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Adani Group Warned of being Deeply Overleveraged by CreditSights as Dollar Bonds Weaken
Adani Group has been warned of being "deeply overleveraged" by Fitch Group company CreditSights in a report. It noted that the group's debt funded growth plans could spiral into a massive debt trap in a worst-case scenario and lead to a possible distress or default....
Tuspark’s Dollar Bonds Jump over 55% after Consent Solicitation
Tuspark Forward (issuer of Tus-Holdings' bonds) launched a consent solicitation for two of its dollar bonds on which it missed payments in August. These bonds are its $308mn 7.95% May 2024s and $522.5mn 6.95% May 2024s guaranteed by Tus-Holdings. The bonds jumped over...
Keppel Consortium Takes 80% Stake in 800 Super Holdings for S$304mn
Keppel Asia Infrastructure Fund (KAIF) and Keppel Infrastructure Holdings (KI) are purchasing a combined 80% stake in Singaporean environmental services company 800 Super Holdings for S$304mn ($218.5mn). Keppel Corporation, the parent company of Keppel Capital, said...
Bed Bath Nears $370mn Loan as it Hopes to Pay Debt and Build Balance Sheet
US retailer Bed Bath and Beyond (BBBY) is said to have come close to securing a a $370mn loan from investment firm Sixth Street, WSJ reported. The company is looking to shore up its liquidity, balance sheet, and repay debt. As of May, BBBY had cash & cash...
Singtel to Sell $1.6bn Airtel Stake to Finance 5G
Singapore Telecommunications (Singtel) intends to reduce 3.3% of its own stake in Bharti Airtel by selling it to Bharti Telecom Ltd. This deal is expected to raise approximately S$2.25bn ($1.6bn). Singtel intends to use the proceeds to fund its 5G operations and...
ANZ Launches S$ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended mixed on Tuesday with the S&P down 0.2% and Nasdaq closing flat. Sectoral losses were led by Real Estate declining 1.5%, followed by Healthcare down 1.4%, while Energy rose 3.6%. US 10Y Treasury yields were 2bp higher at 3.04%. Markets are...
Fosun Downgraded to B1 by Moody’s
Fosun International Limited (Fosun) was downgraded to B1 from Ba3 with a negative outlook by Moody’s. The rating action was driven by Fosun’s refinancing uncertainties and execution risks related to assets sales, given increased market volatility and regulatory...
Macy’s Beats Expectations During Q2 Results
US-based departmental store company Macy’s reported a solid second quarter with net sales and earnings better than expectations. While revenues were lower by 0.8% YoY to $5.6bn, they beat expectations of $5.5bn. Bloomingdale and Bluemercury, both owned by Macy's saw...
Ping An Posts Surprise Profits amid Pandemic Impact
Chinese insurer Ping An reported a profit of RMB 60.3bn ($8.8bn) for 1H 2022, up 4% YoY, beating analysts expectations of a 9% decrease. Its results were helped by its banking business, which reported a 26% increase in net profits to RMB 22.1 ($3.2bn). However, group...
