B10| Wednesday, December 2, 2020 * THE WALL STREET JOURNAL.
Borrowing Benchmarks|wsj.com/market-data/bonds/benchmarks
Money Rates December 1, 2020
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Inflation
Oct. index Chg From (%)
level Sept. '20 Oct. '19
U.S. consumer price index
All items 260.388 0.04 1.2
Core 269.328 0.10 1.6
International ratesWeek 52-Week
Latest ago High Low
Prime rates
U.S. 3.25 3.25 4.75 3.25
Canada 2.45 2.45 3.95 2.45
Japan 1.475 1.475 1.475 1.475
Policy Rates
Euro zone 0.00 0.00 0.00 0.00
Switzerland 0.00 0.00 0.50 0.00
Britain 0.10 0.10 0.75 0.10
Australia 0.10 0.10 0.75 0.10
Overnight repurchase
U.S. 0.10 0.08 1.65 -0.07
U.S. government rates
Discount
0.25 0.25 2.25 0.25
Federal funds
Effective rate0.09000.0800 1.6200 0.0600Week —52-WEEK—
Latest ago High Low
High 0.10000.1000 1.6500 0.1000
Low 0.05000.0500 1.5800 0.0100
Bid 0.08000.0800 1.6000 0.0100
Offer 0.10000.1000 1.6300 0.0500
Treasury bill auction
4 weeks 0.0800.070 1.620 0.000
13 weeks 0.0850.085 1.560 0.000
26 weeks 0.0900.090 1.570 0.080
Secondary market
Fannie Mae
30-year mortgage yields
30 days 1.8481.886 3.362 1.751
60 days 1.8751.916 3.370 1.804
Other short-term rates
Week 52-Week
Latest ago high low
Call money
2.00 2.00 3.50 2.00
Notes on data:
U.S. prime rateis the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective March 16, 2020.Other prime ratesaren’t directly comparable; lending practices vary
widely by location;Discount rateis effective March 16, 2020.Secured Overnight Financing Rateis
as of November 30, 2020.DTCC GCF Repo Indexis Depository Trust & Clearing Corp.'s weighted
average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars.Federal-
funds ratesare Tullett Prebon rates as of 5:30 p.m. ET.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
Tullett Prebon Information, Ltd.Commercial paper (AA financial)
90 days 0.18 n.a. 2.53 0.04
Libor
One month 0.14763 0.14300 1.80475 0.12663
Three month 0.23200 0.23225 1.96050 0.20488
Six month 0.25875 0.25450 1.92438 0.23375
One year 0.33313 0.33563 2.01200 0.32763
Euro Libor
One month -0.586 -0.580 -0.360 -0.621
Three month-0.550 -0.548 -0.142 -0.552
Six month -0.517 -0.519 -0.052 -0.526
One year -0.479 -0.471 0.008 -0.479
Secured Overnight Financing Rate
0.09 0.05 1.64 0.01
Value 52-Week
Latest Traded High Low
DTCC GCF Repo Index
Treasury 0.100 51.650 1.720 0.002
MBS 0.116 53.700 1.763 0.011Week —52-WEEK—
Latest ago High LowiShGoldTr IAU 17.29 2.0119.2
iShiBoxx$InvGrCpBd LQD 137.68 –0.38 7.6
iShiBoxx$HYCpBd HYG 86.20 0.26–2.0
iShJPMUSDEmgBd EMB114.14 0.25–0.4
iShMBSETF MBB109.90 –0.05 1.7
iShMSCI ACWI ACWI 88.57 1.4211.8
iShMSCI EAFE EFA 71.80 2.35 3.4
iShMSCIEmgMarketsEEM 49.69 1.9710.7
iShMSCIJapan EWJ 65.71 2.0510.9
iShNatlMuniBd MUB116.54 –0.05 2.3
iSh1-5YIGCorpBd IGSB 55.00 –0.06 2.6
iShPfd&Incm PFF 37.66 0.21 0.2
iShRussell1000Gwth IWF 233.56 1.0032.8
iShRussell1000 IWB 206.24 0.9815.6
iShRussell1000Val IWD 133.63 0.93–2.1
iShRussell2000 IWM182.70 0.9310.3
iShRussellMid-Cap IWR 66.29 0.8811.2
iShS&P500Growth IVW 62.26 1.2228.6
iShS&P500Value IVE 125.66 0.82–3.4
iShShortTreaBd SHV 110.51 0.00 0.0
iShSilver SLV 22.30 5.9433.7
iShTIPSBondETF TIP 126.00 –0.23 8.1
iSh1-3YTreasuryBd SHY 86.33 –0.05 2.0
iSh7-10YTreasuryBd IEF 119.67 –0.53 8.6
iSh20+YTreasuryBd TLT 157.50 –1.47 16.3
iShRussellMCGrowthIWP 196.74 0.3028.9
iShUSTreasuryBdETFGOVT 27.33 –0.52 5.4
JPM UltShtIncm JPST 50.76 0.02 0.7Closing Chg YTD
ETF Symbol Price (%) (%)CommSvsSPDR XLC 66.60 1.8324.2
CnsmrDiscSelSector XLY 158.43 0.7426.3
CnsStapleSelSector XLP 67.50 0.88 7.2
FinSelSectorSPDR XLF 28.31 1.54–8.0
FT DJ Internet FDN207.17 –0.14 48.9
HealthCareSelSect XLV110.66 0.84 8.6
IndSelSectorSPDR XLI 87.81 –0.25 7.8
InvscQQQI QQQ303.46 1.2842.7
InvscS&P500EW RSP124.02 0.93 7.2
iSh3-7YTreasuryBd IEI 132.64 –0.21 5.5
iShCoreDivGrowth DGRO44.10 0.94 4.8
iShCoreMSCIEAFE IEFA 67.85 2.43 4.0
iShCoreMSCIEM IEMG59.76 1.9411.2
iShCoreMSCITotInt IXUS 65.59 2.15 6.0
iShCoreS&P500 IVV 367.32 1.1013.6
iShCoreS&P MC IJH 219.16 1.22 6.5
iShCoreS&P SC IJR 86.08 1.10 2.7
iShS&PTotlUSStkMktITOT 83.81 1.0615.3
iShCoreUSAggBd AGG117.84 –0.32 4.9
iShSelectDividend DVY 95.05 1.26–10.0
iShESGAwareUSA ESGU83.98 0.9917.8
iShEdgeMSCIMinEAFEEFAV72.06 1.14–3.3
iShEdgeMSCIMinUSAUSMV67.14 0.74 2.3
iShEdgeMSCIUSAMomMTUM156.34 0.0624.5
iShEdgeMSCIUSAQualQUAL114.01 1.3812.9
iSh5-10YIGCorpBd IGIB 61.43 –0.26 6.0Closing Chg YTD
ETF Symbol Price (%) (%)Tuesday, December 1, 2020 SPDR BlmBarcHYBdPIMCOEnhShMaturityMINTJNK 101.96107.54 –0.010.41–1.80.4
SPDRBloomBar1-3MTBBIL 91.51 –0.01 0.1
SPDR Gold GLD170.18 2.1119.1
SchwabIntEquity SCHF35.38 2.20 5.2
SchwabUS BrdMkt SCHB88.40 0.9415.0
SchwabUS Div SCHD63.64 1.31 9.9
SchwabUS LC SCHX88.70 1.0315.5
SchwabUS LC Grw SCHG124.55 1.1434.1
SchwabUS SC SCHA83.28 1.1810.1
Schwab US TIPs SCHP61.31 –0.20 8.3
SPDR DJIA Tr DIA 298.44 0.61 4.7
SPDR S&PMdCpTr MDY400.81 1.27 6.8
SPDR S&P 500 SPY366.02 1.0913.7
SPDR S&P Div SDY104.66 0.83–2.7
TechSelectSector XLK 125.06 1.2836.4
UtilitiesSelSector XLU 63.28 0.70–2.1
VanEckGoldMiner GDX 35.96 3.6922.8
VangdInfoTech VGT338.11 0.8338.1
VangdSC Val VBR135.98 1.49–0.8
VangdSC Grwth VBK248.68 0.4425.2
VangdExtMkt VXF155.15 0.6823.1
VangdDivApp VIG 139.33 0.7011.8
VangdFTSEDevMk VEA 46.06 2.15 4.5
VangdFTSE EM VWO48.55 2.08 9.2
VangdFTSE Europe VGK 59.18 2.53 1.0
VangdFTSEAWxUS VEU 56.86 2.19 5.8
VangdGrowth VUG246.31 1.0835.2
VangdHlthCr VHT217.22 0.7213.3
VangdHiDiv VYM 90.16 0.97–3.8
VangdIntermBd BIV 93.16 –0.33 6.8
VangdIntrCorpBd VCIT 96.72 –0.28 5.9
VangdLC VV 171.50 1.1916.0
VangdMC VO 201.05 0.6912.8
VangdMBS VMBS54.04 –0.02 1.6
VangdRealEst VNQ 85.08 1.29–8.3
VangdS&P500ETF VOO336.30 1.1013.7
VangdST Bond BSV 82.75 –0.07 2.7
VangdSTCpBd VCSH82.99 –0.06 2.4
VangdSC VB 183.65 0.9610.9
VangdTotalBd BND 88.08 –0.30 5.0
VangdTotIntlBd BNDX58.28 –0.33 3.0
VangdTotIntlStk VXUS58.70 2.26 5.4
VangdTotalStk VTI 189.07 1.2715.6
VangdTotlWrld VT 90.08 1.4911.2
VangdValue VTV116.74 0.90–2.6Closing Chg YTD
ETF Symbol Price (%) (%)Exchange-Traded Portfolios|WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest sessionNetYTD
Fund NAV Chg %Ret
American Century Inv
Ultra 75.09 +0.81 44.0
American Funds Cl A
AmcpA p 38.73 +0.40 17.4
AMutlA p 44.33 +0.34 3.5
BalA p 30.55 +0.23 9.0
BondA p 14.16 -0.03 10.1
CapIBA p 62.33 +0.51 1.1
CapWGrA 57.66 +0.80 11.8
EupacA p 65.91 +0.82 18.4
FdInvA p 67.40 +0.84 11.2
GwthA p 67.29 +0.80 31.6
HI TrA p 10.02 +0.03 4.8
ICAA p 43.64 +0.48 12.1
IncoA p 23.37 +0.17 3.0
IntBdA p 14.23 -0.01 7.0
N PerA p 60.07 +0.89 27.1
NEcoA p 58.19 +0.45 27.3
NwWrldA 83.67 +1.01 18.6
SmCpA p 74.57 +0.53 26.8
TxExA p 13.57 +0.01 4.0NetYTD
Fund NAV Chg %Ret
WshA p 50.01 +0.56 5.4
Baird Funds
AggBdInst 11.85 -0.04 7.9
CorBdInst 12.20 -0.04 8.0
BlackRock Funds
HiYBlk 7.71 +0.02 4.2
HiYldBd Inst 7.70 +0.01 4.1
BlackRock Funds A
GlblAlloc p 21.80 +0.14 16.2
BlackRock Funds Inst
StratIncOpptyIns10.30 +0.01 5.9
Bridge Builder Trust
CoreBond 10.99 -0.02 7.9
CorePlusBond10.76 -0.02 8.4
Intl Eq 13.18 +0.23 9.9
LargeCapGrowth20.75 +0.18 31.1
LargeCapValue14.30 +0.16 6.0
Columbia Class I
DivIncom I 25.44 +0.22 5.8
Dimensional Fds
5GlbFxdInc10.89 ... 1.5NetYTD
Fund NAV Chg %Ret
EmgMktVa 27.58 +0.55 -1.9
EmMktCorEq23.03 +0.44 7.7
IntlCoreEq 14.09 +0.27 3.6
IntSmCo 19.59 +0.41 4.2
IntSmVa 18.60 +0.49 -3.5
LgCo 28.16 +0.32 15.2
TAUSCoreEq222.20 +0.26 11.5
US CoreEq128.74 +0.32 12.3
US CoreEq226.04 +0.31 11.3
US Small 36.16 +0.42 4.1
US SmCpVal32.70 +0.47 -4.2
USLgVa 36.78 +0.42 -3.0
Dodge & Cox
Balanced 104.09+0.87 5.7
Income 14.93 -0.01 8.8
Intl Stk 43.15 +0.84 -1.0
Stock 195.75+2.50 4.2
DoubleLine Funds
CoreFxdIncmI11.28 -0.02 NA
TotRetBdI 10.69 -0.01 NA
Edgewood Growth InstitutiMutual Funds Fund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTD
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
e-Ex-distribution.f-Previous day’s quotation.g-Footnotes x and s apply.j-Footnotes e
and s apply.k-Recalculated by Lipper, using updated data.p-Distribution costs apply,
12b-1.r-Redemption charge may apply.s-Stock split or dividend.t-Footnotes p and r
apply.v-Footnotes x and e apply.x-Ex-dividend.z-Footnote x, e and s apply.NA-Not
available due to incomplete price, performance or cost data.NE-Not released by Lipper;
data under review.NN-Fund not tracked.NS-Fund didn’t exist at start of period.Data provided by
EdgewoodGrInst52.92 +0.48 37.4
Fidelity
500IdxInstPrem127.35+1.42 15.3
Contrafund K618.55 +0.19 28.2
ExtMktIdxInstPre79.10 +0.46 24.0
FidSerToMarket12.68 +0.13 16.8
IntlIdxInstPrem45.02 +0.76 4.8
MidCpInxInstPrem26.49 +0.21 12.7
SAIUSLgCpIndxFd19.67 +0.22 15.2
SeriesBondFd10.78 -0.03 7.3
SeriesOverseas12.15 +0.18 12.7
SmCpIdxInstPrem23.39 +0.21 11.5
TMktIdxInstPrem105.48+1.07 16.8
USBdIdxInstPrem12.45 -0.03 7.4
Fidelity Advisor I
NwInsghtI 39.70 +0.40 21.4
Fidelity Freedom
FF2020 17.43 +0.11 10.8
FF2025 15.56 +0.11 11.4
FF2030 19.41 +0.16 12.1
Freedom2020 K17.42 +0.12 10.9
Freedom2025 K15.54 +0.11 11.5
Freedom2030 K19.40 +0.17 12.2
Freedom2035 K16.54 +0.17 13.1
Freedom2040 K11.68 +0.14 13.9
Fidelity Invest
Balanc 27.75 +0.19 18.4
BluCh 159.59+1.24 54.5
Contra 17.68 +0.18 29.8
ContraK 17.71 +0.17 29.9
CpInc r 10.60 +0.05 7.5
DivIntl 46.48 +0.64 14.8
GroCo 34.58 +0.11 61.9
GrowCoK 34.66 +0.10 62.0InvGrBd 11.85 -0.02 9.1
LowP r 49.07 +0.93 5.3
Magin 12.78 +0.11 25.3
OTC 16.97 +0.27 41.4
Puritn 26.04 +0.13 18.1
SrsEmrgMkt24.24 +0.50 17.5
SrsGlobal 14.05 +0.24 6.7
SrsGroCoRetail29.08 +0.09 63.8
SrsIntlGrw 20.00 +0.24 14.2
SrsIntlVal 10.07 +0.25 1.7
TotalBond 11.26 -0.02 8.4
Fidelity SAI
TotalBd 10.70 -0.02 8.1
Fidelity Selects
Softwr r 26.57 +0.13 38.2
Tech r 29.46 +0.18 54.1
First Eagle Funds
GlbA NA ... NA
Franklin A1
CA TF A1 p 7.79 ... 4.6
IncomeA1 p 2.25 ... 1.3
FrankTemp/Frank Adv
IncomeAdv 2.23 ... 1.4
FrankTemp/Franklin A
Growth A p130.62-9.80 16.5
RisDv A p 78.44 +0.16 13.8
Guggenheim Funds Tru
TotRtnBdFdClInst30.16 -0.11 13.9
Harbor Funds
CapApInst112.65+1.03 48.7
Harding Loevner
IntlEq 27.28 +0.49 14.6
Invesco Funds Y
DevMktY 51.39 +1.22 12.7JPMorgan I Class
CoreBond NA ... NA
EqInc NA ... NA
JPMorgan R Class
CoreBond NA ... NA
Lord Abbett A
ShtDurIncmA p4.20 ... 2.5
Lord Abbett F
ShtDurIncm 4.19 ... 2.3
Lord Abbett I
ShtDurInc p 4.19 ... 2.4
Metropolitan West
TotRetBd 11.67 -0.03 8.2
TotRetBdI 11.67 -0.03 8.5
TRBdPlan 10.97 -0.03 8.4
MFS Funds Class I
Growth I 163.23+1.48 NA
ValueI 44.86 +0.41 1.9
MFS Funds Instl
IntlEq 29.98 +0.54 NA
Old Westbury Fds
LrgCpStr 16.85 +0.17 11.8
Parnassus Fds
ParnEqFd 52.56 +0.52 18.5
PGIM Funds Cl Z
TotalReturnBond NA ... NA
PIMCO Fds Instl
AllAsset NA ... NA
HiYld 9.00 +0.02 4.0
InvGrdCrBd NA ... NA
ShortT 9.86 ... 2.5
TotRt 10.95 -0.02 NA
PIMCO Funds A
IncomeFd NA ... NAPIMCO Funds I2
Income NA ... NA
PIMCO Funds Instl
IncomeFd NA ... NA
Price Funds
BlChip 165.24+1.75 32.9
DivGro 58.81 +0.54 11.3
EqInc 30.94 +0.40 -1.6
EqIndex 97.48 +1.09 15.1
Growth 97.62 +1.10 33.1
HelSci 101.42+0.19 24.5
LgCapGow I59.62 +0.72 35.3
MidCap 113.79+0.67 19.4
NHoriz 89.47 +0.06 50.7
R2020 24.44 +0.17 10.6
R2025 19.89 +0.17 11.9
R2030 29.21 +0.28 12.8
R2035 21.63 +0.23 13.7
R2040 30.98 +0.35 14.5
PRIMECAP Odyssey Fds
AggGrowth r55.59 +0.51 23.8
Putnam Funds Class Y
StDurInc 10.10 ... 1.4
Schwab Funds
1000 Inv r 83.31 +0.87 NA
S&P Sel 56.94 +0.63 NA
TSM Sel r 65.33 +0.67 NA
TIAA/CREF Funds
BdIdxInst 11.66 -0.03 7.1
EqIdxInst 27.27 +0.28 16.8
VANGUARD ADMIRAL
500Adml 338.87+3.78 15.3
BalAdml 43.93 +0.23 13.9
CAITAdml 12.35 ... NACapOpAdml r187.08+1.82 18.6
DivAppIdxAdm37.79 +0.24 13.3
EMAdmr 40.28 +0.70 NA
EqIncAdml 78.32 +0.76 0.9
ExplrAdml118.84+0.78 NA
ExtndAdml117.60+0.68 NA
GNMAAdml10.72 +0.01 NA
GrwthAdml126.78+1.38 36.0
HlthCareAdml r94.49 +0.64 NA
HYCorAdml r5.94 +0.01 NA
InfProAd 28.24 -0.07 9.5
IntlGrAdml155.47+1.28 51.3
ITBondAdml12.63 -0.03 NA
ITIGradeAdml10.69 -0.01 NA
LTGradeAdml12.15 -0.06 NA
MidCpAdml249.11+1.74 NA
MuHYAdml11.88 +0.01 NA
MuIntAdml14.80 ... NA
MuLTAdml 12.21 ... NA
MuLtdAdml11.24 ... NA
MuShtAdml15.94 ... NA
PrmcpAdml r162.62+1.87 12.8
RealEstatAdml120.61+1.60 NA
SmCapAdml88.02 +0.82 NA
SmGthAdml87.36 +0.38 NA
STBondAdml10.86 -0.01 NA
STIGradeAdml11.00 -0.01 NA
TotBdAdml11.61 -0.03 7.3
TotIntBdIdxAdm23.31 -0.05 3.9
TotIntlAdmIdx r31.51 +0.54 NA
TotStAdml 91.99 +0.93 NA
TxMCapAdml192.30+2.11 NA
TxMIn r 14.77 +0.25 6.0
USGroAdml169.38+0.90 52.0ValAdml 45.53 +0.43 -0.3
WdsrllAdml70.95 +0.87 NA
WellsIAdml69.59 +0.17 7.5
WelltnAdml80.29 +0.67 9.2
WndsrAdml74.50 +1.07 NA
VANGUARD FDS
DivdGro 33.36 +0.24 NA
INSTTRF202026.49 +0.15 NA
INSTTRF202527.39 +0.18 NA
INSTTRF203027.94 +0.22 NA
INSTTRF203528.47 +0.26 NA
INSTTRF204029.00 +0.30 NA
INSTTRF204529.45 +0.34 NA
INSTTRF205029.52 +0.34 NA
INSTTRF205529.64 +0.34 NA
IntlVal 39.02 +0.92 4.0
LifeCon 22.75 +0.09 NA
LifeGro 40.20 +0.41 NA
LifeMod 31.76 +0.22 NA
STAR NA ... NA
TgtRe2015 16.48 +0.05 NA
TgtRe2020 35.72 +0.20 NA
TgtRe2025 21.97 +0.15 NA
TgtRe2030 40.54 +0.32 NA
TgtRe2035 25.14 +0.23 NA
TgtRe2040 43.85 +0.46 NA
TgtRe2045 27.81 +0.32 NA
TgtRe2050 44.80 +0.52 NA
TgtRet205548.63 +0.56 NA
TgtRetInc 15.07 +0.04 NA
TotIntBdIxInv11.66 -0.02 4.0
USGro 65.34 +0.35 51.9
WellsI 28.72 +0.06 7.4
Welltn 46.49 +0.39 9.1WndsrII 39.98 +0.49 NA
VANGUARD INDEX FDS
IdxIntl 18.84 +0.33 NA
SmValAdml58.39 +0.78 NA
TotBd2 11.53 -0.03 NA
TotIntlInstIdx r126.02+2.16 NA
TotItlInstPlId r126.04+2.16 NA
TotSt 91.95 +0.93 NA
VANGUARD INSTL FDS
BalInst 43.94 +0.23 13.9
DevMktsIndInst14.80 +0.26 6.1
DevMktsInxInst23.13 +0.40 6.1
ExtndInst 117.60+0.69 NA
GrwthInst 126.79+1.38 36.0
InPrSeIn 11.51 -0.02 9.6
InstIdx 327.53+3.65 NA
InstPlus 327.55+3.66 NA
InstTStPlus78.71 +0.80 NA
MidCpInst 55.03 +0.38 NA
MidCpIstPl271.40+1.90 NA
SmCapInst 88.02 +0.82 NA
STIGradeInst11.00 -0.01 NA
STIPSIxins 25.55 -0.01 4.0
TotBdInst 11.61 -0.03 7.3
TotBdInst211.53 -0.03 NA
TotBdInstPl11.61 -0.03 7.3
TotIntBdIdxInst34.97 -0.08 4.0
TotStInst 92.01 +0.93 NA
ValueInst 45.53 +0.43 -0.3
WCM Focus Funds
WCMFocIntlGrwIns24.07 +0.28 27.3
Western Asset
CoreBondI NA ... NA
CorePlusBdI12.62 -0.04 NA
CorePlusBdIS12.62 -0.04 NATuesday, December 1, 2020Dividend Changes
Dividend announcements from December 1.
Amount Payable /
Company Symbol Yld % New/Old Frq RecordAmount Payable /
Company Symbol Yld % New/Old Frq Record
Stocks
Titan Pharmaceuticals TTNP 1:30 /Dec01
Foreign
Xinyuan Real Estate ADR XIN 9.5 .025 Q Jan08 /Dec18
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
spin-off.BANKING & FINANCE
A U.K. civil court froze as
much as $5 billion in assets—
including stakes in luxury ho-
tels, cash in bank accounts in
half a dozen countries and a
Burger King franchise—as part
of an international legal saga
that ensnared Kazakhstan’s
richest businessmen, according
to court documents.
The Business and Property
Courts of England and Wales
issued the asset freeze on Nov.
13, based on a petition from Ka-
zakhstan’s state-owned BTA
Bank, which has alleged for
years that its former bank
chairman stole more than $6
billion and laundered it
through shell companies
around the world. The freeze is
among the biggest granted by
the court, according to lawyers
who work there.
The case is part of a set of
civil-court disputes involving
BTA in the U.S., U.K. and more
than a dozen other jurisdic-
tions. Defendants have longBYBRADLEYHOPEmaintained BTA’s accusations
are false and based on a politi-
cal vendetta that pits political
and business elites against each
other in Kazakhstan, an oil- and
gas-rich ex-Soviet state.
Both sides have spent tens
of millions of dollars on top
lawyers and private investiga-
tors over more than a decade.
BTA alleged that the stolen
money ended up in hidden
bank accounts and assets
around the world including a
shopping mall in Cincinnati.
A U.K. court in 2012 ruled in
BTA’s favor, issuing a $4.9 bil-
lion civil judgment against the
former bank chairman,
Mukhtar Ablyazov, and Iliyas
Khrapunov, his son-in-law. Mr.
Ablyazov refused to engage
with the British courts, leading
to him being held in contempt.
He resides in France.
Messrs. Ablyazov and Khra-
punov deny the allegations, ac-
cording to their lawyers.
U.K. Judge Neil Calver or-
dered the new asset freeze
based on fresh allegations from
BTA. The bank said Bulat
Utemuratov, a financier, former
Kazakhstan government adviser
and board member of the Inter-
national Tennis Federation,
worked with 11 other individu-
als and companies to help hidemoney stolen from the bank,
the court documents showed.
Mr. Utemuratov denied the
allegations. “The claim was
based on false documents pro-
vided by BTA Bank JSC and its
lawyers,” said Olga Abdra-
khmanova, spokeswoman for
Mr. Utemuratov and Verny
Capital, one of the defendants
in the freezing order, where Mr.
Utemuratov is a lead investor.
“We will make an application to
have this claim discharged.”
A spokeswoman for BTA
Bank said it welcomed the
court’s decision but declined to
comment further.
The new order seeks to
freeze assets including bank ac-
counts at institutions including
UBS GroupAG,Credit Suisse
GroupAG, EFG International
AG and DBS Group Holdings
Ltd., and companies that own
stakes in the Ritz-Carlton-
branded hotels in Moscow, Vi-
enna and Nur-Sultan, Kazakh-
stan. The Burger King franchise
of Kazakhstan, owned by a
company controlled by Mr.
Utermuratov, is also included.
Representatives of the banks
declined to comment.
Mr. Ablyazov took control of
BTA in 2004 after his business
partner died in a wolf-hunting
accident. The bank was latertakenoverbytheKazakhgov-
ernment, which alleged he and
his associates stole billions
through a series of fraudulent
loans.
A Facebook post under Mr.
Ablyazov’s name on Saturday
responded to the freezing or-
der, denying the money-laun-
dering allegations and saying
that a top Kazakh intelligence
official was trying to “destroy
Utemuratov physically and fi-
nancially.”
Mr. Khrapunov, who BTA has
alleged played a pivotal role in
laundering money for Mr.
Ablyazov, said in a statement
provided by his lawyer that the
new allegations were “ridicu-
lous and fictional” and based
on “fabricated documents.” He
said BTA Bank was bringing the
case against Mr. Utemuratov to
take him out as a political op-
ponent.
“There is no better way in
Kazakhstan to do so than by ac-
cusing someone of assisting the
regime’s enemy No. 1, Mr.
Ablyazov,” Mr. Khrapunov said.
BTA’s focus on Mr. Utemura-
tov, a high-profile businessman,
is the latest twist in a case that
brought together powerful
players in Kazakhstan’s busi-
ness and political spheres.
Mr. Ablyazov has said for-
mer Kazakh President Nursul-
tan Nazarbayev, who left office
after nearly three decades in
power in 2019, persecuted him
for his efforts to push demo-
cratic reforms in Kazakhstan.Billions in Assets Frozen
U.K. civil court seizes
property tied to
alleged Kazakhstan
bank theftBTA Bank alleges that the stolen money ended up in hidden bank accounts and assets around the world.GABRIELA MAJ/BLOOMBERG NEWS
it has taken a $300 million
provision in the case. Credit
Suisse said it believes it has
strong grounds to appeal such
a judgment.
The potential provision
adds to an unexpected $450
million fourth-quarter charge
announced by the bank last
week to reflect changes at a
U.S. asset manager York Capi-
tal Management, in which it
holds a 30% stake.
At Lloyds, Mr. Horta-Osório
carried out a sweeping overhaul
in the wake of the financial cri-
sis. The bank narrowed its fo-
cus largely to the U.K., shedding
most of its investment banking
and investment units and sim-
plifying operations. Most of his
banking experience, which in-
cludes stints at Citigroup Inc.
and Goldman Sachs Group Inc.,
has been in retail and commer-
cial banking.
In the U.K., Mr. Horta-Os-
ório became regarded as a
more acceptable face of bank-
ing after many bankers were
vilified for helping cause the
financial crisis. Shortly after
starting as Lloyds CEO in 2011,
he played a pivotal role in get-
ting the country’s banks to
voluntarily start compensating
millions of customers who had
been mis-sold insurance. The
industry initially thought the
bill would be around £5 bil-
lion, equivalent to $6.66 bil-
lion, but it spiraled as more
claims came in, and Lloyds
alone has paid out £22 billion
to affected customers.
On Tuesday, Moody’s Inves-
tors Service lifted the bank’s
credit rating one notch to
Baa1, citing its “improved and
more stable profitability” from
that restructuring.Credit Suisse GroupAG
named António Horta-Osório
as its next chairman, marking
a changing of the guard after a
decade under current Chair-
man Urs Rohner punctuated
by fines and scandal.
Mr. Horta-Osório said in July
he was leaving his job as chief
executive at Britain’s Lloyds
Banking GroupPLC. It named
his successor on Monday. The
Portuguese executive is one of
Europe’s most highly regarded
bankers after a turnaround at
Lloyds, and Mr. Rohner said he
brings an “impressive record of
accomplishments.” Shareholders
will vote on the appointment at
the bank’s annual meeting in
April. Mr. Rohner had said he
would leave Credit Suisse when
he hits a 12-year board-term
limit at that meeting.
Under Mr. Rohner, Credit
Suisse’s run-in with regulators
included a $2.6 billion settle-
ment and guilty plea with the
U.S. Justice Department in
2014 for conspiring to aid tax
evasion by wealthy Americans,
and a $5.3 billion settlement in
2017 with U.S. authorities over
toxic mortgage securities sold
before the 2008 financial crisis.
Earlier this year, the bank
ousted former CEO Tidjane
Thiam for failing to contain
the reputational fallout from a
scandal that involved bank
staff being followed by private
investigators. The Wall Street
Journal on Monday reported
that lawyers hired by Credit
Suisse found two incidents of
the bank putting employees
under observation by investi-
gators, predating two others
in 2019 that the bank had
blamed on an executive who
was fired. Switzerland’s finan-
cial regulator started enforce-
ment proceedings on how the
bank controls and documents
such activities in September.
Those proceedings are con-
tinuing and Credit Suisse says
it is cooperating. Mr. Thiam
was succeeded by Thomas
Gottstein, who had run Credit
Suisse’s domestic Swiss unit.
Credit Suisse separately
said on Tuesday it could take a
provision in the fourth quarter
to reflect a potential $680 mil-
lion judgment for damages be-
ing sought in a New York civil
court over a mortgage-backed
security it sold in 2007. It saidBYMARGOTPATRICKCredit Suisse Taps
Lloyds Chief
As Next Chairman
António Horta-OsórioSIMON DAWSON/BLOOMBERG NEWS