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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended mixed on Thursday with the S&P up 0.3% while Nasdaq was down 0.3%. Sectoral losses were led by Energy, down 2.3% and Materials falling 1.4% while Healthcare was up 1.7%. US 10Y Treasury yields were 6bp higher at 3.26%. European markets...
Sino-Ocean Reports a $160mn Loss in 1H 2022; Plans State-Guaranteed Local Bond Issuance
Sino-Ocean Group reported a loss of RMB 1.09bn ($160mn) in 1H 2022 as compared to a profit of 1.01bn ($150mn) during the same period last year. The Chinese developer said that the losses were primarily due to exchange losses as a result of the Renminbi's depreciation,...
Turkey’s International Reserves Drop by Over $3bn since mid-August
Turkey's international reserves dropped by $1.26bn for the week ended August 26, and by over $3bn during the second half of the month. In the second week of August, its net forex reserves touched $15.68bn, the highest level since late April but have fallen sharply...
Credito Real Downgraded to D by Fitch; Ratings Withdrawn Post the Downgrade
Mexican non-bank lender Credito Real was downgraded to D from RD by Fitch. The rating agency then withdrew the rating citing the default of the entity. Fitch notes that some form of liquidation process is ongoing, based on the company's announcements - On 14 July...
Bed Bath’s Bonds Downgraded to CCC- by S&P
US retailer Bed Bath & Beyond's (BBBY) senior unsecured bonds were downgraded to CCC- from CCC by S&P. The rating agency left the issuer-level rating unchanged at CCC, having only recently downgraded the company. BBBY issued a new first-in-last-out (FILO) loan...
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...
