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The Week That Was (15 August – 20 August, 2022)
US primary market issuances rose last week to $22.1bn vs. $19.9bn in the week prior. IG issuances stood at $16.4bn vs. 18.5bn in the week prior, led by Amgen's $3bn three-trancher and Goldman Sachs' $2.5bn deal. In the HY space, there were new bond deals worth $5.2bn...
Adani Power to Buy DB Power for $879mn
India’s Adani Power has agreed to acquire DB Power at enterprise value of INR 70.2bn ($879mn). DP Power owns and operates a running 2x600 MW thermal power plant at Chhattisgarh state. The transaction will be paid for by a cash consideration. DB Power has long and...
MGM China to Inject $594mn into Macau unit for Casino License
Casino operator MGM China Holdings, the Chinese arm of US-based MGM Resort International will inject MOP 4.8bn ($594mn) into its Macau unit MGM Grande Paradise to re-tender for a license to operate its gaming business. As per the new gaming laws in Macau, a casino...
Emaar Plans Namshi Sale to Noon for $335.2mn
Dubai’s real estate developer Emaar Properties plans to sale its fashion platform Namshi to e-commerce company Noon for a cash consideration equity value of $335.2mn following its board approval on 19 August. DFM (Dubai Financial Market) has suspended trading on Emaar...
Oxley Reports H2 Loss of S$20.3mn with Drop in Overseas Revenue and Margins
Oxley Holdings reported a loss of S$20.3mn during 2H 2022, more than double its loss of $9.6mn during the same period last year. The property developer's revenues fell 46% YoY to S$419.5mn and its gross profit margins dipped by half to 13% from 26% last year. The drop...
Berkshire Hathaway Wins Approval to Buy up to Half of Occidental
Berkshire Hathaway won the approval of the Federal Energy Regulatory Commission to buy up to half of Occidental Petroleum (Oxy). This comes after Berkshire had requested authorization to acquire up to 50% of the oil major. Berkshire's interest in Occidental is not new...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended higher on Thursday with the S&P and Nasdaq up 0.2% each. Sectoral gains were led by Energy, up 2.5% and IT gaining 0.5%. US 10Y Treasury yields were 3bp higher at 2.90%. European markets were in the green – DAX, CAC and FTSE rose 0.5%, 0.5%...
Turkey Cuts Interest Rates by 100bp to 13% Despite 80% Inflation
Turkey cut its benchmark interest rate by 100bp to 13% yesterday, despite annual inflation at levels of near 80%. Most analysts expected a status-quo at the rate-setting meeting and thus were taken by surprise. The Turkish central bank said that it expects the...
Egypt’s Long-dated Dollar Bonds Rise Over 4% Following Status-Quo at Policy Meeting
Longer-dated dollar bonds of Egypt rose by over 4% yesterday, just a day after their central bank governor Tarek Amer resigned. He resigned one-day prior to Egypt's interest rate setting meeting where most economists expected the third rate hike of 2022 to combat...
