Aug 06, 2022
Proposed Trade Lands Nets Two All-Stars and Two First Round Picks in Durant Deal
This news has been received from: Heavy.com
All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.
Getty Kevin Durant #7 of the Brooklyn Nets looks on during warmups before the game against the Golden State Warriors
The Brooklyn Nets have been unable to successfully negotiate trades for their two superstars on the trading block, Kevin Durant and Kyrie Irving. Of course, with two generational talents, it becomes complicated to find a trade partner and get the right amount back.
Instead of looking for two deals for the two players, what if they found a trade that could include both Durant and Irving in one transaction? Bleacher Report’s Andy Bailey recently shared a proposal that sends both Kevin Durant and Kyrie Irving away in the same trade package.
The idea started with an NBA Insider suggested the deal to Bleacher Report’s Eric Pincus.
“They should offer Davis with Westbrook,” an NBA insider told Bleacher Report’s Eric Pincus. “Try and get Kevin Durant. KD for AD and a pick is as close as [the Nets] will get to what they want.”Nets Deal Both Irving and Durant to Los Angeles Lakers
Andy Bailey, in his recent column, shared a full potential trade proposal for both Irving and Durant.
Brooklyn Nets Receive: Anthony Davis, Russell Westbrook, a 2027 first-round pick, and a protected 2029 first-round pick.
Los Angeles Lakers Receive: Kevin Durant and Kyrie Irving.
Bailey’s proposal sees the Nets getting an additional pick from the Lakers than the insider that first passed the proposal by Eric Pincus. Could the extra pick be enough to entice the Nets?
Between Anthony Davis and Russell Westbrook, Brooklyn would receive a former NBA Most Valuable Player award winner, seventeen All-Star appearances between the two of them, and also two members of the NBA’s Top 75 list. However, they’d also be parting with a similarly impressive list.
Obviously, this isn’t the most ideal haul for the Nets. Davis has battled injuries, and there can’t be too much confidence that they are getting a fully healthy Anthony Davis. The eight-time All-Star certainly saw a fall in production over the last few seasons. Westbrook and his $47.1 million remaining on his contract isn’t really wanted by any NBA team, including the Lakers. The Nets would be trading two of the NBA’s best players in return for a player and contract nobody wants and an injury-riddled veteran big man.Does the Trade Make Sense for Brooklyn?
Are there any circumstances where this trade makes sense for the Nets? Not really as things currently sit. Durant has four years remaining on his contract, and the only real reason to deal him is if the trade request escalates into a trade demand and Durant holds out in any way.
Durant was reported to be meeting with Nets governor Joe Tsai earlier this week, and the result of the meeting could be a major indicator of what happens to the future of the Brooklyn Nets. Durant could certainly insist in the meeting that he is done with the franchise and does not want to be there at all, which could be a reason to accept this proposed deal with the Lakers. But it still doesn’t make sense. Something destructive would need to be happening that was taking leverage away from Nets negotiations that would make Davis and Westbrook a more attractive deal, but without that, this proposal is unlikely to gain any traction.
News Source: Heavy.com
Tags: basketball nba breaking news 5 fast facts crime politics shopping bleacher report’s kevin durant and kyrie irving the nba’s the brooklyn nets los angeles lakers russell westbrook the brooklyn nets first round pick anthony davis for the nets westbrook the meeting
Wall Street banks including JPMorgan Chase, Bank of America and Citigroup begin trading Russian debt again after getting the green light from US government - two months after White House economic sanctions were implemented
Several major Wall Street banks have begun offering to facilitate trades in Russian debt in recent days, according to bank documents seen by Reuters, giving investors another chance to dispose of assets widely seen in the West as toxic.
Most U.S. and European banks had pulled back from the market in June after the Treasury Department banned U.S. investors from purchasing any Russian security as part of economic sanctions to punish Moscow for invading Ukraine, according to an investor who holds Russian securities and two banking sources.
Following subsequent guidelines from the Treasury in July that allowed U.S. holders to wind down their positions, the largest Wall Street firms have cautiously returned to the market for Russian government and corporate bonds, according to emails, client notes and other communications from six banks as well as interviews with the sources.
The banks that are in the market now include JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Deutsche Bank AG, Barclays and Jefferies Financial Group Inc, the documents show.
Russian President Vladimir Putin is seen in a meeting on Thursday. Trading in Russian debt has been complicated since Russia invaded Ukraine in February
Six of the largest Wall Street firms are now resuming trading in Russian debt
The return of the largest Wall Street firms, the details of the trades they are offering to facilitate and the precautions they are taking to avoid breaching sanctions are reported here for the first time.
Bank of America, Barclays, Citi and JPMorgan declined to comment.RELATED ARTICLES
- Senior Kremlin official 'secretly approaches West to bring... Zelensky says Ukrainian forces will target Russian soldiers...
A Jefferies spokesperson said it was 'working within global sanctions guidelines to facilitate our clients' needs to navigate this complicated situation.'
A source close to Deutsche Bank said the bank trades bonds for clients on a request-only and case-by-case basis to further manage down its Russia risk exposure or that of its non-U.S. clients, but won't do any new business outside of these two categories.
Some $40 billion of Russian sovereign bonds were outstanding before Russia began what it calls a 'special military operation' in Ukraine in February.
Roughly half was held by foreign funds.
Many investors got stranded with Russian assets, as their value plummeted, buyers disappeared and sanctions made trading hard.
An exhumation process of civilians who died during Ukraine-Russia war in the town of Rubizhne in the Luhansk Oblast, on Friday
Ukrainian servicemen fire toward Russian troops with a tank at a position in Donetsk region on Friday
Ukraine servicemen drive past a graffiti of a family on damaged buildings in Bakhmut, Donetsk
Valentyna Kondratieva, 75, left, is comforted by a neighbor as they stand outside her damaged home on Saturday in Kramatorsk, in the Donetsk region
In May, two U.S. lawmakers asked JPMorgan and Goldman Sachs for information about trades in Russian debt, saying they may undermine sanctions.
The following month the Treasury's Office of Foreign Assets Control banned U.S. money managers from buying any Russian debt or stocks in secondary markets, prompting banks to pull back.
Regulators have since taken steps to help ease the pain for investors.
The Treasury provided further guidance on July 22 to help settle default insurance payments on Russian bonds.
It also clarified that banks could facilitate, clear and settle transactions of Russian securities if this helped U.S. holders wind down their positions.
Separately, European regulators have also eased rules to allow investors to deal with Russian assets by allowing them to put them into so-called side pockets on a case-by-case basis.
The price of some Russian bonds has jumped alongside the renewed trading activity since late July.
That could make the trades more attractive to investors and also help companies that sold protection against Russian default.
For example, U.S. bond manager PIMCO - which was on the hook for a payout of around $1 billion after Russia defaulted on its dollar debt in June - could now save around $300 million, one investor estimated. PIMCO declined to comment.
'There's some bid emerging for both local and external bonds for the first time in a while,' said Gabriele Foa, portfolio manager of the Global Credit Opportunities Fund at Algebris, who follows the market for Russian securities.
'Some banks and brokers are using this bid to facilitate divestment of Russian positions for investors that want to get out.'
Reuters could not establish who was buying the bonds.
Some banks are offering to trade Russian sovereign and corporate bonds, and some are offering to facilitate trades in bonds denominated in both roubles and U.S. dollars, according to the documents and the investor who holds Russian securities.
But they are also demanding additional paperwork from clients and remain averse to taking on risk.
In a research update to clients on Wednesday, for example, Bank of America declared in capital letters in red: 'Bank of America is now facilitating divestment of Russian sovereign and select corporate bonds.'
But it added that it would be acting as 'riskless principal on client facilitation trades,' meaning a situation where a dealer buys a bond and immediately resells it.
It also warned there were 'a lot of rules around the process' which remained subject to 'protocol and attestation.'
The approaches also differ among banks.
In some cases, for example, banks are offering clients to help divest their holdings as well as other types of trades that would reduce exposure to Russian assets, while others are limiting trades to asset disposals only.
At times they are asking investors to sign documents prior to trade execution that would allow the banks to cancel trades if settlement does not go through and risks leaving the banks with Russian paper on their books, according to one of the documents and the investor.
One bank warned clients that settlements would take longer than usual.