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JSW Energy to Acquire Mytrah’s Renewable Energy Portfolio for $1.3bn
JSW Energy has announced that its wholly-owned subsidiary JSW Neo Energy will acquire a portfolio of 1.75 GW of renewable energy generation capacity from Mytrah Energy (India) Pvt Ltd, constituting of 17 SPVs and 1 ancillary SPV. After adjusting for net current...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended lower on Tuesday with the S&P and Nasdaq down 0.4% and 1.2% respectively. Sectoral losses were led by Consumer Discretionary down by 1.5% and Information Technology down 1% while Energy was up 1.8%. US 10Y Treasury yields rose 3bp to 2.78%....
SoftBank Posts Record $24.5bn Loss, Announces Cost Cuts
SoftBank reported an eye-watering quarterly loss of $24.5bn for Q2 on revenues of $11.6bn, up 6.3% YoY. This was against a $5.6bn profit in the prior year. The company posted its biggest quarterly loss, driven by the global stock market turmoil and the rapid fall of...
Guangzhou R&F Properties Reports Delayed 2021 Results; Net Loss of $2.4bn
Guangzhou R&F Properties announced its delayed 2021 annual results, reporting a net loss of RMB 16.5bn ($2.4bn) for the year 2021 against a profit of RMB 9.1bn ($1.4bn) for the year 2020. The net loss is mainly attributable to the decrease in revenue from property...
Unifin Suspends Repayment on All Debt, Sending Bonds Tumbling; S&P Cuts Unifin to D
Mexico’s largest non-bank lender, Unifin has suspended all coupon and principal payments on its debt as it seeks to “negotiate definitive agreements with (Unifin's) shareholders in relation to a strategic restructuring." Reuters noted that earlier this year, Unifin...
Logan Suspends Interest Payments on $1.6bn of Offshore Bonds
Chinese Developer Logan Group has halted coupon payments on five of its dollar-denominated bonds maturing over the next 6 years with a combined value of $1.6bn. The bonds in question are its $400mn 6.5% 2023s, $300mn 5.75% 2025s, $300mn 4.25% 2025s, $300mn 4.7% 2026s...
Ghana Doubles IMF Funding Goal to $3bn
Ghana is seeking a $3bn loan from the IMF, double of what it was previously considering a month ago. Bloomberg notes that the African sovereign aims to bolster its finances, including its reserves and budget, and ultimately regain access to global financial markets....
Bharti Airtel Posts Five-Fold Jump in Profits
India’s Bharti Airtel reported a 5.67x YoY jump in net profits to INR 16.1bn ($200mn) on a consolidated basis for the quarter ended June on higher revenues and stronger subscriber additions. The company posted revenues of INR 328bn ($4.3bn), 22% higher YoY driven by...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended the week lower on Friday with the S&P and Nasdaq down 0.2% and 0.5% respectively. Sectoral losses were led by Consumer Discretionary down by 1.7% and Communication Services down 0.9%; Energy was up 2%. US 10Y Treasury yields rose 14bp to...
