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Deutsche Tender Offer Results
Deutsche Bank announced initial results of its tender offer to buyback up to $1bn of four dollar-denominated senior non-preferred bonds - its 3.035% 2032s, 2.552% 2028s, 2.311% 2027s, 2.129% 2026s. The German lender will accept $574mn of the 2032s at a tender offer...
Adani Planning to Invest $5.2bn in Alumina Plant
Adani Enterprises Ltd (AEL) received the approval to set up an alumina refinery and captive power plant in the eastern Indian state of Odisha for an investment of INR 416.5bn ($5.2bn). The refinery will have the capacity of 4 MTPA and a 175 MW power plant. In December...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets witnessed a strong rally on Wednesday as July inflation eased (details below) – the S&P and Nasdaq rose 2.1% and 2.9% respectively. Sectoral gains were led by Materials and Consumer Discretionary, up 2.9% each. US 10Y Treasury yields rose 1bp to...
Prudential Operating Profits Up 6%
UK-based insurer Prudential Plc reported 1H adjusted operating profits of $1.57bn, up 6% YoY. The annual premium equivalent (APE) sales rose 6% YoY to $2.2bn on a diversified geographic footprint, product mix, and distribution channels. Four product categories, namely...
Emirates REIT Posts 20% Growth in 1H Profits
Emirates REIT reported a 20.9% YoY rise in its 1H net profits to $61.5mn. Its net property income declined 10.9% YoY to $26.9mn. Excluding the effect of asset disposals in the previous year, the net Property Income grew 19.6% YoY. Occupancy increased by 0.5% in Q2 to...
Carnival and Royal Caribbean cut to B2 by Moody’s
Moody’s downgraded Carnival’s issuer rating from B1 to B2, its senior secured credit facilities from Ba2 to Ba3 and its senior unsecured notes from B2 to B3. The rating agency also assigned a negative outlook to the cruise line. The rationale is mainly a weaker than...
Fitch Cuts Ghana to CCC Following S&P’s Recent Downgrade
Ghana was downgraded by Fitch from B- to CCC, driven primarily by a deterioration of its public finances, lack of access to external financial markets and relatively high levels of debt. As a result of its dwindling reserves, Fitch expects that meeting its external...
Cathay Pacific Narrows 1H Losses to $637mn
Hong Kong-based Cathay Pacific reported a loss of HKD 5bn ($637mn) in 1H vs. a loss of HKD 7.6bn ($963mn) the previous year. Revenues rose 18% YoY to HKD 18.6bn ($2.4bn) driven by higher ticket sales and strong demand for air cargo. The airline indicated that Hong...
Fitch Upgrades Times China on Making Interest Payment, Just 9 Days After a Downgrade
Times China was upgraded by Fitch from C to CC, prompted by the Chinese developer’s timely repayment of coupons on its $350mn 5.75% 2027s and $500mn 6.75% 2023s, before the end of their one-month grace periods. This comes just 9 days after Fitch downgraded the...
