by Megha Malhotra | Aug 27, 2021 | China, High Yield Bonds
China’s largest insurer by market cap, Ping An Insurance reported disappointing 1H earnings on Thursday on the back of a decline in sales of its life and motor insurance policies as well as huge provisions. Profits for the six months ended June 30 came in at RMB...
by Megha Malhotra | Aug 27, 2021 | Sovereign Bonds
Argentinian province of Buenos Aires claims to have reached an agreement with investors holding more than 90% of its bonds to restructure more than $7bn of its debt, bringing it closer to recover from a 16-month default. The province has been in protracted...
by Megha Malhotra | Aug 26, 2021 | Credit Ratings, Macroeconomic news
US markets inched higher to extend the record breaking streak for another day – S&P and Nasdaq gained ~0.2%. Financials were up 1.2% while Energy and Industrials were up more than 0.5%. Healthcare and Real Estate were down 0.3% and 0.2% respectively. European...
by Megha Malhotra | Aug 26, 2021 | China, High Yield Bonds
China Evergrande Group issued a profit warning via an exchange filing of a drop of 29-39% in profits for 1H2021 at a time when the group is under pressure for its mounting liabilities. The group expects its net profits to come in at ~RMB 9-10.5bn ($1.41-1.62bn) for...
by Megha Malhotra | Aug 26, 2021 | China, High Yield Bonds
Chinese real estate developer Kaisa Group Holdings reported strong 1H earnings on Wednesday. Revenues rose by 34.8% to RMB 30.07bn ($4.64bn), gross profit was up 23.1% to RMB 9.28bn ($1.43bn) and net profit for the six months ended June 30 was up 30.5% to RMB 3.08bn...
