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Vanke Property Services Unit Plans ~$1.5bn via Hong Kong IPO
The property services unit of Chinese property developer China Vanke known as Onewo, has gained approval for an IPO in Hong Kong where it intends to raise between $1-$1.5bn, lined up in September 2022. However, Onewo’s IPO schedule could change as it is subject to...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dipped further on Wednesday with the S&P and Nasdaq down 0.8% and 0.6% respectively. Sectoral losses were led by Materials, down 1.2%, followed by Consumer Discretionary and IT declining 1% each. US 10Y Treasury yields jumped 9bp higher to 3.2%....
Country Garden, CIFI and Seazen’s Dollar Bonds Extend Gains
Dollar bonds of Chinese property developers like Country Garden, CIFI Holdings and Seazen topped the gainers list yesterday. While Country Garden had reported a 96% drop in its 1H 2022 profits, it also announced that it planned to issue RMB 5bn ($724.3mn) in...
Tencent Plans $15bn in Investment Disposals This Year
Chinese conglomerate Tencent plans to focus on divestments this year due to pressure from investors and regulators, FT reported. Depending on the market situation and internal profit targets, Tencent looks to offload around RMB 100bn ($14.5bn) from its $88bn listed...
Bed Bath Plans Raising Money via New Shares and Inks $500mn in Financing; Dollar Bonds Jump
Troubled American retailer Bed Bath & Beyond announced a plan to raise money by issuing new shares. It also said that it signed deals worth of $500mn in financing, adding that it would close down 150 of its 953 stores, cut jobs and overhaul its merchandising...
Zambia Gets IMF Bailout and Progresses Towards G-20 Debt Plan
Zambia secured a $1.3bn bailout package approval from the IMF, a key step towards the nation restructuring its debt under the G-20 debt plan. Based on Zambia’s economic reforms plan, the IMF has given a 38-month extended credit facility (ECF). The lender said, “The...
Chinese LGFVs Show Signs of Debt Risks
Financial concerns and potential restructuring risks are now emerging in China's local government financing vehicle (LGFV) space, particularly for those companies in "weaker parts of the country", as per Bloomberg. For example, Lanzhou City Development Investment Co....
KDB Launches $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets further extended its downward move on Tuesday with the S&P and Nasdaq down by 1.1% each. All sectors were in the red, with Energy falling the most, by 3.4%, followed by Industrials and Materials, down over 1.5% each. US 10Y Treasury yields were...
Country Garden Reports a Massive 96% Profit Drop
Country Garden (COGARD) reported a record 96% YoY drop in its net profits to RMB 612mn ($88mn) 1H 2022. The developer's revenue dropped 31% YoY to RMB 162bn ($23mn). The Chinese property developer had warned of a sharp drop in its profits in mid-August. Its gross...
