by Amruth Sundarkumar | Jan 11, 2023 | China, Corporates
China’s recent regulation to increase scrutiny on companies issuing offshore debt will become effective February 10. The regulation will cater to offshore debt with a maturity of over 1Y that are sold by Chinese firms or their controlled offshore entities. Currently,...
by Amruth Sundarkumar | Jan 10, 2023 | Corporates
Vodafone’s dollar bonds were up by ~0.7-1.3 points after it said that it agreed the sale of its Hungarian business to local IT company 4iG and the Hungarian state for a cash consideration of €1.7bn ($1.8bn) from the deal. 4iG will hold a majority 51% stake while...
by Amruth Sundarkumar | Dec 22, 2022 | Corporates, Credit Ratings, High Yield Bonds
Japanese e-commerce company Rakuten was downgraded to BB from BB+ by S&P and its subordinated bonds to B from B+. S&P expects that Rakuten’s nonfinancial unit will continue booking deeply negative free operating cash flows (FOCF) in fiscal 2023 to...
by Amruth Sundarkumar | Dec 16, 2022 | Corporates, Credit Ratings
Emirates REIT was first downgraded to RD (Restricted Default), then upgraded to CCC+, post which its ratings were withdrawn by Fitch. The downgrade was on account of Fitch considering the latest sukuk refinancing as a distressed debt exchange (DDE). The subsequent...
by Amruth Sundarkumar | Dec 14, 2022 | Corporates, Investment Grade Bonds
German carrier Lufthansa said that it expected to hit an adjusted EBIT of ~ €1.5bn ($1.58bn) in 2022 due to the twin benefit of strong demand for air travel and better-than-expected earnings in October and November. The new forecast is a significantly improved...
by Amruth Sundarkumar | Dec 13, 2022 | Corporates, India
Tata Motors is planning to sell a part of its overall 74.43% stake in Tata Technologies via an IPO. The planned IPO could be the first from a Tata Group company in years. This comes after Tata Motors in 2018 called off a deal to sell ~43% of its stake in Tata...
