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SBI plans to raise close to $1.4bn through AT1 and Tier-II bonds
Indian state-lender State Bank of India (SBI) plans to raise capital via the issuance of Basel lll compliant debt instruments in USD/INR or any other convertible currency, during the current financial year. The bank looks to raise fresh Additional Tier 1 (AT-1)...
Middle East Issuers Line Up Bond Deals; Await Favourable Window
Issuers from the Middle East are said to have lined up bond deals, awaiting a favourable window to launch. The list includes the Kingdom of Saudi Arabia, Saudi's sovereign wealth fund PIF, Qatar, ADNOC, the EIG-led consortium in Aramco's pipeline...
China Three Gorges Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets continued its upward trend on Wednesday with the S&P and Nasdaq up 0.6% and 1.6% respectively. Sectoral gains were led by Consumer Discretionary up 1.8%, followed by IT gaining 1.6%, while Utilities were down 1.4%. US 10Y Treasury yields were 1bp...
China South City Launches Consent Solicitation to Amend Bond Maturities
China South City (CSC) launched a consent solicitation to extend the maturities and adjust coupons on 5 of its dollar bonds. The bonds in question are its 11.5% 2022s, 10.875% 2022s, 7.25% 2022s, 11.95% 2023s and 10.75% 2023s. CSC is asking bondholders to: Extend...
Evergrande EV Receives ~$980mn worth Pre-Orders; Yet to Reach Pact With International Bondholders
China Evergrande’s new EV unit announced that they have received over 37,000 pre-orders for its first model Hengchi 5. Buyers of the EV are paying CNY 1000 ($148) as a deposit for the car, which is priced from CNY 179,000 ($1294). The EV unit has said that it will...
United Airlines Returns to Profit on Travel Surge
United Airlines delivered its first profitable quarter since the pandemic began, posting a net income of $329mn vs a net loss of $434mn in the same period last year. Its operating revenues also increased 6% to $12.1bn vs $11.4bn in Q2 2019, achieving the highest Q2...
Abu Dhabi Islamic Bank Q2 Profit Jump 45%
UAE-based Abu Dhabi Islamic Bank (ADIB) reported a 45% YoY increase in net profits to AED 726mn ($197.7mn) during Q2 2022. Total revenues rose 9% YoY to AED 1.4bn ($389mn), driven by a 10% growth in funded income to AED 880mn ($239.5mn) and an 8% increase in...
T-Mobile Upgraded to Baa3 by Moody’s
T-Mobile was upgraded by Moody's to Baa3 from Ba2, making it a rising star - an issuer whose rating has been upgraded to investment grade from non-investment grade. The company has accelerated the achievement of higher-than-expected operating cost synergies post its...
Bed Bath Downgraded to Caa2 by Moody’s
Bed Bath and Beyond was downgraded to Caa2 from B2 by Moody's following "steep decline in revenues and EBITDA on its liquidity, free cash flow and credit metrics". The downgrade also reflects the company's reduced cash balances following its share repurchases at a...
