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HSBC NII Up 20% as NIM Improves
Global banking major HSBC reported a de-growth of 1% YoY in its Q2 profit before tax to $5bn, while profit after tax came in at $5.8bn, driven by a tax credit of $800mn. Total revenues were up 12% YoY to $13.1bn. Segmental revenue for Global banking and markets (GBM)...
Sino-Ocean Cut to Ba1 by Moody’s; Central China Repurchases Bonds Due in Aug 22
Sino-Ocean is the latest Chinese developer to become a fallen angel after Moody’s downgraded it from Baa3 (investment grade) to Ba1 (high yield). The downgrade mainly stems from Moody's expectation that support from Sino-Ocean’s largest shareholder, China Life (rated...
Credit Suisse’s Senior Unsecured Debt Cut to Baa2 by Moody’s; Outlook Changed to Negative by S&P
Moody’s downgraded Credit Suisse's senior unsecured debt rating from Baa1 to Baa2, maintaining the negative outlook on the Swiss bank’s ratings. The rating agency cites Credit Suisse’s weakening credit profile in light of its H1 2022 losses, and uncertainty over the...
Macau’s Casino Operators’ Bonds Inch Up as Macau Reopens
Bonds of Macau's casino operators have risen with Studio City’s and Melco Resorts’ bonds leading the pack. This follows the decision to ease Covid-related restrictions in Macau, in force from today. This news arrives as Macau's casinos experienced their worst ever...
Aramco Buys Valvoline’s Global Products Biz for $2.65bn
Saudi Aramco announced that it will be buying US-based Valvoline’s global products business for $2.65bn, with an equity purchase agreement in place. Valvoline Global Products (VGP) is a independent producer and distributor of premium branded automotive, commercial and...
Transocean Losses Narrows, Revenue Up 5%
US-based offshore drilling company Transocean reported a reduction in net loss for the June quarter to $68mn vs. a net loss of $103mn in the previous year. Total contract drilling revenues rose 5.5% YoY to $692mn, and revenue efficiency was 97.8% against 94.9% in Q1....
Luxembourg Banks Freeze Ecuadorian Assets
Luxembourg-based banks have been ordered to freeze all Ecuadorian assets after a settlement charge of $391mn to Anglo-French oil company Perenco remains unpaid. In 2021, Ecuador’s government had pledged to pay the settlement sum after the World Bank's International...
July 2022: Investment Grade Dollar Bonds Outperform as Curve Shifts Down
The month of July was broadly positive for bondholders with 67% of dollar bonds in our universe delivering a positive price return (ex-coupon). Investment grade (IG) bonds outperformed, with 77% of all IG dollar bonds ending July in the green vs. 51% of high yield...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets continued its climb on Friday with the S&P and Nasdaq up 1.4% and 1.9% respectively. Sectoral gains were led by Energy up 4.5% and Utilities up 4.3%. US 10Y Treasury yields eased a further 3bp to 2.66%. European markets also ended higher – the...
