2025-09-23 16:33

Romania's debt agency preparing end-of-year bond plans Country is grappling with largest budget deficit in EU Investment grade credit rating remains under threat LONDON, Sept 23 (Reuters) - Romania is readying some end-of-year bond sales and buybacks now the political upheaval that had engulfed the country - and still hangs over its investment grade credit rating - looks to have settled. Romania is grappling with the European Union's largest fiscal deficit and has been squarely in the spotlight this year after its drama-filled presidential election crashed its currency. Sign up here. With a pro-EU coalition now in place and 17 billion euros ($20 billion) of debt already borrowed via various channels this year, its debt office is finalising a "liability management" exercise and yen-denominated green bond to round off the year. The plan is to replace a chunk of the 4.25 billion euros worth of euro-denominated bonds Romania has coming due next year with longer-term ones, while the "samurai" bond, as yen debt is also known, will help build up its investor base in Japan. "The numbers will depend on the market, what the demand will be for the new issue and what the demand for the buyback will be," the head of the debt agency, Stefan Nanu, told Reuters during a trip to London. The liability management plan would result in some "net new issuance", Nanu added. "All options" were open, from a tranche of new bonds with different maturities to a straightforward enlargement, or "tap" of some of its existing bonds. It is also starting to think about next year. While much will depend on what the still-to-be-announced 2026 budget looks like, a new "derivatives framework" due to be introduced means it is also considering dollar-denominated bonds and maybe one or two in currencies it has never issued in before. WINDOW OF OPPORTUNITY Romania's deficit has made it one of the biggest emerging market debt issuers in the world in recent years, but Nanu does not see any sign of waning investor demand at the moment. The government wants to cut the deficit towards 6% of GDP next year, from what is likely to be more than 8% this year. However, the four parties in the new ruling coalition have not agreed how to do it and protests are growing. It also means pressure remains on the country's sovereign credit rating, which is on the lowest rung of "investment grade" and a "negative outlook" - effectively a downgrade warning. Analysts say new Prime Minister Ilie Bolojan, who under a rotational arrangement will head centrist President Nicusor Dan's government until 2027, now has to deliver on tax hikes and spending cuts and fast. "The window (for fiscal repair work) is clear, this year and next year," Nanu said. ($1 = 0.8514 euros) https://www.reuters.com/business/finance/romania-readies-final-debt-deals-turbulent-year-2025-09-23/

2025-09-23 15:55

Sept 23 (Reuters) - Federal Reserve Bank of Atlanta President Raphael Bostic said Tuesday inflation risks are still in play in the U.S. economy, although he noted that thus far President Donald Trump's import tax hikes have not pushed up prices the way they were expected to. “Business leaders are telling us they are definitely feeling the cost pressures and it is becoming increasingly difficult to prevent those from flowing into prices that are faced by consumers and by their customers,” Bostic said during a live taping of the Macro Musings podcast. Sign up here. When it comes to inflation, “I actually think there's still more to come” on that front. While the president's tariffs are one of the main upward pressures on inflation right now, Bostic said when it came to how much the tariffs had pushed up prices, "it's been much more muted, I think, than many expected." Bostic said it was now important for the central bank to keep a close eye on how high inflation was affecting expectations about the future of prices. With inflation, "I really think we need to pay very close attention to the consumer psyche and to what businesses plan" given the current environment, he said. Bostic did not comment directly on the monetary policy outlook, following last week's meeting that saw officials cut their overnight interest rate target range by a quarter percentage point, to between 4% and 4.25%. Driving the rate cut was a concern that labor markets are stalling and would benefit from lower short-term borrowing costs. In his appearance, Bostic noted "the labor markets are very difficult to interpret today," and that businesses were telling him that amid the uncertainty, they were neither hiring nor firing to a notable degree. https://www.reuters.com/sustainability/boards-policy-regulation/feds-bostic-says-inflation-risks-still-present-us-economy-2025-09-23/

2025-09-23 15:43

Sept 23 (Reuters) - Morgan Stanley (MS.N) , opens new tab will offer cryptocurrency trading on its platform E*Trade from the first half of 2026 through a partnership with Zerohash, an infrastructure provider for the digital assets. At launch, E*Trade clients will be able to trade bitcoin , the world's largest crypto token, as well as ether and solana , a spokesperson for Morgan Stanley said on Tuesday. Sign up here. Once a niche asset class dismissed as speculative, cryptocurrencies have grown into a market worth trillions of dollars over the past decade, drawing in Wall Street banks, asset managers and retail investors alike. The Trump administration's supportive stance on regulations has also helped crypto assets, with Wall Street brokerages now expanding their offerings in the space to tap into the lucrative business. E*Trade rival Robinhood(HOOD.O) , opens new tab offers trading in a wide range of crypto tokens, while Charles Schwab (SCHW.N) , opens new tab provides investors access to exchange-traded funds tied to bitcoin and ether. The digital assets market is currently valued at roughly $3.9 trillion, with bitcoin accounting for about $2.25 trillion and ether around $506 billion of the total, according to data from CoinMarketCap. Bloomberg News had first reported about the partnership. Separately, Zerohash said on Tuesday it had reached unicorn status after raising $104 million in a funding round led by Interactive Brokers (IBKR.O) , opens new tab, with Morgan Stanley, SoFi and others participating. https://www.reuters.com/business/finance/morgan-stanley-offer-crypto-trading-etrade-platform-through-zerohash-tie-up-2025-09-23/

2025-09-23 15:11

FRANKFURT, Sept 23 (Reuters) - The European Central Bank eyes 2029 as a realistic timeline for launching a digital euro, essentially an online payment wallet backed by the central bank, ECB board member Piero Cipollone said on Tuesday. Cipollone said the European Parliament, the European Council and the executive European Commission may have their respective positions ready by May, after which they will start joint work on legislation. Once that is in place, the ECB will need between 2-1/2 and three years to launch the currency. Sign up here. He was speaking at Bloomberg's Future of Finance event. https://www.reuters.com/business/finance/ecbs-cipollone-eyes-2029-digital-euro-launch-2025-09-23/

2025-09-23 12:52

SAO PAULO, Sept 23 (Reuters) - Brazil's central bank said on Tuesday that it has entered a "new stage" in which policymakers opt to keep interest rates unchanged while evaluating whether the current level is enough to ensure inflation converges to its 3% target. In the minutes from its latest meeting, where it held the benchmark Selic rate at a near two-decade high of 15% for the second consecutive time, the bank said that policymakers would not hesitate to resume a hiking cycle if deemed appropriate. Sign up here. The rate-setting committee, nonetheless, acknowledged that the economic scenario is consistent with its current monetary policy stance, with the activity outlook pointing to a gradual moderation in growth. "Now that the scenario has unfolded as expected, the committee begins a new stage in which it opts to keep the rate unchanged and to continue evaluating if... such strategy will be enough to ensure the convergence of inflation to the target," it said. The central bank had halted in July an aggressive tightening cycle that added 450 basis points to the Selic rate since September 2024. Policymakers vowed to remain vigilant and monitor the pace of activity, and particularly services inflation. They noted that recent inflation readings showed a more favorable dynamic compared to what was expected earlier this year, but emphasized that deanchored inflation expectations remain a factor of discomfort shared by all committee members. "Inflationary vectors remain adverse," the bank noted. "This scenario prescribes a significantly contractionary monetary policy for a very prolonged period to ensure the convergence of inflation to the target." Brazil's 12-month inflation hit 5.13% in August, according to statistics agency IBGE. The central bank targets inflation at 3%, plus or minus 1.5 percentage points. Finance Minister Fernando Haddad criticized the bank's monetary policy following the release of the minutes, saying in an interview with local outlet ICL that he saw "no justification" for the elevated borrowing costs. "I believe there is room for interest rates to fall," he said. https://www.reuters.com/world/americas/brazils-central-bank-signals-new-stage-steady-interest-rates-2025-09-23/

2025-09-23 12:37

Sept 23 (Reuters) - U.S. utility Sempra (SRE.N) , opens new tab said on Tuesday it would sell a stake in its infrastructure unit for $10 billion in cash, as well as greenlit a $14 billion expansion of its Port Arthur LNG project in Texas. The company will sell a 45% equity interest in Sempra Infrastructure Partners, which has liquefied natural gas assets and related pipeline and storage infrastructure, to KKR (KKR.N) , opens new tab and Canada Pension Plan Investment Board. Sign up here. Private equity firms are racing to bulk up on power infrastructure assets as electricity consumption surges to record levels, driven primarily by data centers dedicated to AI operations and rising domestic use. After the deal closes, a KKR-led consortium will become the majority owner of the unit with a 65% stake, while Sempra will retain a 25% interest alongside Abu Dhabi Investment Authority's existing 10% stake. The deal, implying an equity value of $22.2 billion for Sempra's unit, is expected to close between the second and third quarters of 2026. Sempra expects the deal to add about 20 cents to annual earnings per share from 2027. Shares of the company rose 3.2% to $85 in premarket trading. https://www.reuters.com/business/energy/utility-sempra-sell-stake-infrastructure-platforms-10-billion-2025-09-23/