by Amruth Sundarkumar | Sep 7, 2022 | Corporates, Global
SoftBank is on track to complete a deal to sell its Fortress Investment stake to Mubadala at more than $2bn valuation. As per sources Rajeev Misra, the key person at SoftBank Investment Advisers and formerly a partner at Fortress, is coordinating the deal with a...
by Amruth Sundarkumar | Sep 6, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
China Evergrande’s winding-up petition has been pushed to November 7 from the earlier stated September 5, as per the developer’s exchange filing citing the Hong Kong High Court’s announcement. The petition relates to an investor in the company, Top...
by Amruth Sundarkumar | Sep 6, 2022 | Corporates, India
Adani Group said that its group companies’ debt load reduced while responding to CrediSights’ report which indicated the group was deeply overleveraged. The company added further that the leverage ratios of its companies continue to be healthy and are in-line with...
by Amruth Sundarkumar | Sep 6, 2022 | China, Corporates, Credit Ratings, High Yield Bonds
Sino-Ocean and its senior unsecured notes were downgraded to Ba2 from Ba1 by Moody’s while its perps were cut to B1 from Ba3. The developer’s credit profile has weakened and its funding access has deteriorated, they said. Besides, the company’s...
by Amruth Sundarkumar | Sep 6, 2022 | Corporates, Global
UK-based car maker Aston Martin is set to raise £575.8mn ($660mn) via a rights issue. Saudi’s wealth fund i.e., the PIF and other major investors have supported the issue. The rights issue will be done at a 4:1 ratio (four shares for each existing stock) at 103...
by Amruth Sundarkumar | Sep 5, 2022 | China, Corporates
Hong Kong-based supply chain and management company Li & Fung was downgraded to BB+ from BBB- with a stable outlook by S&P due to weakening business strength post the sale of its logistics unit in December 2021. The rating agency expects that the asset sale...
