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Sunac Set to Miss Instalment Payment on Extended Local Bond
In a statement on Friday evening, Sunac China came out saying that they might miss an RMB 400mn ($59.8mn) installment payment on its RMB 4bn ($598mn) onshore bond. It cited its inability to gather sufficient funds amid liquidity issues arising from China’s pandemic...
Carnival Forecasts Profits in Upcoming Quarter
Cruise operator Carnival Corp reported its Q2 earnings with revenues of $2.4bn, increasing by ~50% vs Q1, but below projections for $2.76bn. Its adjusted net loss was at $1.9bn vs. a net loss of $2.1bn during the same period last year. Q2 Occupancy was at 69%, vs. 54%...
IMF Approves $1bn Disbursement for Ecuador
IMF approved $1bn in immediate disbursements for Ecuador under its 27-month Extended Fund Facility (EFF) after concluding its fourth and fifth reviews last week. These funds will be used for budget support. For the past two weeks, protests by indigenous groups have...
UAE Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets closed higher on Thursday with the S&P and Nasdaq up 1% and 1.6% respectively. Sectoral gains were led by Utilities up 2.3% followed by Health Care, up 2.2% while Energy was down 3.7%. US 10Y Treasury yields dropped by 6bp to 3.1%. European...
Turkey’s Net Forex Reserves Drop to 20Y Low of $7.4bn
Turkey's central bank net forex reserves fell from $8.15bn a week ago to $7.38bn, the lowest it has been in 20 years. The dwindling reserves are expected to raise investors' concerns over the country’s ability to service its sovereign debt. Reuters notes that in...
Credito Real to Fight Bankruptcy Bid by its Bondholders
Credito Real is set to fight an involuntary bankruptcy petition by a group of bondholders by saying it was "improper and was filed as a litigation tactic in the U.S. by certain alleged minority creditors to gain leverage in negotiations with the company". The...
Air France-KLM to Repay EU Bailout Debt; Plans Resumption of Acquisitions Thereafter
Air France-KLM has announced its plans to repay the rest of the cash owed to Netherlands and 75% of French aid that they received from the European Union (EU) bailouts during the pandemic, by the end of 2022. Such a move unshackles them from restrictions placed on...
Macro; Rating Changes; Talking Heads; New Issues; Top Gainers and Losers
US equity markets ended slightly lower on Wednesday with the S&P and Nasdaq down 0.1% each. Sectoral losses were led by Energy down 4.2% and Materials down 1.3%. US 10Y Treasury yields dropped by 10bp to 3.16% with analysts noting that recession worries have...
Oman Announces Tender Offer to Buyback up to $1.75bn of Dollar Bonds
Oman announced a tender offer to buyback for cash, up to $1.75bn of eight its dollar bonds without accrued interest. The bonds to be tendered are the following: $1.25bn 4.875% 2025s $2.5bn 4.75% 2026s $2bn 5.375% 2027s $1.45bn 6.75% 2027s $2.5bn 5.625% 2028s $2.25bn...
