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Country Garden Buys Back $10mn in Bonds Again
Country Garden (COGARD) bought back another $10mn of its 4.75% bonds due July 2022 and 4.75% bonds due January 2023. From March 14 to May 2, the developer had bought back $9mn of the 2022s and $1mn of the 2023s. Overall in 2022, Country Garden has now bought back...
SBI Plans to Raise $2bn via Offshore Bonds
India’s state-owned lender State Bank Of India (SBI) plans to raise $2bn by issuing long-term offshore bonds in the current financial year 2022-23. The bond issuance could be under a single deal or multiple tranches through a public offer or private placement of...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets inched higher with the S&P up 0.5% and Nasdaq up 0.2%. Most sectors were in the green, led by Energy, up 2.9%. US 10Y Treasury yields were 1bp lower at 2.98%, after having crossed the 3% mark for the first time since December 2018. European...
The Week That Was (April 25 – May 1)
US primary market issuances dropped significantly to $11.5bn vs. $47.9bn in the week prior with Investment grade (IG) corporates issuing $8.2bn of deals while high yield (HY) issuances were at $3.28bn. The largest IG deals included American Express raising $3.5bn via...
Vedanta Announces Announces Tender Offer for Dollar Bond; Plans $3bn Debt Raise; Declares $1.5bn Dividend
Vedanta Resources announced a tender offer for its $1bn 6.375% bond due July 2022. The bond's price jumped over 1.5 cents on the dollar to 99.96. The offer is capped at $500mn. Investors who tender their bonds by the early deadline of May 11 will receive par plus...
Pemex Reverses Losses with $6bn Q1 Profit
Pemex reported a net profit of $6.2bn in Q1 2022, reversing nearly $2bn in losses during the year-ago period. This was its highest profit in 18 years with the state-owned company benefiting from rallying oil prices, stabilizing crude output and foreign exchange gains....
BNP Paribas’ Net Profits Jump 19% with a Boost in Trading Revenues
BNP Paribas reported a 19% YoY jump in net income to €2.1bn. Total revenues were at €13.2bn, up 12% YoY. Its results were benefitted by a surge in its equities and fixed income trading revenues. Equity trading revenues jumped 61% to €1.1bn and FICC revenues were at...
Tata Steel Reports 37% Jump in Quarterly Profits
Indian global company Tata Steel reported a 37% YoY increase in consolidated net profits to INR 98.35bn ($1.3bn) during its quarter ending March 2022. Total revenue from operations rose to INR 693.24bn ($9.1bn), up 39% YoY, driven by higher prices in Europe and higher...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets recovered after a poor start to the week, with the S&P up 2.5% and Nasdaq up 3.1%. All sectors were in the green, led by IT and Communication Services up over 3.9% each. US 10Y Treasury yields were 1bp lower at 2.82%. European markets were also...