Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped yet another day with the S&P and Nasdaq down 1.1% and 1.3% as risk-off sentiment continued to weigh on markets. Most sectors were in the red with Consumer Discretionary, Materials and IT down 1.3-1.9%. US 10Y Treasury yields eased 8bp to...
Oman to Refinance Loan and Increase Size to $3-4bn
Oman is said to be in talks to refinance a $2.2bn loan it took in February 2021 and aims to increase the size to $3-4bn, as per two sources. Oman initially sought to raise up to $1bn with last year's loan but more than doubled its size due to strong appetite from...
Sunac Downgraded to BB-; Evergrande Creditors Threaten Legal Action
China Sunac was downgraded to BB- from BB by Fitch, reflecting its decreasing financial flexibility amid high capital-market volatility. Sunac has RMB 12.3bn ($1.9bn) of onshore bonds maturing or becoming puttable by end-2022 and $600mn of offshore bonds due both in...
Country Garden Raises ~$500mn via HKD Convertible Bond
Country Garden (COGARD) raised HKD 3.9bn ($500mn) via a 4.95% convertible bond due 2026, guaranteed by Smart International Insight Ltd. COGARD (BB+/Baa3/BBB-), is among the few IG-rated developers in China and Bloomberg reports that it has has become a proxy for...
American Airlines Q4 Loss Narrows to $931mn; Warns of Mounting Costs
American Airlines reported improving Q4 results on Thursday with revenues of $9.4bn, 17% lower vs. Q4 2019 but more than double Q4 2020 levels. Net loss for the quarter ended December came in at $931mn vs. $2.18bn in Q4 2020 and a profit of $414mn in Q4 2019. On an...
Future Retail Said to Miss Dollar Bond Coupon along with Local Debt Payment
India's Future Retail is said to miss payment on INR 35bn ($471mn) of past-due debt before the grace period expires, along with a $14mn dollar bond coupon, as per sources. The rupee denominated debt payment was missed on December 31, 2021 triggering a 30-day grace...
ESR Completes ARA Asset Management Takeover
ESR Cayman completed its 100% acquisition of ARA Asset Management for $5.2bn, less than three months after its shareholders approved the deal. Following the acquisition, ESR is now the world’s third-largest listed real estate investment manager with gross AUM of...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped again with the S&P and Nasdaq down 1% and 1.2%. The latter is down 10% from its November 2021 high. Most sectors were in the red with Consumer Discretionary, Financials and IT down 1.4-1.8%. US 10Y Treasury yields eased 3bp to 1.85%....
China Property Bonds Rally on Talks of Easing Rules to Allow Use Escrow Funds
Dollar bonds of Chinese property developers rallied on Wednesday after Reuters reported "China is drafting nationwide rules to make it easier for property developers to access pre-sale funds held in escrow accounts", citing four sources. Chinese developers are...
