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Commerzbank Prepares for $471mn Q3 Hit on mBank Unit
Commerzbank said that it would take a €490mn ($471mn) hit on its Q3 operating profit after its Polish mBank unit booked additional provisions for its Swiss franc loans. The German banking major said that despite the hit, it is expected to reach its net profit target...
Russia-Ukraine Crisis: Impact on Bonds & CDS Spreads
Timeline and Latest Updates September 28, 2022: Russia’s gas producer Gazprom said that its EBITDA for 1H 2022 more than doubled to RUB 3tn ($52.5bn) and average exporting gas prices increased more than 3.5x YoY. The company said that it reported a record net profit...
Brookfield Plans $1bn Investment in Greenko
Brookfield Asset Management looks to invest at least $1bn in India’s Greenko Group. Brookfield will help in decarbonizing initiatives and the investment can be extended to $1.25bn at a $9-10bn valuation as per the ET. The investment may either be in its...
Shenzhen State-owned Firm to Complete 4 Evergrande Projects; Sunac Plans Extension of Local Bonds
Distressed property developer China Evergrande will work with Shenzhen Longgang Ancheng Investment Operation Co Ltd, owned by the Shenzhen government in order to complete four property development projects. The projects are situated in the tech hub of Longgang...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US government bond yields continued to trend higher on Monday with the 10Y Treasury up 15bp to 3.88% and the 2Y up 6bp to 4.32%. The peak Fed Funds Rate currently stands at 4.66% for the FOMC's May 2023 meeting, having eased by 8bp. US credit markets saw a widening of...
Macau Casino Bonds Jump on Tourism Revival
Dollar bonds of Macau's casino operators like Melco, Wynn Macau and MGM saw a jump of 2-4 points yesterday as the city's leader Ho Iat Seng said that China would resume an e-visa scheme for mainland travelers and permit group tours. The city will be open for mainland...
Sharjah Islamic Bank Downgraded to Baa2
Sharjah Islamic Bank (SIB) was downgraded to Baa2 from Baa1 by Moody's. Moody's notes that SIB's asset quality deterioration and declining loss-absorption capacity are weighing on the bank. As per the rating agency, SIB's "problem financings-to-gross financings ratio...
LATAM Airlines to Raise $750mn Leveraged Loan to Exit Bankruptcy
LATAM Airlines is to raise $750mn via a leveraged loan from a group of banks led by Goldman Sachs. The transaction is expected to help the airlines exit bankruptcy. The term loan will be used to repay existing debtor-in-possession facilities and will also be used for...
Jiayuan Extends Exchange Offer Deadline for a Third Time
Chinese property developer Jiayuan has again extended its exchange offer and consent solicitation deadline date for the third time, to October 5. The initial offer was launched on August 24 and extended twice before to September 16 and September 23. Six bonds are...
