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Unifin’s Dollar Bonds Drop 5-8 Points on Liquidity Concerns
Dollar bonds of Unifin Financiera fell 5-8 points on reports that the company is yet to follow up on plans to boost its liquidity. Investment bank Stifel's analyst, Alexis Panton noted that “the clock is ticking” for Unifin to deliver good news, adding that the...
Citi In Talks to Buy Deutsche Bank Mexico
Citigroup is considering a deal to buy Deutsche Bank's Mexican banking arm, as per sources. Details on the expected deal size were not available. Citi is weighing to set up a new local unit in the country that can help it sidestep a lengthy approval process to acquire...
Adani Green Energy to Set up Projects worth $7.7bn
Adani Green Energy plans to invest INR 600bn (~$7.7bn) in green energy projects in Indian state of Andhra Pradesh. The company entered into an MoU with the government of Andhra Pradesh at the World Economic Forum summit in Davos, Switzerland. Adani Green will set up a...
Powerlong’s Dollar Bonds Plummet up to 10 Points
Dollar bonds of Powerlong Real Estate dropped as much as 8-10 points on Tuesday. While the exact reason for the drop is not known, the developer was recently downgraded by Moody's to Caa1 from B3 due to high refinancing risk and weakened liquidity. Moody's...
Indonesia, ICBC Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets rallied on Monday with the S&P and Nasdaq up 1.9% and 1.6% respectively. All sectors were in the green, led by Financials, up over 3%. US 10Y Treasury yields inched 4bp higher to 2.84%, as the risk-off sentiment eased, having dropped over 17bp in...
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...
