Former U.S. President Donald Trump has accused the leaders of Bank of America (BAC.N) and JPMorgan Chase (JPM.N) of denying banking services to conservatives, echoing Republican complaints about the financial sector. These accusations surfaced on Thursday as part of a broader discussion on what has been termed as "woke capitalism" and the impact of political views on the financial system.
Context of the Situation
Republicans in Congress and in states where they hold majority control have accused certain financial institutions of allegedly favoring businesses tied to firearms manufacturing, fossil fuel extraction, and other industries commonly associated with conservative political ideologies. This phenomenon, labeled as "woke capitalism," has sparked debates over the role of major banks in navigating political affiliations.
The financial landscape in Saudi Arabia continues to capture the attention of analysts and investors. The sovereign wealth fund of the Kingdom is preparing to issue dollar-denominated bonds with varying maturities, highlighting the growing interest in fixed-income instruments in the region.
Overview of the Bond Issuance
Recent reports indicate that the sovereign wealth fund of Saudi Arabia plans to sell bonds with maturities of five and 9.5 years. Initial expectations for the bond placement suggest a spread of 125 basis points over U.S. Treasury bonds for the shorter tranche, and around 140 basis points for the longer one.