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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...
The Week That Was (1 August – 6 August, 2022)
US primary market issuances more than doubled to $37.8bn vs. $16.4bn in the previous week. IG issuances stood at $35.8bn vs. $15.2bn in the week prior, led by Meta’s debut $10bn bond issuance, followed by Intel and Apple raising $6bn and $5.5bn in five-tranche and...
Oman Posts Budget Surplus of $2bn on Higher Oil and Gas Revenues
Oman posted a budget surplus of OMR 784mn ($2bn) for H1 2022, primarily due to higher revenues from oil and natural gas. The Gulf nation’s revenues jumped more than 54% in Q2 to OMR 6.7bn ($17.4bn), with oil and gas revenues contributing the most at OMR 3.2bn ($8.3bn)...
HPCL Posts Massive Loss of $1.3bn on Eroding Marketing Margins
Indian state-owned refiner HPCL reported a loss of INR 102bn ($1.3bn) in the quarter ended June compared to a profit of INR 18.8bn ($240mn) the previous year. The muted performance was attributed to erosion in marketing margins on Motor Fuels and LPG due to...
Allianz Profit Declines on Non-Operating Expenses
German insurer Allianz reported a 23.1% YoY fall in its consolidated net income to €1.8bn ($1.8bn) for Q2. The lower profit was attributed to a 6x jump in non-operating expenses to €1.2bn ($1.2bn), which included restructuring & integration expenses, impairments,...
SBI’s Profits Dip, Miss Estimates
Indian state-owned lender SBI reported a 6.7% YoY decrease in net profits to INR 65bn ($820mn) for the quarter ended June, missing analyst expectations of INR 74.96bn ($940mn). The dip in profits was impacted by MTM Losses on its investment book. The bank’s total...
