Evergrande’s Dollar Bonds Sink after New Asset Freeze
Dollar bonds of Evergrande have taken another dive after a court froze its entire 20% stake in Shanghai-listed onshore subsidiary Langfang Development Co. for three years. The decision is the outcome of a civil lawsuit between Evergrande units and a state-backed...
Luso Launches $ Perp; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets closed higher in the wake of dovish Fed comments. S&P closed 0.4% higher after scaling another record and Nasdaq gained 0.1%. Financials, Energy and Consumer Discretionary pushed the markets higher by ~1% while Communication Services, down 0.9%, pulled...
More news of Evergrande’s Unpaid Dues Come to Light
Caixin reports that Evergrande’s subsidiaries have not yet made payments to the city government of Lanzhou (capital of Gansu province) as per a list released by Lanzhou last week. While the amount Evergrande owes is not known, the notice urged the companies to make...
More Chinese Property Developers’ Bonds Fall
Dollar bonds of other Chinese property developers (ex Evergrande) fell over 3% on Thursday. Growing concerns over Evergrande coupled with Beijing's crackdown seem to be having a ripple effect on other Chinese developers' bonds including names such as Kaisa, R&F...
EDF Reforms Delayed after Failure to Agree Terms with Brussels
The French government has stalled the restructuring of state owned energy provider Electricite de France (EDF) after it failed to reach an agreement with the EU. The bone of contention was the relation between the new entities created post restructure and the cash...
Apple Raises $6.5bn Via Four Part Offering
Apple raised $6.5bn via a four-part offering: The SEC registered bonds are rated Aa1/AA+. Proceeds will be used for general corporate purposes, including share repurchases and payment of dividends to return capital to shareholders, funding for working capital, capital...
Amazon Misses Estimates as Online Sales Slows
Amazon announced weaker Q2 sales than estimates at $113.1bn vs. forecasts of $115.2bn. Nevertheless, this was its third consecutive quarter of over $100bn in sales. Revenues grew 27% YoY and profits were at $7.8bn in the quarter, up 48% YoY. Amazon’s core online store...
HDFC Bank Hires Bankers for Dollar AT1
HDFC Bank has hired investment banks Barclays, Bank of America, Citi, HSBC, JP Morgan, Standard Chartered, MUFG, SocGen and BNP Paribas to raise between $500mn to $1bn via its first ever AT1 as per sources. The issue is expected to be launched as early as next week....
SIA Q1 Net Losses Narrow
Singapore Airlines reported a progressive increase in the passenger traffic and robust cargo performance which helped it earn a revenue of S$1.3bn ($960mn) in its first quarter ended June, 52% higher than S$861mn ($636mn) in 1Q2020. The increase in revenues was...
