by Megha Malhotra | Feb 10, 2022 | Credit Ratings
Yuzhou Group was downgraded to RD from C by Fitch on the back of the completion of an exchange offer on January 20 for two dollar bonds – its $340mn 6% bond due January 25 and $242.069mn 8.625% bond due January 23 that Yuzhou combined into new notes with a...
by Megha Malhotra | Feb 10, 2022 | Banks
UniCredit is set to sell €2bn ($2.3bn) in impaired loans to the US investment fund Davidson Kempner owned bad loan specialist Prelios, according to three sources. UniCredit halted a process to hire a debt recovery firm for the portfolio. As per Reuters’...
by Megha Malhotra | Feb 10, 2022 | Singapore Dollar Bonds
Olam International announced that it has received approval from its SGD bondholders to waive potential events of defaults and to replace the issuer to Olam Group, as part of a consent solicitation that ended with a meeting on Wednesday. The SGD bonds in question are...
by Megha Malhotra | Feb 10, 2022 | Sovereign Bonds, Sovereigns
Turkey’s sovereign wealth fund will inject around $2bn into two state-run lenders to beef up their balance sheets. This comes after the lira’s massive 44% depreciation in 2021, and 1.3% depreciation YTD. Halkbank said it would use the proceeds to extend loans to...
by Megha Malhotra | Feb 10, 2022 | Singapore Dollar Bonds
A Keppel Corp company, Keppel Pegasus, has launched arbitration proceedings against Singapore Press Holdings (SPH) in relation to the former’s acquisition bid for the latter. The arbitration comes after SPH informed Keppel Pegasus that it plans to consult with...
