36.44 0.00 (0.00%)
After hours: 4:16PM EST
|Bid||35.53 x 900|
|Ask||36.84 x 800|
|Day's Range||35.94 - 37.63|
|52 Week Range||31.07 - 44.95|
|Beta (5Y Monthly)||1.66|
|PE Ratio (TTM)||14.94|
|Earnings Date||Apr 22, 2020 - Apr 26, 2020|
|Forward Dividend & Yield||1.88 (4.97%)|
|Ex-Dividend Date||Feb 13, 2020|
|1y Target Est||45.25|
(Bloomberg) -- Lebanon has a lot more than just maturing Eurobonds to worry about.In addition to $31 billion of those, the Middle Eastern nation’s central bank has $52.5 billion of obligations in the form of foreign-currency deposits and certificates of deposit, according to calculations by Toby Iles and Jan Friederich, Hong Kong-based analysts at Fitch Ratings Ltd.Mostly owed to Lebanese banks, these additional liabilities compound the country’s woes as it grapples with its deepest economic crisis in decades. They also complicate a potential debt restructuring by the government, which on Tuesday confirmed it had hired Lazard Ltd. and Cleary Gottlieb Steen & Hamilton as financial advisers.Falling reserves and inflows have led to a shortage of foreign exchange in Lebanon, causing havoc with the financial system. Moody’s Investors Service, which downgraded the government’s debt to 10 steps below investment grade last week, said a default is “all but inevitable” in the near term. Lebanese Eurobonds mostly trade below 30 cents on the dollar and fell to another record low on Wednesday.The certificates of deposit total $20.9 billion and while few mature this year or next, more than $8 billion come due in 2022 and 2023, according to Fitch.An estimated $4.5 billion of the $31.6 billion of foreign-currency deposits parked at the central bank, known as the Banque du Liban, mature this year, though most of those will probably be rolled over, the rating company said.Still, the BdL’s decision in December to pay half the interest on its foreign-currency liabilities in Lebanese pounds points to rising stress, the analysts said.Lebanon may choose to prioritize its reserves for Eurobond payments -- with $1.2 billion of notes due on March 9 -- and imports such as food rather than the central bank’s obligations. If so, that will force local banks to tighten the de facto capital controls they have had in place for months, Fitch said.(Updates third paragraph with financial advisers.)To contact the reporter on this story: Paul Wallace in Dubai at firstname.lastname@example.orgTo contact the editors responsible for this story: Alex Nicholson at email@example.com, Srinivasan SivabalanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Lebanon has given approval for asset management company Lazard to be its financial adviser on debt restructuring, a government source said on Tuesday, with the heavily indebted state facing a major financial crisis. Approval was also given for law firm Cleary Gottlieb Steen & Hamilton LLP to act as the government's legal adviser, the source said.
The Board of Directors of Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) has authorized the Fund to declare today, pursuant to a level distribution policy, a monthly distribution of $0.10646 per share on the Fund’s outstanding common stock. The distribution is payable on March 23, 2020 to shareholders of record on March 12, 2020. The ex-dividend date is March 11, 2020.
Lazard Ltd (NYSE: LAZ) reported today that its preliminary assets under management ("AUM") as of January 31, 2020 totaled approximately $243.6 billion. The month’s AUM included foreign exchange depreciation of $2.1 billion; net outflows of $1.5 billion and market depreciation of $1.1 billion.
(Bloomberg) -- Lazard Asset Management is looking beyond the spread of the deadly coronavirus and standing firm with its overweight position in emerging-market local-currency bonds.While the asset manager has become cautious in the short term due to the uncertainty surrounding the outbreak, it believes any setback to global growth is likely to be limited to the next three months or so, according to Arif Joshi, a managing director and portfolio manager in the emerging-markets debt team in New York.“We have a structurally bullish view on local-currency debt,” said Joshi at Lazard Asset, which oversees $223 billion globally. “That being said you can’t ignore the fact that certain countries are going to get hurt in the near term by this.”Lazard went overweight on local-currency developing-nation debt relative to dollar-denominated ones last quarter for the first time in about 18 months, Joshi said. The company was attracted by the prospect that growth rates in developing nations would pick up, boosting their currencies, he said.While maintaining its bullish stance, the spread of the virus has convinced Lazard to start hedging some long positions in EM currencies through either buying puts on Asia-focused foreign exchange or reducing exposure and putting it into rates as that would benefit if central banks cut interest rates, he said.“There are a lot of uncertainties around the effect of the China virus, how long that is going to affect demand and supply,” Joshi said. “So you need to be cautious in this time time period fully understanding that you are cautious in an asset class that does have deep value.”Supercharged RallyThe money manager can even foresee a scenario in which the virus ends up being positive for some emerging-market assets.Unexpected monetary stimulus from central banks in response to the virus has the potential to “supercharge” a local-currency rally later in the year if the effects of the outbreak prove to be temporary, Joshi said.Bank of Thailand cut its benchmark rate to a record-low 1% last week, while Singapore policy makers indicated there was room to further weaken its currency, and the Philippines also expressed a willingness to ease.Local-currency bonds have underperformed dollar-denominated debt this year largely because of the greenback’s strength, Joshi said. EM debt did well last year because yields fell, not because currencies rose, he said. That means the local currency rally has yet to begin, while growth rates in emerging markets are significantly below potential. The JPMorgan Emerging Market Currency Index has declined 6.2% over the past 12 months. In terms of individual countries, Lazard is most bullish on Mexican local-currency bonds as the country is at the start of a rate-cutting cycle and is expected to ease throughout this year, Joshi said. It also remains bullish on Indonesian local rates, a position it’s held for about two years, he said. (Adds currency index in second-to-last paragraph; Indonesia in last one)To contact the reporter on this story: Andreea Papuc in Sydney at firstname.lastname@example.orgTo contact the editors responsible for this story: Christopher Anstey at email@example.com, Nicholas Reynolds, Joanna OssingerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Readers hoping to buy Lazard Ltd (NYSE:LAZ) for its dividend will need to make their move shortly, as the stock is...
Lazard Ltd (NYSE: LAZ) today reported annual operating revenue1 of $2,546 million for the year ended December 31, 2019. Net income, as adjusted2, was $385 million, or $3.28 per share (diluted) for the year. Net income on a U.S. GAAP basis for the year was $287 million, or $2.44 per share (diluted).
Lazard Ltd (NYSE: LAZ) today announced that its Board of Directors has voted to declare a quarterly dividend of $0.47 per share on its outstanding common stock. The dividend is payable on February 28, 2020, to stockholders of record on February 18, 2020.
Spanish industrial holding ACEK is putting its wind power company Elawan Energy up for sale in a potential $2 billion deal as it seeks to cash in on high sector valuations, people close to the matter said. ACEK, which also owns a 70% stake in car parts maker Gestamp , is working with investment bank Lazard to explore a sale, hoping to attract the interest of utilities and infrastructure funds looking to bulk up in the space, three sources said. Pension and infrastructure funds have also been investing more in renewable energy, to capitalise on the steady returns assets generate.
Lazard Ltd (NYSE: LAZ) will announce its full-year and fourth-quarter 2019 results in a press release to be issued Thursday morning, January 30, 2020.
Lazard Ltd (NYSE: LAZ) reported today that its preliminary assets under management ("AUM") as of December 31, 2019 totaled approximately $248.2 billion. The month’s AUM included market appreciation of $6.1 billion; foreign exchange appreciation of $2.8 billion and net inflows of $2.6 billion.
Lazard Global Total Return and Income Fund, Inc. (the "Fund") (NYSE:LGI) is confirming today, pursuant to its level distribution policy, as previously authorized by its Board of Directors, a monthly distribution of $0.10646, equivalent to 7.0% (annualized) of the Fund’s net asset value per share as of the close of markets on December 31, 2019 on the Fund’s outstanding common stock. The distribution is payable on January 23, 2020 to shareholders of record on January 13, 2020. The ex-dividend date is January 10, 2020.
Lazard Ltd (NYSE: LAZ) announced today that Jim D’Aquila has joined Lazard’s Middle Market Consumer, Food & Retail (CFR) group as a Managing Director and Head of Consumer & Retail. Adeel Ahmad has joined the CFR group as a Director. They are both based in Minneapolis.
Anyone researching Lazard Ltd (NYSE:LAZ) might want to consider the historical volatility of the share price...
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