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Adani Group Aiming for $1tn Valuation with over $150bn Investment in Next Few Years
India's Adani Group is said to be planning to invest over $150bn across its businesses to achieve a $1tn valuation as per PTI news. Adani Group's CFO recently said that the conglomerate was planning to invest $50-70bn in its green hydrogen business and $23bn in green...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Treasuries rallied across the curve again on Thursday as the curve bull steepened (Term of the Day, explained below) with 2Y and 5Y yields falling 13bp while the 10Y and 30Y yields were down 9bp and 6bp. The peak Fed Funds rate dropped another 10bp to 4.74% for the...
Credit Suisse Posts $4.1bn Loss; To Raise $4bn in New Capital
Credit Suisse Group reported its much awaited Q3 results with a massive CHF 4.03bn ($4.08bn) net loss as compared to a $434mn profit during the same period last year. This was also higher than its prior quarter where it made a CHF 1.59bn ($1.61bn) loss. The bank...
Fosun Seeking Selling Stake in Peak Re as Part of Strategic Asset Sales
Fosun International is said to be seeking strategic options that include selling either a majority or minority stake in reinsurer Peak Reinsurance in order to pay its debts. Sources said that the transaction which is at early stages, could value Peak Re at...
Egypt’s Dollar Bonds Jump After Reaching IMF Deal for $3bn loan
Dollar bonds of Egypt jumped as much as 5% as the nation reached a staff-level agreement with the IMF supported by a $3bn loan under the Extended Fund Facility (EFF). Ivanna Vladkova Hollar, IMF's Mission Chief for Egypt said that the agreement is set enhance Egypt's...
Li & Fung Launches Tender Offer and Consent Solicitation for 2024s
Li & Fung launched a tender offer for its $500mn 4.375% 2024s, offering to purchase for cash any and all of the notes. The consent solicitation was for certain modification of the terms and conditions of the notes to insert a new condition entitling the company...
Macro; Rating Changes; New Issues Talking Heads; Top Gainers and Losers
Treasuries rallied across the curve again on Wednesday with yields moving 6-9bp lower. The peak Fed Funds rate dropped by 8bp to 4.84% for the May 2023 FOMC meeting, continuing its downward move as high frequency soft data like the Markit PMIs indicated a slowdown in...
Sino-Ocean Extends Dollar Bond Payment; Ronshine Misses Dollar Bond Redemption
Sino-Ocean Capital (of which Sino-Ocean Group owns a 49% stake) extended the payment on its 6% dollar bond due October 25 by replacing it with a similar coupon note due next year. The new bond has an outstanding principal of $282.3mn. Amid the Chinese property market...
Ford Reports $827mn Q3 Net Loss
American car maker Ford Motor recorded a net loss of 827mn in Q3 2022 compared to a net profit of $1.8bn one year prior despite revenue increasing 10% to $39.2bn. The loss was mainly driven by its strategic decision to shift capital spending away from its Argo AI...
