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Greenland Downgraded to B- by S&P
Greenland Holdings was downgraded to B- from B+ and the bonds guaranteed by the parent to CCC+ from B by S&P. The downgrade comes on the back of deteriorating liquidity and cash depletion for debt repayment. Despite deleveraging efforts, its unrestricted cash to...
Agile’s Dollar Bonds Jump after Loan Repayments
Agile Group's dollar bonds rose by over three points after reports that it made repayments on two of its outstanding loans. While details of the loans are not available, Bloomberg notes that the repayments have eased the developer's cash flow mismatch. Separately,...
Shareholders Approve MCT-MNACT Merger
At an extraordinary general meetings (EGM) held on Monday, shareholders of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) approved the S$4.02bn ($3.1bn) merger deal, announced in January this year, to create Mapletree Pan Asia...
JPMorgan Raises 2022 Income Outlook
JP Morgan Chase & Co (JPMC) raised its forecast for interest income and a steady profitability target at its investor conference. JPMC expects net interest income (NII), excluding markets, to be around $56bn in 2022 vs. its earlier forecast of $53bn which was...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a minor change on Friday with the S&P near flat while Nasdaq was down 0.3% Sectoral gains were led by Healthcare and Real Estate, up over 1% each while losses were led by Consumer Discretionary and Industrials, down over 1% each. US 10Y...
The Week That Was (16 – 22 May, 2022)
US primary market issuances last week were at $28.8bn vs. $19bn in the week prior with Investment grade (IG) corporates issuing $27.6bn of deals while high yield (HY) issuances were at only $1bn. The largest IG deals included Citi raising $6bn, UnitedHealth raising...
Country Garden Unit Sells Local Bond at 4.5%
Country Garden Real Estate Group Co, a unit of Country Garden sold an onshore yuan bond raising RMB 500mn ($74mn) with a 3Y tenor at a yield of 4.5%. The bond has an adjustable coupon and a put option in the first and second year. The issuance comes at a time when the...
Yes Bank Plans to Raise $1bn to Strengthen Capital Ratios
Yes Bank plans to raise around $1bn in the current financial year in an effort to strengthen its capital ratios. Its Managing Director Prashant Kumar said that Yes Bank has a CET1 ratio of 11.5% which would suffice for its growth targets during the current financial...
Indian Steelmakers May Suffer Losses on European Deals over Export Taxes
The Government of India on Saturday unexpectedly imposed an export tax of 15% on eight steel products. Thus, companies like Tata Steel, Jindal Steel and Power Ltd. (JSPL), JSW Steel, SAIL, ArcelorMittal, Nippon Steel India etc. may be forced to cancel European orders...
