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Argentina Economy Minister Resigns, Casting Doubts over IMF Program Goals
Argentina’s Economy Minister Martin Guzman resigned on Saturday following escalating infighting within the government. His departure raises questions whether Argentina can comply with a $44bn IMF program, whose goals for the latter half of 2022 are seen as too lofty...
Vedanta Eyes $3.5bn turnover from Semiconductor Unit
Vedanta Group is expecting a turnover of $3-3.5bn by 2026-27 in the first phase of its display and semiconductor manufacturing business. Of this, Vedanta expects $1bn to come from exports. This is Vedanta's second foray into the semiconductor business where it has...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended weak on Thursday with the S&P and Nasdaq down 0.9% and 1.3% respectively. Sectoral losses were led by Energy down 2% and Communication Services down 1.6%. US 10Y Treasury yields were 12bp lower at 2.98% on weak economic data, going below...
Commerzbank Downgraded to A2 by Moody’s
Commerzbank’s long term issuer and senior unsecured ratings were downgraded to A2 from A1 by Moody’s. This is due to expectations that the "volume of its loss-absorbing bonds will be reduced" relative to the size of the German bank’s balance sheet. Based on Moody’s...
Cuscaden to Own 61.7% of SPH REIT as Offer Concludes
Singapore-based investment holding company Cuscaden Peak has upped its stake in SPH REIT to 61.7% after the former received 402.9mn units as part of its chain offer, as per an exchange filing. In April, the Cuscaden consortium consisting of Hotel Properties,...
Modern Land China’s $1.3bn Cayman Restructuring Scheme Approved by Creditors
Following Modern Land’s Chapter 15 bankruptcy petition in June, its proposed offshore restructuring scheme has been approved by a total of 370 of their creditors, according to HKEX. These creditors represent an aggregate principal amount of $1.27bn, which amounts to...
Barclays Launches S$ AT1 Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets were calm on Wednesday with the S&P and Nasdaq ending almost flat. Sectoral losses were led by Energy down 3.4% while gains were led by Healthcare, up 0.9%. US 10Y Treasury yields were 7bp lower at 3.10% with market analysts now talking about...
Evergrande Creditors Approve Onshore Bond Amendments; Kaisa Enters Constructive Dialogue with Creditors on Restructuring
Hengda Real Estate Group, the onshore unit of Evergrande, saw bondholders approve proposals related to the repayment of RMB 8.2bn ($1.2bn) on its 6.98% bonds that are due in July 2022. It noted that three proposals related to the repayment of the notes were approved...
Shimao Defaults On $400mn Zero Coupon Bond Principal
Shimao Group has failed to fulfill its obligations to make a principal payment on its $400m zero-coupon bond that was due on June 14, according to the Credit Derivatives Determinations Committee. This default is the latest in a string of problems for the Chinese...
