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Bed Bath & Beyond Reports 25% Sales Dip; Bonds Drop Over 4 Points
Bed Bath and Beyond reported another quarterly decline in sales revenues, making $1.46bn in Q1 2022, 25% lower YoY than its revenue of $1.95bn last year. They also reported a net loss of $358mn during the quarter vs. a $50mn net loss in Q1 2021. Cash and cash...
Aeromexico Shareholders Approve Proposal for Stock Exchange Exit for Restructuring
As part of bankruptcy restructuring, the majority of Aeromexico’s shareholders approved the proposal to exit the Mexican Stock Exchange. In March, the company exited bankruptcy protection and planned to spend $5bn by 2027 for fleet modernization and other...
India’s NIIF Invests $300mn in DP World Subsidiary
Indian sovereign wealth fund National Investment and Infrastructure Fund (NIIF) has invested INR 22.50bn ($300mn), a 22.5% stake, in Hindustan Ports Pvt Ltd (HPPL) which subsidiary of Gulf logistic major DP World (DPW). Till date, NIIF has invested ~$500mn in...
Powerlong Downgraded To CCC+ by S&P
Powerlong was downgraded to CCC+ from B by S&P due to "considerable refinancing risk". Powerlong's repayment plans to meet immediately maturing debts have not made "material progress", S&P notes, adding that it would lead to an "unsustainable capital...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended sharply lower on Tuesday with the S&P and Nasdaq down 2% and 3% respectively. Sectoral losses were led by Consumer Discretionary down 4% followed by IT which fell 3%, while Energy was up 2.7%. US 10Y Treasury yields were 1bp lower at 3.17%....
Evergrande Says Investor Wind-Up Petition Not to Impact Restructuring Timeline
China Evergrande said in a statement yesterday that the winding up petition linked to a financial obligation of HK$862.5mn ($109.91mn) is not expected to affect its restructuring plans or timetable, as reported by Caixin Global. The Chinese developer will vehemently...
Sino-Ocean’s IG-Status on Review For Downgrade by Moody’s, akin to COGARD
Moody's has placed Chinese property developer Sino-Ocean and its senior unsecured notes on review for a downgrade from its Baa3 rating. It also placed the developer's perpetual bonds' Ba2 rating on review for a downgrade. The rating agency expects operating and credit...
Walgreens’ Boots Deal with Reliance, Apollo Called off
Walgreens Boots Alliance (WBA) called off plans to sell its UK pharmacy & chemist chain Boots UK. The company said that no third party was able to make an adequate offer due to the turmoil and volatility in global financial markets. Thus, a potential deal with the...
China South City Bondholders Agree to Dollar Bond Amendments
Bondholders of China South City agreed to amendment on five of its dollar bonds after it launched a consent solicitation in mid-June. It had sought to revise terms concerning "permitted bondholders" and the "change of control" on its 11.5% 2022s, 10.875% 2022s, 7.25%...
