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Hong Kong Audit Watchdog Expands Probe Into Evergrande’s unit
The Financial Reporting Council (FRC), Hong Kong's audit regulator has started an enquiry into the financial statements of China Evergrande Group's property services arm and its former auditor PwC. This follows Evergrande’s probe that raised questions about seized...
Bahrain Posts $88mn Budget Surplus; Saudi Arabia’s Oil Revenue Doubles in Q2
Benefiting from increasing oil prices, Bahrain posted a 52% spike in revenues contributing to a budget surplus of $88mn in H1 2022. This is despite it being the smallest oil producer in the Gulf region. Bloomberg notes that this is a positive reversal from its $1.38bn...
Zhenro and Central China Issue Profit Warnings
Chinese property developers Zhenro Properties and Central China Real Estate (CCRE) issued a profit warning on Monday. Zhenro in its exchange filing said that it expects to report a loss of RMB 2.5-3.0bn ($368-442mn) for the six months ending 30 June 2022. This...
BPCL to Spend ~$18bn on Petchem, Gas business
India’s state-owned refiner BPCL has planned a capex outlay of around INR 1.4tn (~$18bn) in the next five years for future expansion in sectors such as petrochemicals, gas, renewables, consumer retailing, E-mobility, and upstream, as mentioned in its recently released...
Citi Sues Revlon After $900mn Mistaken Payment
Citigroup has revived court proceedings against Revlon by suing the cosmetics major after failing to clawback $500mn from its lenders, following accidental payments to them in August 2020. The bank had accidentally transferred $900mn to Revlon’s lenders at the time....
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a sharp uptick on Friday, with the S&P and Nasdaq up 1.7% and 2.1% respectively. The rise in equities came after the import price index, an inflation gauge, fell for the first time in seven months, by 1.4% in July. This was the largest...
The Week That Was (8 August – 13 August, 2022)
US primary market issuances dipped last week to $19.9bn vs $37.8bn in the week prior. IG issuances stood at $18.5bn vs. $35.8bn in the week prior, led by Duke Energy raising $3.2bn via a three-tranche deal, followed by Global Payments raising $2.5bn in a...
Turkey Cut to B3 by Moody’s
Moody’s has downgraded Turkey from B2 to B3, with a stable outlook as the pressure on Turkey's balance of payments has risen due to higher energy prices. Moody’s expects Turkey’s current account deficit (CAD) at ~6% of GDP for the current year, over 3x higher than...
Logan Unwilling to Cooperate on Restructuring, Say Offshore Bondholders
After Chinese real estate developer Logan Group announced a payment suspension on $1.6bn of offshore bonds last week, IFR reported that the developer is unwilling to cooperate on the restructuring. The bonds in question include its $400mn 6.5% July 2023s, $300mn 5.75%...
