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Pakistan Unveils New Budget But IMF Still has Concerns over Numbers
Pakistan’s new coalition government unveiled a new budget where it will increase taxes for the rich, reduce tax leakages and monetize government assets. From July 1, the government will impose a 2% additional tax on individuals having income more than PKR 30mn...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped sharply on Thursday with the S&P and Nasdaq down 2.4% and 2.8% each ahead of Friday's US inflation release. Headline CPI is expected at 8.3% and core CPI is expected at 5.9%. Sectoral losses were led by Communication Services, IT and...
Reliance, Apollo to Make Binding Bid for Boots at £5-6bn Valuation
Indian conglomerate Reliance Industries (RIL) and private equity firm Apollo Global Management in a consortium, have made a binding bid for UK pharmacy & chemist chain Boots UK, an arm of US-based Walgreens Boots Alliance (WBA). As per sources, the deal is fully...
Shimao and its Unit Seek Another Local ABS Extension
Shimao Group and one of its onshore units have proposed adding seven months to the repayment extension of a local RMB 500.5mn ($75mn) Asset Backed Security (Term of the Day, explained below) tranche they guaranteed. This is the second ABS on which they wish to extend...
ADIA to buy 20% Stake in IIFL Home Finance
Abu Dhabi Investment Authority (ADIA) through its subsidiary has agreed to buy a 20% stake in IIFL Home Finance for INR 22bn ($280mn). The deal is valued at INR 110bn ($1.4bn) Non-Banking Financial Company IIFL Finance, is the parent company. In an exchange filing,...
Garuda Proposes $800m Bond Issuance to Avoid Bankruptcy
Garuda Indonesia has proposed an $800mn bond issuance in a bid to restructure its debts and avoid bankruptcy. It also said that it would raise $330mn by issuing shares to non-shareholding creditors as part of the proposal. Garuda's lenders and creditors will decide on...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended lower with the S&P and Nasdaq down 1.1% and 0.7% each. Sectoral losses were led by Real Estate, Materials and Utilities, down over 2% each. US 10Y Treasury yields rose 6bp to 3.05%. European markets ended lower too with the DAX and CAC down...
Credit Suisse Warns of Third Straight Quarterly Loss; State Street Takeover Speculated
Credit Suisse Group AG has warned of a third straight quarterly loss for Q2 2022. The group cites volatile markets as the primary reason, where widening credit spreads and a drop in bond issuance have been straining their key business lines. In addition, clients...
Vedanta Pledges 5.77% Hindustan Zinc Stake for over $1bn Loan
Vedanta has pledged a 5.77% stake in Hindustan Zinc to secure a term loan of INR 80bn ($1.02bn). This comes just days after the Cabinet Committee on Economic Affairs (CCEA) approved the government's 29.5% stake sale in Hindustan Zinc. Vedanta is the majority holder in...
