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UPL Downgraded to Ba1 by Moody’s
UPL Corporation (UPL) was downgraded to Ba1 from Baa3 by Moody's, making it a fallen angel. The ratings on its 5.25% Perps was also downgraded by a notch to Ba3. The rating action follows the weak operating results posted by the company in 3Q 2024. During the quarter,...
UBS to Restart Buybacks, Issue AT1s
UBS said that it would restart share buybacks and find $3bn more in cost savings from its integration with Credit Suisse, adding that it expects $13bn in cost savings by end-2026. UBS posted a net loss of $279mn in the fourth quarter. The bank proposed a 27% increase...
R&F to Sell London Property at Discount to Ease Debt Burden
Distressed developer Guangzhou R&F Properties plans to sell a London property project to ease its debt burden. The property will be sold for a nominal fee of HK$1 ($0.13) plus a minimum principal amount of $800mn in debt as compared to a valuation of £1.34bn...
ING Groep Prices $ AT1 at 8%
ING Groep raised $1.25bn via a PerpNC6.75 AT1 bond at a yield of 8.004%, 37.1bp inside initial guidance of 8.375% area. The subordinated bonds are rated Ba1/BBB (Moody's/Fitch). The bond's coupon is fixed until the first reset date of November 16, 2030 and if not...
HDFC Bank Launches $ Bond
US Treasury yields climbed higher, continuing the move seen on Friday, with the 10Y yield up 7bp. US ISM Services PMI increased to 53.4 last month from 50.5 in December. The group’s metric of prices paid jumped 7.3 points, the most since 2012, to 64, and is also its...
Vedanta Receives Enquiries for Its Non-Core Assets
Vedanta Ltd. (Vedanta) has received enquiries for its non-core assets that include iron ore mines and a steel plant of ESL Steel, according to its CFO Ajay Goel. Currently, the process in terms of due diligence, data rooms, Q&As, site visits is ongoing and they...
Fosun Considering Up to $800mn Stake Sale in Ageas
Fosun International is considering selling its minority stake in Belgian insurer Ageas, to reduce its debt burden, according to the sources. The company is exploring either a partial or full divestment of its 10% stake in Ageas, currently worth €736mn ($792mn). The...
Senegal’s Dollar Bonds Drop 4 Points on Election Postponement
Senegal's dollar bonds fell by nearly 4 points after its President Macky Sall announced that the presidential vote would be postponed. The date on which it would be held was unspecified. The President said that the delay was due to a dispute over the candidate list...
Treasuries Sell-Off ~20bp on Strong Jobs Print, Powell Remarks
US Treasuries saw a sharp sell-off led by the short-end of the curve. The 2Y yield soared 20bp and the 10Y was up 17bp after a strong jobs print and Jerome Powell hinting at an unlikely March rate cut. US Non-Farm Payrolls (NFP for January 2024 came at a strong 353k,...
