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Evergrande To Exit Shengjing Bank Stake in $1.1bn Forced Sale as per Sources
China Evergrande will exit its remaining 14.57% stake in Shengjing Bank for RMB 7.3bn ($1.1bn) as per sources. The stake will be bought by a state-owned entity, the only bidder so far. Proceeds will be used to repay debt that Evergrande owes the bank. Since proceeds...
SoftBank Nears Sale of Fortress Investment to Mubadala at $2bn Valuation
SoftBank is on track to complete a deal to sell its Fortress Investment stake to Mubadala at more than $2bn valuation. As per sources Rajeev Misra, the key person at SoftBank Investment Advisers and formerly a partner at Fortress, is coordinating the deal with a...
Argentina and IADB Agree to ~$5bn Financing for 2 Years upon Depleting Forex Reserves
Argentina has struck an agreement with the Inter-American Development Bank (IADB) where the latter will extend financing to the nation for almost $5bn in 2022 and 2023. The South American nation has been struggling with financial instability with inflation surging...
Kexim, Orix Launches $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
On Monday, US equity and bond markets were shut on account of Labor Day. US 10Y Treasury yields have opened 2bp higher today at 3.22% and 2Y yields are up 5bp to 3.44%. EU Main CDS spreads 5.5bp wider and Crossover spreads widened by 30.5bp. Russia's Gazprom had...
Evergrande’s Winding-up Petition Hearing Adjourned to November; R&F Sells Beijing Hotel
China Evergrande's winding-up petition has been pushed to November 7 from the earlier stated September 5, as per the developer's exchange filing citing the Hong Kong High Court's announcement. The petition relates to an investor in the company, Top Shine Global's...
Adani Group Clarifies its Numbers while Responding to CreditSights’ Report
Adani Group said that its group companies’ debt load reduced while responding to CrediSights’ report which indicated the group was deeply overleveraged. The company added further that the leverage ratios of its companies continue to be healthy and are in-line with...
Sino-Ocean Downgraded to Ba2 by Moody’s
Sino-Ocean and its senior unsecured notes were downgraded to Ba2 from Ba1 by Moody's while its perps were cut to B1 from Ba3. The developer's credit profile has weakened and its funding access has deteriorated, they said. Besides, the company's financial flexibility...
Aston Martin to Raise $660mn via Rights Issue
UK-based car maker Aston Martin is set to raise £575.8mn ($660mn) via a rights issue. Saudi's wealth fund i.e., the PIF and other major investors have supported the issue. The rights issue will be done at a 4:1 ratio (four shares for each existing stock) at 103...
APAC ex-Japan Sees Worst Issuance Volumes for the First Eight Months Since 2013
Issuance volumes from the APAC ex-Japan region during the first eight months of 2022 are at its lowest since 2013. Issuance volumes stood at $136.4bn during the period. With respect to quarterly volumes, while the third quarter is not yet over, the region is on track...
