Disclaimer
This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document.
Related Articles
U.S. firms scaled back hiring in November. Adding only 103k private payrolls compared 130k expected, according to ADP. Job cuts were seen in manufacturing, construction, and leisure/hospitality sectors. ADP’s report is based on payroll data covering +25 million US private-sector employees. Source: Genevieve Roch-Decter, CFA, Bloomberg
Amidst the impressive year-end rally in the global fixed-income market, a significant development last night casts a shadow over this upward momentum. The yield on the Japanese 10-year bond surged by 12 basis points, driven by comments from BOJ Governor Kazuo Ueda and Deputy Governor Ryozo Himino, instigating a belief that change might unfold sooner than anticipated. The probability of the BOJ ending its negative rates policy this month skyrocketed to nearly 45%, as Himino's speech was perceived as relatively hawkish, amplifying the significance of the BOJ's December meeting to a live event. Adding to the market tension, the Japan 30-Year Bond Sale recorded its lowest bid-cover since 2015. Notably, the sharp steepening of the Japanese curve, from 20 bps in March to 80 bps at the end of October, coincided with a significant increase in US Treasury yields over the same period... Source: Bloomberg
A 155k SF office building in Chicago just sold for $17 million, or $109 per SF The seller took a huge 61% loss, paying $44 million for the building in 2017 Here's a worrying snippet from Crain's: "Thanks to remote work and higher interest rates, real estate investors can buy downtown office buildings on the cheap these days. Add a motivated seller trying to unload all of its office stock and the discount gets even steeper. Many office properties in the heart of the [Chicago] are now worth less than the mortgages tied to them, fueling a historic wave of distress." It will be interesting to see how bad the US commercial real estate meltdown gets (particularly in office) but it's certainly a story to keep an eye on in 2024 as big opportunities emerge". Source: TripleNetInvest