by Amruth Sundarkumar | May 24, 2023 | High Yield Bonds, Southeast Asia
S&P in a report emphasized its positive outlook on the Macao casino sector as part of its post-pandemic recovery. Macao’s gaming revenue is experiencing a more “robust recovery” than they previously anticipated. In 1Q 2023, gross gaming revenue...
by Amruth Sundarkumar | May 16, 2023 | High Yield Bonds, Southeast Asia
Dollar perps of SMC Global rebounded by 2-3 points after the company reported a 27% YoY jump in it Q1 profits. The conglomerate reported PHP 17.7bn ($320mm) in net profits with its operating income also rising by 8% to PHP 35.1bn ($630mn). The company’s revenues...
by Amruth Sundarkumar | May 12, 2023 | High Yield Bonds, Southeast Asia
Dollar perps of San Miguel Corporation (SMC Global) fell by 3-6 points. The reason for the drop is not clear. The company declared a regular cash dividend of PHP 0.844/share ($0.015) on its preferred shares after the board’s approval on May 11.
by Amruth Sundarkumar | May 2, 2023 | High Yield Bonds, Southeast Asia
Gaming revenues in Macau soared higher by 450% YoY to a 3Y high thanks to a sharp revival in Chinese tourism to the gambling capital. Gross gaming revenue touched MOP 14.7 ($1.8bn), the highest monthly revenues since January 2020. However, Bloomberg notes that the...
by Amruth Sundarkumar | Apr 11, 2023 | Credit Ratings, High Yield Bonds, Southeast Asia
Lippo Malls Indonesia Retail Trust (LMIRT) was downgraded to CCC- from CCC by Fitch. This was on the back of material delays in the refinancing of LMIRT’s term loans due November 2023 and January 2024. The amounts due on these loans are S$135mn and S$83mn...
by Arundhati Behera | Mar 16, 2023 | High Yield Bonds, Southeast Asia
Indonesia’s Lippo Karawaci repurchase a total of $120mn of its 2025s and 2026s as part of its tender offer (Term of the Day, explained below) launched on March 6, as per IFR. This is more than twice the initial maximum acceptance amount of $50mn announced at the time...
