Core Insights - Norinchukin Bank, a major Japanese financial institution, is facing significant risks due to its exposure to the recent bankruptcy of First Brands Group, an American automotive parts giant [1][5] - First Brands Group filed for bankruptcy with liabilities estimated between $10 billion and $50 billion, and there are allegations of $2.3 billion in missing funds during the bankruptcy process [2][3] Group 1: First Brands Group Bankruptcy - First Brands Group filed for bankruptcy at the end of September, reporting liabilities between $10 billion and $50 billion, with total financing close to $12 billion [2] - Allegations have emerged regarding $2.3 billion in funds that reportedly disappeared during the bankruptcy proceedings, raising concerns among Wall Street and U.S. judicial authorities [3] - The company’s lawyers admitted to having only $12 million in the bank, with no trace of the approximately $2 billion raised through factoring [3] Group 2: Impact on Norinchukin Bank - Norinchukin Bank has a risk exposure of approximately $1.75 billion through its joint venture with Mitsui & Co., Katsumi, which holds around $1.75 billion in unpaid receivables from First Brands Group [5] - Katsumi's lawyers indicated that the company participated in the acquisition of hundreds of thousands of receivables, with an average value of about $9,000 each [5] - This incident marks the second significant financial loss for Norinchukin Bank in 2023, following a reported loss of ¥1.8 trillion (approximately $11.7 billion) due to investments in U.S. Treasury and overseas bonds [6] Group 3: Broader Financial Context - Norinchukin Bank has been diversifying its investments globally since the late 1990s, with a significant portion of its assets in securities and a high allocation to foreign bonds [5][6] - The bank's recent financial struggles have prompted a reassessment of its investment strategy, particularly regarding its bond-heavy international diversification approach [6] - The bank plans to sell over ¥10 trillion in U.S. Treasuries and European bonds by March 2025, aiming to improve its financial performance after previous miscalculations regarding interest rate trends [6]
160亿元资金“凭空消失”？美国巨头突然爆雷，申请破产！知名银行踩坑，旗下公司120亿元未收回！此前因投资美债等巨亏超800亿元