by Arundhati Behera | Mar 21, 2023 | China, Corporates
China Huarong Asset Management said that it is expecting a loss of RMB 27.6bn ($4bn) for 2022. The bad debt manager cited erosion in fair values of some of its equity assets on the back of volatility in the capital markets as reasons for the massive loss. This comes...
by Arundhati Behera | Mar 21, 2023 | Corporates, High Yield Bonds
WeWork’s dollar bonds jumped following the release of the co-working company’s extensive restructuring plan. After finalizing the terms last week, WeWork said that it will reduce total debt by ~$1.5bn through: Equitization of $1.04bn in its 5% unsecured notes held by...
by Arundhati Behera | Mar 17, 2023 | Corporates
US Treasury yields jumped on Thursday following the risk-off move the day prior. The 2Y rose 28bp to back above 4% at 4.22% while the 10Y rose 10bp to 3.58%. This was largely on the back of an announcement from 11 American banking majors, including JP Morgan, Morgan...
by Arundhati Behera | Mar 17, 2023 | Corporates
American tech company Lumen Technologies announced that its indirect, wholly-owned subsidiary Level 3 Financing will issue new senior secured notes in exchange for senior unsecured notes of Lumen. Level 3 will issue up to $1.1bn of new 10.5% bonds due 2030 in exchange...
by Arundhati Behera | Mar 13, 2023 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Logan Group released plans for debt restructuring, after it missed payments on its offshore debt in 2022. The details include swapping $3.4bn of dollar bonds with new seven-year notes to extend the repayments, as per Reuters’ sources. As per one of the sources, more...
by Amruth Sundarkumar | Mar 3, 2023 | Corporates
Macquarie is planning a takeover bid of over over £5bn ($6bn) for M&G, a UK-based fund management and insurance group. M&G has a market capitalization of just over £5bn ($6bn) and was the former UK arm of Prudential. No final offer has been made yet and...
