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Bond Market Blog
Redco Launches $ Tap; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P was up 0.8% and Nasdaq was higher by 0.4% as both indices staged a late rally. US jobless claims for the prior week fell 92k to 498k, the first sub 500k print since the pandemic broke-out. Markets now await the non-farm payrolls (NFP) data today with...
Santander Raises $1.9bn via Dollar & Euro Perpetuals
Banco Santander raised $1bn via a non-cumulative Perpetual non-call 6Y (PerpNC6) preferred Tier 1s at a yield of 4.75%, 25bp inside initial guidance of 5% area. The issuance has expected ratings of Ba1 and are callable from (including) November 12, 2026 to (including)...
GM Beats Estimates With $3bn Profit; Bonds Inch Up
General Motors (GM) reported strong Q1 earnings with revenues of $32.5bn, almost unchanged vs. the same period last year while net profits stood at $3bn compared to $294mn last year. The net income and EBIT margins saw a significant improvement at 9.3% and 13.6% in...
Lebanon Staring at Severe Power Cuts Amid Cash Crunch
Lebanon is staring at total power cuts as it may not be in a position to pay for fuel required for power generation. Even though the country's parliament has given a go-ahead to a $200mn emergency loan to fund the fuel imports, there is a delay due to a review by a...
Huarong Says It Wired Funds for Coupons on 5 Offshore Bonds
Huarong said that it has wired funds to pay coupons on five offshore bonds due today. The state-owned bad-debt manager’s latest move is considered an effort to reduce concerns on its financial health. The bonds include their 4% Perps, up 0.2 to trade at 67.9. Huarong...
OCBC Profits Up 2x at S$1.5bn
OCBC reported net profits at a high of S$1.5bn ($1.1bn), up 115% over 1Q2020 numbers. Profits were helped by a 66% YoY increase in Banking operations and a 59% YoY increase in Wealth Management to S$1.13bn ($850mn) and S$1.21bn ($910mn). Net interest income stayed...
Gol Raises $300mn via Tap of 2026s
Brazil’s airline Gol raised $300mn via a tap of its bonds due 2026, increasing the sale size from the initially planned $200mn. The 2026 bonds were originally issued in a $200mn private placement in December last year. The tap was priced at par after initial price...
Cathay Lining Up Dollar Bond
Hong Kong flag carrier Cathay Pacific is sounding out investors for a potential dollar denominated bond, its first in about 25 years as per Reuters. The airline has hired Bank of China (Hong Kong), Citigroup, HSBC and SMBC Nikko as joint lead managers and joint...
Sichuan Languang Bonds Plummet Post Downgrade
Bonds of Chinese property developer Sichuan Languang dropped further after Moody’s downgraded it to B2 citing a low liquidity buffer, especially as the company has large upcoming debt maturities in the next 12-18 months. The 11% 2022s issued by subsidiary Hejun...
SocGen, ING and UniCredit Report Strong Q1 Results
SocGen reported group net profits of €814mn, a sharp increase over 1Q2020 losses of €326mn. The bank’s equities business had its best quarter since 2015, with revenues rebounding 44% QoQ and Fixed Income & Currency saw revenues jump 51% QoQ. Cost of risk stood at...
BOC Aviation, Powerlong Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P was up 0.7% while the tech-heavy Nasdaq was lower again by 0.4%. Macro data underscored the economic recovery as US ADP payroll additions for the prior month came in at 742k, a strong number, although lower than expectations of 800k. Also ISM Non-Manufacturing...
Deutsche Sells €1.25bn AT1 at 4.625%
Deutsche Bank raised €1.25bn via a Perpetual non-call 7Y (PerpNC7) AT1 bond at a yield of 4.625%, a strong 62.5bp inside initial guidance of 5.25% area. The bonds have expected ratings of B1/BB-/BB-, and received orders over €5.5bn, 4.4x issue size. The bonds are...
UOB Beats on Q1 Profits Coming In at S$1bn
UOB reported strong Q1 numbers with net profits up 18% YoY and 46% QoQ to S$1bn ($750mn). The bank said that fee income grew to a record high of S$638mn ($478mn) led by wealth management fees from investments and bancassurance similar to peer DBS which reported...
SPH Announces Restructuring of Media Biz; Requests for Trading Halt
Singapore Press Holdings (SPH) in a filing with SGX has announced the restructuring of its media business into a not-for-profit-entity. SPH’s media business will be transferred to a newly incorporated wholly-owned subsidiary, SPH Media Holdings Pte Ltd (“SPH Media”)....
Stellantis Backs Out of Buying Carbon Credits Worth 100xMillions from Tesla
Fiat owner Stellantis announced that it will no longer be buying emission credits from Tesla, which could impact the Elon Musk led carmaker's future earnings. Tesla earned $518mn from the sale of these credits in Q1 that translated into net profits of $438mn. Last...
NAB Doubles Profit on Recovery
National Australia Bank (NAB) reported a 144% jump in 1H2021 net profits to A$3.2bn ($2.5bn). Cash earnings rose to A$3.34bn ($2.6bn), up 140% YoY. While net interest margins (NIMs) declines 40b to 1.74%, profits were helped by a credit impairment write-back of...
TAQA Reports Earnings; Announces Plans to Acquire Power Plants
Abu Dhabi National Energy Company (TAQA) controlled by state-run ADQ delivered a strong performance for the quarter ending March 31, 2021. It reported revenue of AED 10.33bn ($2.8bn), up 3% boosted by higher commodity prices in the oil and gas sector. The EBITDA was...
Xinyuan Real Estate’s Dollar Bonds Slip on Delay in Earnings Release
Chinese property developer Xinyuan Real Estate saw their dollar bonds fall ~10% late on Wednesday as the company delayed their earnings release. Xinyuan noted that the delay was due to the company’s Audit Committee and advisors conducting an independent review of...
Sichuan Languang Development Downgraded to B2 On Low Liquidity Buffer
China based real estate company Sichuan Languang Development has been downgraded to B2 from B1 by Moody's due to a low liquidity buffer, especially as the company has large upcoming debt maturities in the next 12-18 months. The senior unsecured rating of the company's...
Ascendas REIT to Buy Galaxis Stake for $534mn
Singapore-based property developer Ascendas Reit announced its plans to acquire the remaining 75% equity stake in Galaxis, a business park in Singapore, for S$534.4mn ($400mn), following its initial 25% acquisition in March 2020. The full ownership will enlarge...