July 2021: 52% of Dollar Bonds Traded Higher with IG Outperforming
The month of July saw a continuation of June's move with 52% of dollar bonds in our universe delivering a positive price return ex-coupon during the month as compared to 54% in the prior month. But, unlike June where both Investment Grade (IG) and High Yield (HY)...
Yunnan Comm, Korea Midland Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets ended the rather volatile week lower as Amazon shares slid post a miss on Q2 numbers. However, the markets ended higher for the sixth consecutive month. S&P and Nasdaq ended 0.5% and 0.7% lower on Friday. Consumer Discretionary and Financials pulled the...
The Week That Was
US primary market issuances rose to $28.9bn vs. $20.9bn in the week prior. IG issuances rose to $20.2bn vs. $15.2bn in the prior week and HY issuances were also higher at $7.7bn vs. $5.4bn in the prior week. IG deals were led by Apple’s $6.5bn four-trancher, followed...
Evergrande to Sell Stakes in Internet Unit for $418mn
Evergrande announced via a filing that it has agreed to sell stakes in its internet unit for a total of HK$3.25bn ($418mn) to ease funding pressure. The developer will sell 7% of Hong Kong-listed HengTen Networks Group Ltd at HK$3.20 a share to Tencent and a 4% stake...
BNP, BBVA, UniCredit Report Strong Profits
European banks BNP Paribas, BBVA and UniCredit Reported upbeat earnings results: French banking major BNP Paribas reported net income of €2.9bn ($3.4bn) in Q2, a 27% YoY jump. Its domestic markets division saw revenues rise ~10% while investment banking (IB) reported...
Keppel Makes S$3.4bn offer for SPH’s Non-media Business
Keppel Corporation Limited (Keppel), through its wholly-owned subsidiary Keppel Pegasus Pte Ltd, has offered to acquire all shares of Singapore Press Holdings (SPH) post restructuring of its media business in a deal worth S$3.4bn ($2.5bn). The deal which is aligned...
Moody’s Changes Adani’s North Queensland Export Terminal’s Outlook to Negative
Moody's has revised the outlook of Adani Group's North Queensland Export Terminal Pty Ltd (NQXT) while affirming the Ba2 senior secured ratings reflecting the rising refinancing risk associated with NQXT's $500mn 4.45% 2022s issued under Adani Abbot Point Terminal as...
Peru’s Bonds fall as Castillo names Moderate Leftist as FM
Peru’s newly elected President Pedro Castillo appointed Pedro Francke, a moderate left economist, as finance minister on Friday, hoping to relieve markets. Castillo had earlier named members of his Marxist Free Peru party to cabinet positions with Guido Bellido named...
Moody’s Extends Review for Downgrade on Huarong and its OFVs
Moody’s has extended its review for downgrade on all the ratings of China Huarong Asset Management Co., Ltd. (Huarong) reflecting the uncertainty around Huarong’s 2020 unpublished annual results and the details of the relevant transaction mentioned in Huarong’a...
