Huarong’s Dollar Bonds Rally; Long Tenor Up ~30%, Short Tenor Up 10-15%
China Huarong’s dollar bonds rallied for a second day after the regulator publicly announced that the company has adequate liquidity. Huarong’s 2.875% Perp rallied the most by 32% to 80.25 and its 4% Perp rallied over 31% to 79.25. Shorter tenor bonds maturing between...
Future Retail’s Board Approves Bank Debt Restructuring
Future Retail’s board has agreed to a debt resolution plan on restructuring its secured bank debt and three rupee bonds as per a filing with the BSE. “The debt burden has become disproportionate relative to the cashflow generated by the company owing to the multiple...
United Offers Guidance on Metrics Needed to Breakeven
United Airlines (UAL) announced its Q1 earnings on Monday as news of new virus variants and rollout of vaccines continue to make headlines. The airlines reported a decline of 66% in operating revenue to $3.2bn vs. Q1 2019 and a net loss of $1.4bn and an adjusted net...
Morgan Stanley Sells Bonds Worth $7.5bn
Morgan Stanley raised $7.5bn via a three-part offering, joining jumbo bond issuances from peers JP Morgan and Bank of America. It raised: $2bn via a 3Y non-call 2Y (3NC2) fixed-to-floating bond at a yield 0.731%, or T+57bp, 13bp inside initial guidance of T+70bp area...
Golden Wheel Tiandi Downgraded to CCC+
Chinese homebuilder Golden Wheel Tiandi (GWT) was downgraded by Fitch to CCC+ from B- on weak liquidity, refinancing risks and a deterioration of their business profile. Fitch said that the downgrade also reflects the likelihood of the company having difficulties...
Colombia’s $3bn Two-Trancher 3.4x Covered
Colombia raised $3bn via a dual tranche offering. It raised $2bn via a 11Y bond at a yield of 3.356% or T+175bp, 30bp inside initial guidance of T+205 area. It also raised $1bn via a 20Y bond at a yield of 4.235% or T+205bp, 30bp inside initial guidance of T+235 area....
Saudi Real Estate Refinance Lining Up $1bn Debut Dollar Sukuk
Saudi Real Estate Refinance Co (SRC) has lined up a debut dollar sukuk worth $1bn by the end of the year. The issue of the Sukuk is likely to be between $500mn and $1bn with a tenor between 10 and 12 years. Moody's has assigned a first time issuer rating of A2 with a...
Peru’s Bonds Slip as Castillo Takes The Lead for Presidency
Peru’s currency and bonds fell after leftist presidential candidate Pedro Castillo is reported as the clear favorite in an opinion poll ahead of June’s presidential elections. Peru’s Sol slid 1.14% to close at 3.6730 per dollar, the largest daily loss since November....
Gulf Energy to Acquire Singtel Associate for $5.4 Billion
Thailand's largest power producer Gulf Energy Development has made a bid to acquire Singtel associate company Intouch Holdings, which controls Thailand's largest mobile phone company Advanced Info Service, for THB 169bn ($5.4bn). Gulf, controlled by Thai billionaire...
