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Garuda Indonesia Halves Debt After Restructuring; Government Expects to See Profits Soon
Troubled air carrier Garuda Indonesia has halved its debt to $5.1bn from $10.1bn after its court supervised restructuring. Earlier this month, creditors approved restructuring proposals with a majority vote. The company renegotiated the terms of aircraft orders and...
BBVA Profits Hit by Hyperinflation Accounting in Turkey
BBVA said that it saw €324mn ($341mn) of its Q1 2022 net attributable profit wiped out due to hyperinflation accounting in its Turkish unit Garanti BBVA. BBVA's restated profit has been reduced to €1.33bn ($1.4bn). The profit decline is augmented by BBVA’s recent...
China Railway, Bank of East Asia Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets started the week slightly lower on Monday with the S&P and Nasdaq down 0.3% and 0.7% respectively. Sectoral losses were led by Consumer Discretionary and Communication Services, down over 1% each, while Energy was up 2.8% as oil prices inched...
Evergrande Investor Files Winding-up Petition
Top Shine Global filed a winding up petition against China Evergrande in Hong Kong because it had not honored a financial obligation of HK$862.5mn ($109.91mn). In March last year, Top Shine had bought HK$750mn worth of shares in Evergrande’s subsidiary, Fangchebao...
Vedanta Raises ~$637mn from LIC as Dollar Debt Costs Rise
Mining company Vedanta Ltd raised INR 50bn ($637mn) from Life Insurance Corporation (LIC) by issuing 10Y bonds as per Business Standard sources. The deal is structured transaction with exact details are not yet known. The issuance was said to be a direct trade with a...
Credit Suisse May Cut Dividends by 50%, Says S&P; Convicted With Historic Money Laundering
Credit Suisse may cut its dividends by 50% next year due to its bottom-line struggles, said S&P. S&P analysts noted that Credit Suisse would pay out a CHF 0.05/share, vs. a CHF 0.10/share annual dividend after reporting a 2021 loss. "We predict another cut in...
Macau Casino Operators’ Bonds Drop
Macau casino operators’ bonds were trending lower last week as investors were selling off their bonds, following Sands China’s downgrade to a fallen angel and a new outbreak of Covid cases, as reported by IFR. IFR notes that coupled with mainland China’s border...
Argentina’s Local Bond Default Fears Jump
Default fears on Argentina have renewed, now in its local bond markets with creditors have become reluctant to roll over maturing government bonds. Bloomberg notes that it is rumored that officials are running out of financing options and that a local bond...
IMF Delays $238mn Kenya Loan for Budget Purposes
The IMF board has delayed a $238mn loan to Kenya. While the board did not cite the reason for the delay, Bloomberg reports that the board meeting is only expected in the “coming weeks” to give final approval. The expected loan was part of a $2.34bn extended credit...
