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Korean Bank Perps Drop after Insurer Skips Call
Korean bank dollar perps including the likes of Kookmin Bank, Shinhan Group, Woori Bank etc. have dropped sharply this week (see chart above). This comes after Korean insurer Heungkuk Life Insurance Co. announced skipping the call option on November 9 on its USD...
Petrobras To Give $8.5bn in Dividends as Payout Sustainability Doubts Arise
Petrobras' board approved a dividend of $8.5bn during the quarter after its Q3 results where it reported a net profit of $8.8bn, up 48% YoY. Its revenues grew 39% YoY to $32.4bn. While its dividends were lower than the prior quarter's $17bn payout, its dividend payout...
Lenovo Reports Deceleration in Revenues
Lenovo Group reported its first revenue drop in 10 quarters at $17.09bn, down 4% YoY. Its net income rose 6% during the period to $541mn. The softer results come on the back of a weakening market for PCs globally where global PC shipments have declined 15% YoY -...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The FOMC hiked its policy rate by 75bp for a fourth consecutive meeting with the fed funds target range now at 3.75-4.00%. Market participants considered the meeting to be hawkish (Term of the Day, explained below) as Powell said that the Fed "have a ways to go until...
Greenland Holdings Downgraded to CC by S&P
Greenland Holdings was downgraded to CC from CCC- by S&P, and its senior bonds to C from CC. The downgrade comes on the back of the company's consent solicitation this week to extend the maturity of nine of its dollar bonds as it expects to default on its dollar...
Over $292bn Debt Due in 2023 by China Property Developers; Debt Guarantee Program Expanded
Chinese property developers have over $292bn of onshore and offshore debts due through the end of 2023, as per data from Bloomberg and Use Trust. These debts include loans, trust loans and bonds denominated in local currency and foreign currency. With a large chunk of...
Wynn Macau’s Dollar Bonds Gain; MGM Reports Surprise Loss on High Expenses
Dollar bonds of Wynn Macau were up 4-7% after it was reported that billionaire Tilman Fertitta acquired a 6.1% stake in the company, making him the second largest individual investor. As per Bloomberg, Fertitta is known to have a deep understanding of the gambling and...
Boeing Guides for Stronger Financials Amid Modest Results
Boeing guided for $3-5bn in free cash flows next year, higher than the $1.5-2bn that is expected this year. It noted that the ramping up of deliveries of jets is estimated to see its annual cash flow rise to about $10bn by 2025 or 2026. The news is a positive update...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The peak Fed Funds rate jumped 9bp to touch 5.04% for the May 2023 FOMC meeting. With the FOMC meeting announcement due later today, markets are keenly awaiting for hints regarding the quantum of the rate hike in December meeting's decision. Markets have priced in an...
