Softbank, Qatar Petroleum, Oxley Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets ended slightly higher - Nasdaq up 0.2% and S&P largely flat. The Consumer Confidence index was up 7.3 points in June to 127.3, the highest reading since the start of the pandemic and well above the 119 market forecast. IT continued its upward rally and...
Evergrande’s Borrowings Drop 15% in the Quarter to $88bn
Evergrande said that its total borrowings dropped ~15% to CNY 570bn ($88.3bn) since March, in-line with its target. Its debt has fallen ~20% from $110bn at end-December 2020 and the Chinese developer hopes to meet one of the three red-lines by the end of the month....
Sri Lanka’s Depleting Forex Reserves Causes Concerns
Sri Lanka's Foreign Exchange Reserves fell to $3.5bn in May 2021 as per CEIC data vs. $4bn a month ago and are sufficient to cover only ~2 months of imports, leading to concerns among investors especially in the face of the upcoming debt maturities. The country has to...
United Places Order for 270 Jets, Its Biggest Ever
United Airlines announced the purchase of 200 Boeing 737 Max and 70 Airbus A321neo on Tuesday under its "United Next" program. The airlines also said that it will be carrying out a retrofit of 100% of its existing narrow-body fleet. This is the largest combined order...
Brazil Raises $2.25bn Via Dual-Trancher
Brazil raised $2.25bn via a dual-trancher. It raised $1.5bn via a 10Y bond at a yield of 3.875%, 25bp inside initial guidance of 4.125% area. It also raised $750mn via a tap of its 4.75% 2050s, priced at 97.333 at a yield of 4.925%. The issuance received orders of...
CSN Upgraded to BB from B+
Brazilian Companhia Siderúrgica Nacional (CSN) has been upgraded two-notches to BB from B+ by S&P based on sizable deleveraging. The rating agency has also upgraded its issue-level rating on CSN Islands XII Corp.'s senior unsecured notes to BB from B+. The outlook...
Consortium Led by Alibaba and Jiangsu Government Near a Deal to Bail out Suning
A consortium led by Alibaba Group and the Jiangsu Provincial government are set to buy a stake in Suning.com according to sources. They added that Suning.com is expected to make an announcement this week, and their founder Zhang Jindong will not have control of the...
Oxley to Sell Piece of Property Overseas for S$100mn
Singapore's Oxley Holdings has revealed through an exchange filing that it has entered an agreement to sell its overseas property with a book value of ~S$60mn ($44.6mn) at a price of ~S$100mn ($74.4mn). The sale of the property if completed by the end of June next...
Jain Irrigation’s Dollar Bondholders Approve Restructuring
Bondholders of Jain Irrigation’s $200mn 7.125% 2022s approved a restructuring proposal to exchange the old bonds for either new bonds at par or redeem them for cash at a steep discount of $260 for every $1,000 in principal. Creditors who provide a new loan will also...
