by Amruth Sundarkumar | Dec 1, 2022 | Banks, Global
March 20, 2023: Credit Suisse’s CDS Spreads Jump to ~1,000bp levels Credit Suisse CDS (credit default swap) spreads spiked to new record highs of ~975bp, up over 400bp on 15 March alone. CDS are derivative contracts used to protect against default – thus an...
by Amruth Sundarkumar | Oct 3, 2022 | Corporates, Global, High Yield Bonds
American cruise operator Carnival posted a net loss of $770mn in Q3 2022 vs. a loss of $2.8bn in Q3 2021. Quarterly revenues jumped 7.9x to $4.3bn compared to the same period last year and improved 80% from Q2 2022. However, it fell short of analysts’ estimates...
by Amruth Sundarkumar | Sep 30, 2022 | Banks, Global
SoftBank launched a tender offer to buyback up to $1.75bn of its USD and EUR-denominated bonds under an unmodified Dutch auction – accepting the lowest bids greater or equal to the minimum purchase price. The tender ends on October 7 with settlement on October...
by Amruth Sundarkumar | Sep 30, 2022 | Corporates, Global
Bed Bath & Beyond (BBBY) reported a further widening of its quarterly losses – its Q2 net loss came in at $366mn vs. a loss of $73mn during the same period last year. This was its lowest second quarter earnings since 2006. The widening loss was on revenues...
by Amruth Sundarkumar | Sep 28, 2022 | Banks, Global
Commerzbank said that it would take a €490mn ($471mn) hit on its Q3 operating profit after its Polish mBank unit booked additional provisions for its Swiss franc loans. The German banking major said that despite the hit, it is expected to reach its net profit target...
by Amruth Sundarkumar | Sep 27, 2022 | Corporates, Global
LATAM Airlines is to raise $750mn via a leveraged loan from a group of banks led by Goldman Sachs. The transaction is expected to help the airlines exit bankruptcy. The term loan will be used to repay existing debtor-in-possession facilities and will also be used for...
