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August 21st - Promoting the "long-term investment" of pension funds is both important and urgent. Pension funds correspond to payment needs decades into the future and, theoretically, can withstand higher equity volatility and obtain long-term equity premiums. The key is to "change the benchmark." Accelerate the improvement of long-term performance evaluation mechanisms, incorporating cross-cycle returns and risk control into the evaluation system. Improve relevant supporting measures. Steadily expand investment scale and channels. Continuously promote the expansion of pension fund investment scale in various regions, scientifically optimize asset structure while strictly adhering to the upper limit of equity investment ratio, and strive to improve the level of equity asset allocation, especially increasing investment in national strategic emerging industries. Guide pension funds to actively participate in listed company governance and private placements, promote the improvement of dividend mechanisms, and deeply share the benefits of real economy growth.The Nikkei 225 index opened down 639.56 points, or 0.97%, at 65,577.23 on Friday, August 21.August 21 – Key Japanese inflation indicators accelerated for the second consecutive month, raising hopes that the Bank of Japan (BOJ) will raise interest rates again soon. Market expectations for action by the BOJ as early as September have strengthened further. Japans core CPI rose 1.8% year-on-year in July, up from 1.6% in June and in line with economists median forecast. Core inflation, excluding fresh food and energy prices – a measure of underlying inflation closely watched by the BOJ – rose 1.9% year-on-year. Overall CPI also rose 1.9%. This acceleration in inflation was partly driven by energy prices. Energy costs rose 0.6% year-on-year in July, reversing a slight decline in June. Weeks ago, BOJ Governor Kazuo Ueda hinted that policymakers might accelerate the pace of monetary policy normalization. With the weak yen continuing to pose upside risks to inflation, investors are increasingly convinced that the BOJ will act next month. This assessment remains unchanged even after US and Japanese officials took rare coordinated intervention in the foreign exchange market at the end of July.On August 21st, it was reported that on August 20th, Wang Xingxing, Chairman, General Manager, and Chief Technology Officer of Unitree Robotics, stated at the 2026 World Robot Conference that Unitree Robotics continues to invest in the field of AI models, which is currently the area where Unitree invests the most funds and human resources. At the conference, Wang Xingxing publicly explained for the first time Unitree Robotics exploration of the concept of "self-evolution of physical AI robots." He stated that while AI has been widely applied to programming and various development processes in recent years, its application in the robotics field remains insufficient. Therefore, Unitree Robotics is promoting the construction of a self-evolution system for physical AI robot models: relying on cutting-edge large-scale models, setting corresponding rules, empirical constraints, and tool boundaries, allowing the model to autonomously search for cutting-edge papers, high-quality research results, and open-source solutions, and automatically generate robot control code.Japans national CPI rose 2% year-on-year in July, below the expected 1.90% and the previous reading of 1.60%.

The awful chapter of Citrix debt is closed by banks with a $700 million loss

Aria Thomas

Sep 22, 2022 11:00

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According to a source with knowledge of the issue, Wall Street banks finalized the sale of $8.55 billion in loans and bonds funding the leveraged buyout of business software giant Citrix Systems Inc (NASDAQ:CTXS) by suffering a $700 million loss.


The process emerged as a major test of banks' ability to offload junk-rated debt from their books, a process necessary for them to recycle capital and comply with financial health requirements.


The effective completion of the syndication came at a large discount to the levels at which the banks underwrote the debt. A second person said that one of Citrix's acquirers, hedge fund Elliott Management, helped by purchasing $1 billion in bonds.


Private equity firms, who rely on junk-rated loans to increase returns on company acquisitions, have seen banks move back in the wake of Citrix and other deals that have strained their balance sheets. According to bankers, this is not expected to change in the foreseeable future, since rising interest rates and market volatility fueled by Russia's war in Ukraine have increased the probability that agreements they underwrite will appear mispriced within weeks.


According to sources, banks led by Bank of America Corp (NYSE:BAC), Credit Suisse Group AG, and Goldman Sachs Group Inc (NYSE:GS) sold a $4.55 billion Citrix loan to investors at a discount of 91 cents on the dollar and an annual interest rate 450 basis points above their benchmark.


According to the sources, a $4 billion, three-year Citrix bond was also issued for 83.6 cents on the dollar, delivering a higher than anticipated yield of 10%. Reuters reported last week that the loans in Citrix's capital structure were in strong demand, although the subordinated bonds were less popular.


Bank of America and Credit Suisse declined to comment. Goldman Sachs and Elliott did not respond to requests for comment immediately.


More debt syndication woes for banks are forthcoming. A $2 billion loan backing Apollo Global Management (NYSE:APO) Inc's acquisition of telecommunications assets from Lumen Technologies is provided at a discount of 92 cents on the dollar, while a $1.87 billion bond for the same transaction is issued at an exorbitant 10% interest rate.

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