Santander Raises $1.9bn via Dollar & Euro Perpetuals

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)...

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GM Beats Estimates With $3bn Profit; Bonds Inch Up

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...

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Lebanon Staring at Severe Power Cuts Amid Cash Crunch

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...

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OCBC Profits Up 2x at S$1.5bn

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...

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Gol Raises $300mn via Tap of 2026s

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...

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Cathay Lining Up Dollar Bond

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...

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Sichuan Languang Bonds Plummet Post Downgrade

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...

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