by Megha Malhotra | Feb 11, 2022 | China, High Yield Bonds
MGM China reported an 85% jump in its 2021 revenues to HKD 9.4bn ($1.4bn). Its adjusted EBITDA stood at HKD 390mn ($50mn), compared to a negative adjusted EBITDA of HKD 1.4bn ($179mn) in 2020. MGM Macau saw revenue up by 85% to HKD 5.2bn ($666mn) and MGM COTAI’s...
by Megha Malhotra | Feb 10, 2022 | Macroeconomic news
Risk-on sentiment took over global markets with the S&P and Nasdaq ending 1.5% and 2.1% higher. Sectoral gains were led by Communication Services, Real Estate, IT and Materials, up over 2% each. US 10Y Treasury yields eased 2bp to 1.92%. European markets also...
by Megha Malhotra | Feb 10, 2022 | Credit Ratings
Credito Real defaulted on the principal payment of its CHF 170mn ($180mn) 2.875% bond due February 9 and was subsequently downgraded by Fitch to RD. from CC. Fitch also downgraded its unsecured debt notes to C/RR4 from CC/RR4. “Potential cross-acceleration...
by Megha Malhotra | Feb 10, 2022 | China
Evergrande’s Chairman Hui Ka Yan said in an internal meeting on Sunday that the company needs to repay its debts by restoring construction activities, not by selling-off assets at fire sale prices. He vowed to complete 50% of pre-sold homes with a goal of...
by Megha Malhotra | Feb 10, 2022 | High Yield Bonds
Chinese property developer Logan Group dismissed reports that the company was planning to change its auditor as “sheer rumor”. Its dollar bonds picked up slightly after the announcement, having traded weak earlier this week amid a downgrade by Fitch to BB. Its...
