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...
by Amruth Sundarkumar | Mar 2, 2023 | Corporates, High Yield Bonds, India
Adani Group denied news media reports that it had told investors at its roadshow that it secured a $3bn loan from a sovereign wealth fund (SWF). Reuters reported that the group told bondholders it had access to a $3bn credit line from backers including at least one...
by Amruth Sundarkumar | Feb 27, 2023 | Corporates, Credit Ratings
Lumen Technologies was downgraded to B2 from Ba3 by Moody’s. The rating agency highlighted governance weakness as one of the reasons as the company departed from its prior financial strategy and risk management practices. Here, Lumen’s significant...
by Amruth Sundarkumar | Feb 20, 2023 | Corporates, Hong Kong
FWD has agreed to take a majority 70% stake in Malaysian Insurer Gibraltar BSN Life, a subsidiary of Prudential Financial. The transaction will help FWD make a push into the Malaysian life insurance market and is likely to get completed by the second quarter. The size...
by Amruth Sundarkumar | Feb 9, 2023 | Corporates
Lumen Technologies’ dollar bonds dropped by over 10% across the curve after the company’s forecast for adjusted EBITDA in 2023 significantly missed estimates. Lumen said that it expects to see adjusted EBITDA at $4.6-4.8bn, as compared to analyst estimates...
