Plan for $1.5T in tax cuts gains momentum | Cromwell holds off on $1.1B Singapore REIT IPO | European investors buy up foreign bonds
September 22, 2017
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Plan for $1.5T in tax cuts gains momentum
Plan for $1.5T in tax cuts gains momentum
(Andrew Caballero-Reynolds/AFP/Getty Images)
Congressional momentum is growing for a deal to reduce taxes by $1.5 trillion over 10 years. Issues that haven't been resolved include the plan's impact on the budget deficit and whether to pursue permanent tax cuts.
The Washington Post (tiered subscription model) (9/21) 
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Investment News
Cromwell holds off on $1.1B Singapore REIT IPO
Australia's Cromwell Property Group has put on hold the $1.1 billion REIT initial public offering it was planning for the Singapore Exchange even though it received "significant interest from strategic, institutional and retail investors," according to Cromwell. The company cited current market conditions as the reason for not proceeding.
Reuters (9/22),  The Wall Street Journal (tiered subscription model) (9/22) 
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European investors buy up foreign bonds
There is heavy demand from European investors for foreign bonds, given somewhat higher yields that can be had around the world. The demand is likely to persist even though the European Central Bank is expected to begin easing its monetary policy, theoretically pushing local yields higher.
The Wall Street Journal (tiered subscription model) (9/22) 
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Some lenders find fault with J.Crew's debt swap
A debt swap by bondholders helped J.Crew avert a bankruptcy filing this summer, but a few of the affected lenders have sued to block the deal. The type of swap, which involved creating a new affiliate that owns the brand's intellectual property, has become more common among retailers dealing with high debt loads.
The Wall Street Journal (tiered subscription model) (9/21) 
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Real Estate Marketplace
Digital Realty eyes growth in Asia
Digital Realty Trust is seeking to grow its footprint in the fragmented Asia market through acquisitions and partnerships and by expanding its own network there. "Asia is the least mature of all the markets, so there is an opportunity for both pure organic growth and acquisitions," says Krupal Raval, CFO for Asia Pacific at the REIT.
Bloomberg (9/21) 
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Four Corners buys restaurant portfolio from Washington Prime for $67.2M
Washington Prime Group is selling 41 restaurant parcels to Four Corners Property Trust for $67.2 million. The portfolio consists of 22 restaurant brands, including McDonald's, Red Lobster and Outback Steakhouse.
CoStar Group (9/21) 
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NRF: Halloween spending to hit new high this year
NRF: Halloween spending to hit new high this year
(Michael Regan/Getty Images)
US consumers are expected to spend a record $9.1 billion on Halloween this year, and 179 million Americans will celebrate the October holiday, according to a survey from NRF and Prosper Insights & Analytics. About 47% of respondents will shop at discount stores for Halloween goodies, 38% will hit specialty shops and 22% will shop online, the survey found.
CNBC (9/21) 
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Policy & the Economy
Fed prompts investors to raise rate-hike odds
Investors must get used to a more hawkish Federal Reserve, after the central bank surprised some by announcing all but four officials supported at least one more interest-rate increase by year-end. Market odds for this to come true jumped to 69% from 50% after the announcement.
The Wall Street Journal (tiered subscription model) (9/21) 
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ECB to create interest-rate benchmark
Responding to deteriorating confidence in existing benchmarks for interest rates for the euro, the European Central Bank said it plans to develop its own overnight reference interest rate no later than 2020. The new reference rate is intended to serve as a backstop for existing private-sector benchmarks, the ECB said.
Reuters (9/21),  The Wall Street Journal (tiered subscription model) (9/21),  Politico Pro (subscription required) (9/21),  Risk (subscription required) (9/22) 
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Global trade growing faster than expected, WTO says
The World Trade Organization said global trade will increase 3.6% this year, up from its previous forecast of 2.4%. The WTO warned that geopolitical tensions and protectionist rhetoric could compromise the trade recovery.
Deutsche Welle (Germany)/Deutsche Presse-Agentur/Reuters (9/21) 
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