankruptcy

  

  Bloomberg The parent of New York & Co is preparing for a bankruptcy filing that would include plans to shut all of the discount apparel chain’s stores, according to people with knowledge of the matter. RTW Retailwinds Inc, which also owns Fashion to Figure and Happy x Nature, warned earlier this month that a bankruptcy filing was probable, citing a …

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• 20 June

  United readies $5b debt sale next week

  Bloomberg A group of banks led by Goldman Sachs Group Inc may launch a $5 billion debt offering for United Airlines Holdings Inc as soon as Monday, according to people with knowledge of the matter. Goldman Sachs has started discussions with investors to gauge their level of interest, said the people, who asked not to be named because the talks …

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• 20 June

  A $21b debt plan in Denmark is leaving bankers confused

  

  Bloomberg The biggest Nordic banks have voiced concerns over how Denmark’s debt office is handling sales of its shortest-dated securities. The debt office in Copenhagen, which is part of the central bank, recently added commercial paper to the list of securities it sells. But bankers at Danske and Nordea, among others, say the office has left them in the dark …

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• 20 June

  Russia slashes rate most in five years, signals more easing

  

  Bloomberg The Bank of Russia cut interest rates by the most in five years and signaled another reduction is likely to help stimulate an economy heading toward a deep recession. The benchmark interest rate was cut 100 basis points to 4.5%, the lowest level since inflation-targeting began in late 2014, the central bank said in a statement. Policy makers warned …

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• 20 June

  Zimbabwe central bank to scrap motor fuel subsidy

  

  Bloomberg Zimbabwe’s central bank plans to stop providing the foreign currency needed for fuel imports, handing the responsibility to private companies, reports said. The plan, which will end an effective subsidy, will take place as early as June 23 when a currency peg is removed and an auction system for foreign exchange is set to begin, the people said, asking …

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• 20 June

  Philippine lenders deny they held Wirecard bank accounts

  

  Bloomberg Two Philippine lenders said they didn’t hold cash on behalf of Wirecard AG, the German payments processor whose shares have tumbled after it said it was unable to locate more than $2 billion in funds. A document purporting to show a link between Wirecard and the Bank of the Philippine Islands was “bogus” and may be part of an …

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• 20 June

  Indonesia bonds may bring further joy to investors

  

  Bloomberg Indonesia’s bonds have been the star performers in Asia this quarter, and the second half of the year may bring further joy to investors. Factors likely to support the debt of Southeast Asia’s largest economy include a pro-active central bank, and the apparent underweight positioning of global funds following the coronavirus sell-off. These should outweigh concerns about rising debt …

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