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Bond Market Blog
Malaysia, Sino-Ocean, BOC Launch Bonds; Macro; Rating Changes; Talking Heads; Top Gainers & Losers
S&P fell 0.7% and Nasdaq was down 0.9% as equities continued to fall for a second day. Netflix shares were down 9% after-market after reporting a slowdown in subscribers. US10Y Treasury yields fell 5bp to 1.57%. European equities fared worse with DAX down 1.6%...
Emirates NBD Reports Higher Profits on Lower Provisioning
Dubai’s banking major Emirates NBD reported a jump in net profits by 12% YoY and 76% QoQ to AED 2.32bn ($630mn). Total income stood at AED 6.16bn ($1.7bn), up 25% QoQ and 10% YoY. Emirates NBD mentioned that all business units delivered higher income as compared to...
Huarong International Says It Had a Profitable Q1; Bonds Lower as Restructuring Concerns Remain
Confusing signals on China Huarong Asset Management Company (CHAMC) continue to plague its bonds days after the regulator CBIRC announced that the company has adequate liquidity. China Huarong International Holdings, its offshore financing arm said it returned to...
DBS Picks Up 13% Stake In Shenzhen Bank for $800 Million
Singapore's largest lender DBS bought a 13% stake in Shenzhen Rural Commercial Bank (SZRCB) for S$1.08bn ($800mn), marking its biggest acquisition in China yet. The acquisition is part of its acceleration plans in China’s Greater Bay Area and comes after Beijing eased...
Knighthead & Certares Sweeten Hertz Offer for a Second Time
Hertz received for the second time an improved offer from Knighthead Capital Management and Certares Management as the bidding war escalates after the investment firms raised their bid to fund the US car rental firm’s exit from bankruptcy, valuing Hertz Global at...
Netflix Reports Strong Earnings; Misses on Q1 Subscriber Growth
Netflix reported a revenue growth of 24% YoY to $7.1bn and net income of $1.7bn, up ~2.4x YoY, beating analyst estimates. While operating profits and margins reached all-time highs of $1.96bn and 27.4%, paid memberships came in at 208mn, up 14% YoY but below their...
TAQA Raises $1.5 Billion via Two-trancher
State-owned Abu Dhabi National Energy Company (TAQA) raised $1.5bn via a two-tranche bond issuance priced on Tuesday. It raised: $750mn 7Y bonds at a yield of 2.03%, 80bp over Treasuries and 30bp inside initial guidance of T+110bp area $750mn 30Y formosa at a yield of...
Korea’s Naver Plans Dollar Bonds & IPO
South Korea's Naver Corporation, which runs an online search engine, plans to go global, looking at issuing more dollar denominated debt and a possible IPO listing in the US. Naver had issued its debut dollar bond of $500mn just last month and is now considering...
Kaisa, TAQA, TSMC Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P fell 0.5% and Nasdaq was down 1% as equities slipped across the board. Tesla shares were down 3.4% after a fatal crash involving one of its autonomous cars. US10Y Treasury yields firmed 5bp to 1.61%. European equities also fell with DAX down 0.6% and FTSE down...
Huarong’s Dollar Bonds Rally; Long Tenor Up ~30%, Short Tenor Up 10-15%
China Huarong’s dollar bonds rallied for a second day after the regulator publicly announced that the company has adequate liquidity. Huarong’s 2.875% Perp rallied the most by 32% to 80.25 and its 4% Perp rallied over 31% to 79.25. Shorter tenor bonds maturing between...
Future Retail’s Board Approves Bank Debt Restructuring
Future Retail’s board has agreed to a debt resolution plan on restructuring its secured bank debt and three rupee bonds as per a filing with the BSE. “The debt burden has become disproportionate relative to the cashflow generated by the company owing to the multiple...
United Offers Guidance on Metrics Needed to Breakeven
United Airlines (UAL) announced its Q1 earnings on Monday as news of new virus variants and rollout of vaccines continue to make headlines. The airlines reported a decline of 66% in operating revenue to $3.2bn vs. Q1 2019 and a net loss of $1.4bn and an adjusted net...
Morgan Stanley Sells Bonds Worth $7.5bn
Morgan Stanley raised $7.5bn via a three-part offering, joining jumbo bond issuances from peers JP Morgan and Bank of America. It raised: $2bn via a 3Y non-call 2Y (3NC2) fixed-to-floating bond at a yield 0.731%, or T+57bp, 13bp inside initial guidance of T+70bp area...
Golden Wheel Tiandi Downgraded to CCC+
Chinese homebuilder Golden Wheel Tiandi (GWT) was downgraded by Fitch to CCC+ from B- on weak liquidity, refinancing risks and a deterioration of their business profile. Fitch said that the downgrade also reflects the likelihood of the company having difficulties...
Colombia’s $3bn Two-Trancher 3.4x Covered
Colombia raised $3bn via a dual tranche offering. It raised $2bn via a 11Y bond at a yield of 3.356% or T+175bp, 30bp inside initial guidance of T+205 area. It also raised $1bn via a 20Y bond at a yield of 4.235% or T+205bp, 30bp inside initial guidance of T+235 area....
Saudi Real Estate Refinance Lining Up $1bn Debut Dollar Sukuk
Saudi Real Estate Refinance Co (SRC) has lined up a debut dollar sukuk worth $1bn by the end of the year. The issue of the Sukuk is likely to be between $500mn and $1bn with a tenor between 10 and 12 years. Moody's has assigned a first time issuer rating of A2 with a...
Peru’s Bonds Slip as Castillo Takes The Lead for Presidency
Peru’s currency and bonds fell after leftist presidential candidate Pedro Castillo is reported as the clear favorite in an opinion poll ahead of June’s presidential elections. Peru’s Sol slid 1.14% to close at 3.6730 per dollar, the largest daily loss since November....
Gulf Energy to Acquire Singtel Associate for $5.4 Billion
Thailand's largest power producer Gulf Energy Development has made a bid to acquire Singtel associate company Intouch Holdings, which controls Thailand's largest mobile phone company Advanced Info Service, for THB 169bn ($5.4bn). Gulf, controlled by Thai billionaire...
Meituan Raises $10bn via Share & Convertible Sale to Take on Alibaba
Chinese delivery company Meituan raised $9.98bn via a record share sale and convertible bond issuance in a bid to build its war chest to take on majors such as Alibaba. The company raised $7bn via a top-up share placement, the largest ever by a Hong Kong-listed...
Olam, Putian Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P ended 0.4% higher and Nasdaq was 0.1% higher. Overall, markets were relatively quiet as data was minimal with the US 10Y Treasury yields 2bp tighter at 1.56%. European equities rallied with DAX up 1.3%, CAC up 0.9% and FTSE up 0.5%. US IG CDS spreads were...