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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%...
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...
