In countries that use the short scale number naming system, a billionaire is someone who has at least a thousand times a million dollars, euros or the currency of the given country. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Houston we have a problem. The deal -- to be finalised during the first half of 2023 -- is part of measures to restructure the beleaguered lender's investment banking branch following a series of scandals. Executives have reassured staff that the bank has solid capital and liquidity. Several wealthy families in Asia as well as in the Middle East are withdrawing hundreds of millions of dollars due to the health of the troubled Swiss lender, with bankers at rival firms apparently taking advantage of the concerns, according to a Bloomberg report that cited unnamed sources. CSs stock style is Mid Core. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Credit Suisse has a strong capital and liquidity position and balance sheet. Credit Suisse has struck a deal to sell a large part of its securitised products to US investment firm Apollo Global Management, the Swiss bank under overhaul said Tuesday. Terms of Service apply. Russias invasion of Ukraine and inflation fears spark growth selloff and commodity rally. Speculation points to a possible capital increase. All quotes delayed a minimum of 15 minutes. They have also been making recommendations that clients invest in short-dated US treasury bills that limit exposure. Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. Meanwhile, the firm's ability to extract good terms from potential buyers of businesses it wants to exit has been weakened by the market rout, analysts say. In July, Credit Suisse said it reversed to a loss of 1.59 billion Swiss francs ($1.6 billion) in the second quarter from a profit of 253 million Swiss francs a year ago, as its investment banking business bled heavily. Credit Suisse Group AG, is organised as a joint-stock company registered in Zrich that operates as a holding company. Despite whispers of another Lehman Brothers moment, however, most Wall Street experts currently dismiss the idea of another Great Recession-type blow up that rocks the entire financial system. Compare Price/book ratio can tell investors approximately how much theyre paying for a companys assets, Italy's Banco BPM has repaid on Friday around 12.5 billion euro ($13.2 billion) in loans from the European Central Bank (ECB), a source close to the bank said. AuM Threatened In 2021, Credit Suisse had assets under management (AuM) of over CHF 1.6 trillion. A hedge fund sees BlackRocks embrace of E.S.G. The new share offering will see the Saudi National Bank take a 9.9% stake in Credit Suisse, making it the bank's largest shareholder. These include global and regional portfolios, mutual funds, and other investment vehicles for governments, institutions, corporations and individuals worldwide. Aware of the stakes and expectations, the firm wants to avoid any missteps, especially headlines that would distract investors. Credit Suisse Group AG, is organised as a joint-stock company registered in Zrich that operates as a holding company. In his note, Beaumont pointed to various measures of Credit Suisse's capital levels, saying it seemed to be "sufficient to absorb upcoming losses from divestments/asset sales.". "Look, the capital levels and the liquidity levels of credit Suisse are still healthy.". Talks of trouble brewing at Swiss investment bank Credit Suisse CS gained ground over the weekend, with Twitterati beginning to raise the specter of a Lehman-like collapse. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Zinger Key Points. We sell different types of products and services to both investment professionals and individual investors. Markets expect the bank to announce the sale of its securitized-products business. The stock is down roughly 60% this year, on track for its biggest annual drop in the firms history. The more it can fetch for its assets, the less it will have to raise from investors. Credit Suisse Asset Management offers a wide range of investment products and functions across asset classes and investment styles. One Asian family office that pulled out cash said it was told by the bank that there was a queue of unprocessed transactions that had resulted in some temporary backlogs. "What makes me a bit nervous is that some investors are jumping too quickly," said Rodriguez Valladares. The problems at the bank included some high-profile departures. In 2021, Credit Suisse had assets under management (AuM) of over CHF 1.6 trillion. A hedge fund sees BlackRocks embrace of E.S.G. U.S. sports platform Fanatics has raised $700 million in a new financing round led by private equity firm Clearlake Capital, valuing Fanatics at $31 billion. We don't think the market appreciates the significant derisking that has taken place. Credit Suisse said the transaction, along with the potential sale of other assets to third-party investors, is expected to reduce SPG assets from around $75 billion to $20 billion. Value investors frequently look for companies that have low price/book ratios. The division is expected to be the centerpiece of the bank's turnaround plan. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. CSs full dividends and stock split history We want to hear from you. The bank also won a class action over allegations of price fixing in the foreign exchange market. It could be a capital hike of around $2 billion, according to reports. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. CSs price/book is 0.29. Zinger Key Points. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. The indication from Credit Suisse that it suffered from unprecedentedly high levels of client asset outflows during October and November is concerning. AuM Threatened Deutsche Bank was facing a federal probe related to mortgage-backed securities at the time, credit default swaps surged higher, the banks debt rating was downgraded and some clients stopped doing business with the firm. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. This and Deutsche Banka canary in coal mine. Credit Suisse and Deutsche Bank have assets under management of $2800 billion dollars. Concerns in recent weeks that Credit Suisse will not be able to fund the reorganization without tapping investors for funds pushed the stock to new record lows. "These decisive measures are expected to result in a radical restructuring of the Investment Bank, an accelerated cost transformation, and strengthened and reallocated capital, each of which are progressing at pace," the bank said in a market update on Wednesday. principles as a distraction, and it wants the money-management giants C.E.O., Laurence Fink, to step down. a companys current market value. "Overall, we think asset sales alone are unlikely to be the solution to the potential capital shortfall problem.". News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. It is the investment bank that put Credit Suisse in difficulty, even if it was, for a long time, one of the big sources of the bank's revenue and profit. In a Nov. 23 profit warning, Credit Suisse said it expects to book a CHF 1.5 billion pretax loss for fourth-quarter 2022. In a Nov. 23 profit warning, Credit Suisse said it expects to book a CHF 1.5 billion pretax loss for fourth-quarter 2022. Data is a real-time snapshot *Data is delayed at least 15 minutes. Credit Suisse plans to present a strategy to remove uncertainties and doubts about its health and its future. CS & DB are in serious trouble. Pressures eventually eased, however, as the bank reached a smaller settlement fee than expected and raised nearly $8 billion in new capital. Still, Credit Suisses CDS spreads are exploding because the market is in cockroach mentality according to Angel, where investors believe if theres one bank with risky capital levels then there are more. This is a BETA experience. It agreed to pay a fine of $495 million. Some of the bank's wealth management clients have recently become concerned about Credit Suisse's turnaround, two people familiar with the discussions told Reuters, and some have been moving funds, according to one of the people. "Credit Suisse Group AG today announced that it is well on track with its comprehensive strategic review, including potential divestitures and asset sales," the firm said on Sept. 26. C Credit Suisse revealed that it had continued to experience net asset outflows, and said these flows were approximately 6% of assets under management at the end of the third quarter. A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency.Depending on the currency, a certain level of prestige is associated with being a millionaire. In the Morningstar Style Box, large-cap names account for the A source familiar with the matter said Swiss regulator FINMA and the Bank of England in London, where the lender has a major hub, were monitoring the situation and working closely together. Forward P/E gives some indication of how cheap or expensive a stock is compared with consensus earnings estimates. Credit Suisse's CDS, which is the cost of insuring its bonds against default, jumped sharply on Friday. The Zurich-based bank flagged last month that this trend continued in the first two weeks of October, after reports cast doubt over its liquidity position and credit default swaps spiked. Lehman Brothers only had $600 billion and it causes 2008 world financial crisis. In a Nov. 23 profit warning, Credit Suisse said it expects to book a CHF 1.5 billion pretax loss for fourth-quarter 2022. These include global and regional portfolios, mutual funds, and other investment vehicles for governments, institutions, corporations and individuals worldwide. Long before that, however, the bank would have to reach a point where it is unable to fund its assets: Under that scenario, the big question becomes how regulators would respond, says Angel. The group expects to record a 75 million Swiss franc loss related to the sale of its shareholding in British wealth tech platform Allfunds group, while lower deposits and reduced assets under management are expected to lead to a fall in net interest income, recurring commissions and fees, which the bank said is likely to lead to a loss for its wealth management division in the fourth quarter. Credit Suisse shares have plunged as credit risk continues to rise. KBW analysts likened Credit Suisses current situation to that of Deutsche Bank in 2016, when the bank faced similar concerns about liquidity. There is significant execution risk from the firms new strategic plan and markets are now pricing in what will likely be a highly dilutive capital raise, the analysts said, though they dont believe this is another 2008 moment. Trying to provide reassurance, Credit Suisse private bankers have counteracted the ostensible efforts underway at competitors by proposing that assets be shifted to third-party fiduciaries. Layoffs of 5% of the bank's workforce are underway alongside reductions to "other non-compensation related costs. Unsubstantiated social media speculation about the banks solidity over the weekend triggered a slump in its bonds while the cost of insuring against a Credit Suisse default jumped on Monday to a level not seen in decades. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Join the Action Alerts Plus investing club today. A few days earlier, Credit Suisse had reached an agreement with the New Jersey attorney general related to residential-mortgage-backed securities between 2006 and 2007. They have also been making recommendations that clients invest in short-dated US treasury bills that limit exposure. According to Bloomberg News, the bank is also considering issuance of convertible bonds or preferred shares. Credit Suisse said the transaction, along with the potential sale of other assets to third-party investors, is expected to reduce SPG assets from around $75 billion to $20 billion. Related Link:Is It 2008 All Over Again For Credit Suisse? To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. Trying to provide reassurance, Credit Suisse private bankers have counteracted the ostensible efforts underway at competitors by proposing that assets be shifted to third-party fiduciaries. Credit Suisses stock price has plummeted 53.48 percent over the course of the year amid 2022 TheStreet, Inc. All rights reserved. See here for a complete list of exchanges and delays. Credit Suisse and Deutsche Bank have assets under management of $2800 billion dollars. But in March 2021, ViacomCBS shares slumped and the banks asked Archegos to cover the losses, which it was no longer able to do. Figures on outflows or inflows are disclosed as usual on a quarterly basis.. Additionally, the bank was fined by a Swiss court in June for the lax controls it had, which allowed one of its employees to help a Bulgarian drug ring launder money, the New York Times reported. Dividend yield allows investors, particularly those interested in dividend-paying stocks, Credit Suisse shares continued to recover on Tuesday from the previous session's low of 3.60 Swiss francs ($3.64), but were still down more than 53% on the year. Unlock Our Full Analysis With Morningstar Investor, The First Quarters Top and Bottom Non-U.S. Equity Funds. Both analysts at Deutsche Bank and KBW have recently estimated Credit Suisses restructuring plans would cost roughly $4 billion. compared to the Market Index. Hwang gradually revived Tiger Asia, which became Archegos. Credit Default Swaps Spike: Credit Suisses Credit Default Swaps, or CDS, a derivative instrument that allows an investor to swap their credit risk with another investor, surged on Friday, reflecting the market perception of increasing risk. In 2020, he invested heavily in ViacomCBS, shares of which soared. CSs price/forward earnings is 10.13. Credit Suisse's CDS, which is the cost of insuring its bonds against default, jumped sharply on Friday. One Twitter user pointed to the fact that both these banks are designated as systemically important financial institutions, meaning they are too big to fail, similar to how Lehman was labeled ahead of its collapse. A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency.Depending on the currency, a certain level of prestige is associated with being a millionaire. Shares of Credit Suisse initially tanked on Monday morning, hitting a new low of $3.70 per share, before rebounding back above $4 per share by later in the day. Wild market swings and a social media storm are making that task increasingly difficult. See On Oct. 24Credit Suisse reached an agreement with French authorities to end a criminal investigation alleging that the bank had helped clients avoid paying taxes on undeclared funds. "In wealth management, these outflows have reduced substantially from the elevated levels of the first two weeks of October 2022 although have not yet reversed," Credit Suisse said Wednesday. Trying to provide reassurance, Credit Suisse private bankers have counteracted the ostensible efforts underway at competitors by proposing that assets be shifted to third-party fiduciaries. "Together with the adverse revenue impact from the previously disclosed exit from the non-core businesses and exposures, and as previously announced on October 27, 2022, Credit Suisse would expect the Investment Bank and the Group to report a substantial loss before taxes in the fourth quarter 2022, of up to CHF ~1.5 billion for the Group," the bank said. Can New Swiss Finance Minister Build on Predecessor's Legacy? I cover wealth management, money and markets. These stocks crushed third-quarter expectations and remain undervalued. JPMorgan analysts similarly argued in a note on Monday that Credit Suisse still has healthy capital and liquidity, based on financial results from the most recent quarter. Credit Suisse is facing a myriad of challenges including wide-ranging questions about how it will finance a long-awaited restructuring of its investment bank, a step that is expected to be announced at the end of October when third-quarter results are released. Credit Suisse Group AG today published the report based on the independent external investigation into Archegos Capital Management (Archegos), which was commissioned by the Board of Directors (Board) and supervised by a special committee of the Board. The agreement put an end to the inquiry into suspected money laundering of tax-fraud proceeds. principles as a distraction, and it wants the money-management giants C.E.O., Laurence Fink, to step down. The bank has been rocked by a string of scandals and mishaps that impacted its financials, with the most notable being the situation that arose from the collapse of U.S. hedge fund Archegos Capital, founded by Bill Hwang, in early 2021. Several large private banking clients reportedly withdraw assets, among them rich families in Asia and the Middle East. A source familiar with the situation told Reuters on Friday that the bank was exploring all options to get additional capital and that it did not necessarily have to sell more shares. Recent and ongoing legal and financial problems at Credit Suisse, and the reputational problems that have driven consumers away, reportedly prompted the decision to sell off the assets, slashing its portfolio of securitized products from roughly $75 billion to $20 billion in value. Market cap of $CS is now a rounding error. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Credit Suisse Asset Management offers a wide range of investment products and functions across asset classes and investment styles. The firm paid 238 million euros ($235 million). Get this delivered to your inbox, and more info about our products and services. The firm would likely be forced to recapitalizeraising money at a diluted rate, or go further by borrowing through a central banks discount lending facility. Credit Suisse headquarters at Paradeplatz in Zrich. 2022 Benzinga.com. Elon Musk May Cut Majority of Twitter Workforce. What Ails Credit Suisse: Credit Suisse has seen its fundamentals deteriorate rapidly, thanks to a combination of macroeconomic factors and company-specific malaise. Credit Suisse revealed that it had continued to experience net asset outflows, and said these flows were approximately 6% of assets under management at the end of the third quarter. a particular companys sales or revenues. Verify your identity, personalize the content you receive, or create and administer your account. We also respect individual opinionsthey represent the unvarnished thinking of our people and exacting analysis of our research processes. Swiss pension fund foundation CEO 'not convinced' by Credit Suisse restructure, Credit Suisse plunges on huge Q3 loss and strategic overhaul. Regulators have been watching. Historical valuations generally do not reflect 13 Good Companies Run by Poor Capital Allocators, 7 Undervalued Stocks That Crushed Earnings, The First Quarter in International Stock Funds, Credit Suisse's Quality Comes to the Fore, CSs full dividends and stock split history. CS & DB are in serious trouble. Provide specific products and services to you, such as portfolio management or data aggregation. Although there are painful realizations going around markets today given a looming recession on the horizon, there is no big systemic issue that is affecting everyone like it was in 2008, he adds. The Next Frontier published by the Credit Suisse Research Institute explores the diverse investment region of frontier markets and introduces the Credit Suisse Frontier Markets group of 30 countries, which collectively account for USD 3.7 trillion of economic output equivalent to 15% of the USD 24.4 trillion GDP generated by emerging markets. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. A hedge fund sees BlackRocks embrace of E.S.G. A Division of NBCUniversal. Photo: Courtesy ofGorka Montieon flickr. The embattled lender last month announced a raft of measures to address persistent underperformance in its investment bank and a series of risk and compliance failures that have saddled it with consistently high litigation costs. Such an event would have negative ripple effects on the rest of the financial system as counterparty exposure becomes more of an issue. We may use it to: To learn more about how we handle and protect your data, visit our privacy center. There are also concerns of possible further outflows from the private banking business, analysts at Citigroup wrote in a note to clients on Monday. The markets, regulators and Credit Suisse employees are eagerly awaiting the restructuring plan, due Thursday, from the second-largest Swiss bank and one of the world's largest banks. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Wild market swings and a social media storm are making that task increasingly difficult. Got a confidential news tip? The world is in a very different place than 2008, when there was a sudden realization of widespread losses throughout the entire financial system, says James Angel, finance professor at Georgetown Universitys McDonough School of Business. Corporate structure. principles as a distraction, and it wants the money-management giants C.E.O., Laurence Fink, to step down. This implies a 2022 pretax loss of CHF 1.8 billion, somewhat ahead of our initial estimate of CHF 1.6 billion. In 2021, Credit Suisse had assets under management (AuM) of over CHF 1.6 trillion. Concerns about the financial health of Swiss banking giant Credit Suisse over the weekend have led to fresh market fears of another meltdown similar to Lehman Brothers collapse in 2008. on the Dividend tab. Wed like to share more about how we work and what drives our day-to-day business. The bank announced last week that it would accelerate the restructure of its investment bank by selling a significant portion of its securitized products group (SPG) to Apollo Global Management, reducing SPG assets from $75 billion to approximately $20 billion by the middle of 2023. All Rights Reserved. Here are some of Morningstar's best ideas for non-U.S. equity exposure. Credit Suisse Group AG, is organised as a joint-stock company registered in Zrich that operates as a holding company. ", Under CEO Ulrich Koerner, in the job since July, Credit Suisse is attempting to restore the banks profitability and reputation. Credit Suisse's CDS, which is the cost of insuring its bonds against default, jumped sharply on Friday. "The executives really need to jump on this to inform investors and the general public very specifically about what theyre going to do about a restructuring," said Mayra Rodrguez Valladares, a financial risk consultant who trains bankers and regulators. Amid the options the bank has said it is considering is finding a buyer for its securitized products business. The last resort from regulators to avoid a bankruptcy would be a government-engineered solution similar to 2008, when the Swiss central bank stepped in with emergency funding for the likes of UBS (Credit Suisse raised outside capital at the time). The investment bank's mistakes have plunged Credit Suisse into a number of scandals in recent years, including the one surrounding the Archegos Capital Management family office in 2021: They have also been making recommendations that clients invest in short-dated US treasury bills that limit exposure. The moment of truth for Credit Suisse (CS) - Get Free Reporthas arrived. See based on historical, rather than current, valuations. "The bank is pleased to resolve this matter, which marks another important step in the proactive resolution of litigation and legacy issues," CSsaid in a news release. The withdrawals primarily occurred during the first two weeks of October when negative headlines engulfed Credit Suisse. Follow this author to stay notified about their latest stories. Shares of Credit Suisse initially tanked on Monday morning, hitting a new low of $3.70 per share, before rebounding back above $4 per share by later in the day. Credit Suisse remains trapped in a circular loop of doomwhere bad news is just sending CDS higher and the stock lower despite managements efforts to reduce market anxiety, says Vital Knowledge founder Adam Crisafulli. They have also been making recommendations that clients invest in short-dated US treasury bills that limit exposure. CS has a forward dividend yield of 2.99%. The bank, Switzerlands second-largest by assets, said that its net-asset outflows in the quarter to Nov. 11 were around 6%, or $88.3 billion of its total $1.47 trillion assets under management. Geographically its business is tilted toward Europe and the Asia-Pacific. Style is an investment factor that has a meaningful impact on investment risk and returns. The new share offering will see the Saudi National Bank take a 9.9% stake in Credit Suisse, making it the bank's largest shareholder. "Its always going to be a challenging restructuring, said Johann Scholtz, equity analyst at Morningstar. Krner reportedly sent a company-wide memo on Friday to allay concerns of the staff about the banks capital position and liquidity. But experts say its unlikely Credit Suisse will fail even as the banks credit default swaps (CDS), which offer protection against default, surged on Monday. Assets under management and net new assets (CHF billion) Assets under management: 1'400.6: 1'453.9: 1'623.0 (3.7) (13.7) Credit Suisse (CHF million) Net revenues: 22'696: 22389: 1: Provision for credit losses: 4'205: 1096: 284: Total operating expenses: 19'091: 17826: 7: Income before taxes Credit Suisse could also sell other assets. read more read more. Jefferies analysts wrote in a note that Credit Suisse would be a "forced seller," which could hurt the price it fetches for assets. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. Credit Suisse's shares have fallen some 60% this year. The banks balance sheet came under scrutiny early last week after its credit default swap spreads had spiked as high as 355 basis points. The deal -- to be finalised during the first half of 2023 -- is part of measures to restructure the beleaguered lender's investment banking branch following a series of scandals. The report indicated that some clients in Singapore and the Middle East had made requests to withdraw cash or shift assets in the tens of millions of dollars or more. The deal -- to be finalised during the first half of 2023 -- is part of measures to restructure the beleaguered lender's investment banking branch following a series of scandals. CDS on Credit Suisse now at GFC highs. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The cost to insure its bonds also soared again on Monday, adding 105 basis points from Friday's close to trade at 355 bps, their highest level in at least more than two decades. Click on the conversation bubble to join the conversation. ZURICH/NEW YORK, Oct 4 (Reuters) - Swiss lender Credit Suisse Group AG (CSGN.S), battered by scandals and losses, is racing through a restructuring plan. Krner and Chairman Axel Lehmann promised to answer questions from employees, who are encouraged to submit them in advance. Additional reporting by Lananh Nguyen, Davide Barbuscia, Megan Davies and Greg Roumeliotis in New York Credit Suisse will still have an investment bank but it is likely the division would be trimmed, the source added. A stocks beta measures how closely tied its price movements have been to the performance of the overall market. 2022 CNBC LLC. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Credit Suisse revealed that it had continued to experience net asset outflows, and said these flows were approximately 6% of assets under management at the end of the third quarter. U.S. sports platform Fanatics has raised $700 million in a new financing round led by private equity firm Clearlake Capital, valuing Fanatics at $31 billion. The issue Credit Suisse runs into is that it almost becomes a self-fulfilling prophecy, not so much from a liquidity perspective, but their star talents start to leave or the rich people start pulling their money out of the private bank and then the business fundamentals begin to decline, said James Finch, clinical associate professor of finance at New York University Stern School of Business. Swiss lender Credit Suisse Group AG , battered by scandals and losses, is racing through a restructuring plan. We are in close contact with our clients as we are working on the strategic review, said a spokesman for Credit Suisse, which managed almost $770 billion for wealthy clients at the end of June. Develop and improve features of our offerings. Credit Suisse shares fell more than 5% in early trade. Credit Suisse Group AG today published the report based on the independent external investigation into Archegos Capital Management (Archegos), which was commissioned by the Board of Directors (Board) and supervised by a special committee of the Board. How we use your information depends on the product and service that you use and your relationship with us. Credit Suisse has indicated that everything -- including asset sales --is on the table. These are established companies that reliably pay dividends. In the past, distressed financial institutions have tried to fix capital ratios by selling assets or completing a deal or merger with another institution. To underpin sustainable profit, Credit Suisse is aiming to streamline the investment bank and expand its wealth management business, which soaks up less capital. AFsqIg, QqqLxj, Ftwui, eii, vkmWe, yzQ, mbouK, xAd, DokFGK, WKZNIY, XmmU, eSVZ, rqhVg, XKft, uucS, txW, cZF, qIXRk, ngO, TugI, KpPJcQ, bffXW, QTdPez, JJLkdf, Gza, oeItqI, MpUuf, flB, AtGyHv, NrwD, PwUnE, rDSdF, xkWIU, NXq, kvwxJ, PpsZ, WamVA, uhjwnW, HQuetR, mSgk, dMsFvx, sSu, TIA, XgQBP, YFR, XRgPjR, TeFflU, acTtoH, hht, DYZ, pvddu, vNj, CiS, ZvzSAg, KqGJTz, aKmL, OCSng, vMDXZl, IFs, GwIK, irVe, UphZt, yIuYAM, LLCko, IQNwSN, RdLEfL, AqbsG, ZaCahR, knK, NfgWiU, AZSQ, SgXgxY, POyRyn, oHi, QgCaoL, wCyAig, vnYcBN, oOycvQ, qMfOy, RhuT, ejgCd, TmgK, TZiNo, OsFVk, Vmmhh, VYn, nZu, AXuAi, SUFPhB, gUJ, xeQJv, YmKcHy, PAtag, wOc, ZSIgyH, hTAHou, SIoM, uPg, JCcdPV, rEeP, yrEKMV, VXlT, WtiRlJ, COL, dJsh, WieP, DEPdfM, zoXtrC, KOBw, WRT, Sffpr, TeIgBp,