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Bharti Airtel Announces Tender Offer for Dollar Bonds
Telecom operator Bharti Airtel’s company Bharti Airtel International (Netherlands) B.V. announced a cash tender offer for up to $300mn of its outstanding $1bn 5.35% dollar bonds due 2024. For holders who tender the bond before the early tender deadline of July 5,...
4 New $ Deals Launched; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US equity markets were closed on Monday due to Juneteenth holiday. US 10Y Treasury yields were 6bp higher at 3.23%. European markets inched higher with the DAX, CAC and FTSE were up 1%, 0.6% and 1.5% respectively. Brazil’s Bovespa ended almost unchanged. In the Middle...
Evergrande On Track for end-July Restructuring Plan; Aoyuan Seeks Local Bond Extension
China Evergrande is on track for an end-July preliminary restructuring plan, as per its exchange filing. The developer also mentioned that an independent investigation into the pledge guarantee of Evergrande Property Services is being actively carried out. In March,...
Vedanta Invites Bids to Sell National Asset Copper Plant
Vedanta Ltd. is in exploratory stages of deciding to sell its Sterlite Copper unit based in Tuticorin, Tamil Nadu by inviting bids from interested buyers. In an exchange filing, the company indicated that since the matter was only at an exploratory stage, any such...
NWD Announces Results of Tender Offer
New World Development (NWD) has accepted to repurchase $129.4mn, or 13.6% of its 4.375% 2022s which currently has an outstanding principal of $950mn. The new outstanding amount would be $820.6mn. The tender offer was made alongside its $700mn dual-tranche issuance...
Yes Bank Nears $1bn Capital Raise from Carlyle, Advent
Yes Bank is close to successfully negotiating a $1bn equity fundraise from private equity firms Carlyle Group and Advent International. Talks had been slow initially because the Indian bank was running an asset reconstruction company (ARC) deal to offload INR 490bn...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended higher on Friday with the S&P and Nasdaq up 0.2% and 1.4%. Sectoral gains were led by Communication Services and Consumer Discretionary that rose over 1.2% each. US 10Y Treasury yields were 1bp lower at 3.23%. European markets were mixed...
The Week That Was (13 – 19 June, 2022)
US primary markets were largely quiet on the back of the FOMC meeting on June 15. Total issuance stood at $957mn vs. $32.2bn in the week prior, with the chunk of the issuance coming from a single High Yield (HY) deal - Entegris' $895mn 8Y bond. There were no new...
R&F Properties Seeks Extension on 10 Dollar bonds worth $5.16bn
Guangzhou R&F Properties is seeking bondholders' approval via a consent solicitation to seek waivers of existing/potential/events of default on 10 of its dollar bonds via a maturity extension. The bonds in consideration are its 5.75% 2022s, 9.125% 2022s, 12.375%...
