Softbank Outlook Revised to Stable from Negative by S&P
Softbank Group Corp's outlook has been revised to stable from negative by S&P while affirming the group's BB+ rating. The outlook change comes on the back of sound decisions by the management of the group as it successfully reduced the group's debt by JPY 1.5tn...
Saudi Arabia Raises $5 Billion via New Bonds
The Kingdom of Saudi Arabia raised $5bn via a dual-tranche bond deal launched during US hours on Tuesday. It raised: $2.75bn via 12Y bonds at a yield of 2.336%, 130bp over Treasuries and 35bp inside initial guidance of T+165bp area $2.25bn via 40Y bonds at a yield of...
YPF Bonds Rise on Revised Debt Exchange Offer
Argentinian energy company YPF amended its restructuring proposal for its bonds $6.2bn worth, the latest effort to reach a deal after bondholders rejected the original offer. As per the latest round of amendments, the 2026s will now be backed by shares of YPF...
Netflix Upgraded to Just Below Investment Grade at BB+
Days after Netflix’s strong earnings report, rating agency S&P has upgraded the company to BB+, just one notch below investment grade with a positive outlook. S&P cited Netflix's significantly improved free operating cash flow (FOCF) trajectory and the...
Rolls Royce Warns of £2bn Cash Burn in 2021; Flying Hours to Be 55% of Pre-Covid Levels
British aerospace company Rolls-Royce warned of a £2bn ($2.75bn) cash burn/free cash outflow in 2021, a number worse than market expectations of ~£1-£1.5bn ($1.4-$2bn), as per a company statement. The cash outflows are weighted towards the first half of the year,...
CFLD Bonds Plunge With Report of CICC Involvement On Restructuring Options
China Fortune Land Development’s (CFLD) dollar bonds took another beating with most of them now trading in the 40’s falling 11 cents on the dollar yesterday. The 8.625% bond due February 2021 was hit the hardest, dropping a record 17.7 cents on the dollar, but have...
Adani Ports, GMR, Seazen, Zhenro Among 10 New Deals; Macro; Rating Changes; Talking Heads; Top Gainers & Losers
S&P and Nasdaq reached closing highs, both up 0.4% and 0.7% respectively. US 10Y Treasury yields fell by 6bp as the yield curve flattened to a three-week low. Jim Vogel, a rates strategist at FHN Financial, explains the tightening of Treasury yields, "The...
Vedanta’s Outlook Revised to Stable from Negative by S&P
Vedanta Resources' credit rating outlook has been revised up to stable from negative by S&P Global Ratings while maintaining the current rating of B-. The rating action comes as the rating agency believes that refinancing risks of the company have reduced and...
Adani Ports Launches New Dollar 10Y Bond Along With Tender Offer for 2022s
India's largest port operator Adani Port and SEZ has launched a new dollar denominated 10Y bond this morning alongside a tender offer. Adani Ports has set an initial price guidance of 3.5% area on the new 144a/Reg S bonds that are expected to be rated Baa3/BBB-/BBB-...
