COGARDs Dollar Bonds up 2-3 Points On Planned Yuan Bond; R&F Gets Approval to Delay Local Bond Repayment
Country Garden's (COGARD) dollar bonds moved 2-3 points higher on news of a planned RMB 500mn ($74mn) onshore yuan bond offering. Besides, Chinese financial platform Cailin reported that Country Garden will issue asset-backed securities (ABS) and asset-backed notes...
Tencent Reports Slowest Quarterly Sales Since Listing; Profits Fall 51% YoY
Tencent reported almost no revenue growth during Q1 2022 at RMB 135.5bn ($20bn), much lower than consensus estimates of RMB 141bn ($20.9bn). This was its slowest quarterly sales since it got listed. Its quarterly profits were at RMB 23.4bn ($3.5bn), down 51% YoY....
Marfrig Upgraded to Ba2 from Ba3
Marfrig Global Foods was upgraded to Ba2 from Ba3 by Moody's with a positive outlook. Moody’s notes that Marfrig has shown strong operational performance and adequate liquidity, lower financial expenses driven by the liability management strategies, and its ability to...
Singapore Airlines Reports Narrower Loss in FY 2022
Singapore Airlines (SIA) reported a loss of S$962mn for the financial year ending 2022, as compared to a loss of S$4.27bn in the previous year. Its revenues doubled to S$7.62bn over the course of the year. An ease of travel restrictions helped boost passenger traffic...
Astrea VII, Wing Tai Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets jumped higher on Tuesday, with the S&P up 2% and Nasdaq up 2.8%. Sectoral gains were led by IT, Materials, Financials and Consumer Discretionary, up over 2.5% each. US 10Y Treasury yields were 5bp higher to 2.98%, with the 2s10s yield curve...
Agile Downgraded to B3 by Moody’s
Agile Group was downgraded to B3 from B2 and its senior unsecured ratings to Caa1 from B3, with a negative outlook. Agile's liquidity is expected to remain "inadequate in the next 12-18 months" without new external financing, funding and timely execution of asset...
IHC Invests $2bn in Adani Group’s Green Portfolio
Abu Dhabi-based global strategic investment company, International Holding Company PJSC (IHC), has made an announcement of the completion of an INR 154bn ($2bn) investment transaction in the Adani Group's portfolio companies. In April, IHC agreed to invest AED 7.3bn...
Allianz to Pay Over $6bn on US Funds Collapse
Allianz has agreed to pay over $6bn regarding a criminal securities fraud on the collapse of its US Structured Alpha Funds. Allianz would have to pay a $2.33bn criminal fine, $3.24bn in restitution, a $675mn civil fine settlement with the SEC and forfeit $463mn. The...
Bharti Airtel Reports 164% Surge in Profits
Bharti Airtel reported a net profit of INR 20.1bn ($260mn) on a consolidated basis in quarter ending March 2022, surging 164% YoY. The company posted revenues of INR 315bn ($4.1bn), 22% higher YoY driven by healthy growth in mobile services, home business, and digital...
