Pitney Bowes Downgraded Further Into Junk To BB On Lower Earnings
American technology company Pitney Bowes was downgraded further into junk by S&P due to higher leverage than previously forecasted. The company's rating has been lowered by one notch to BB from BB+ with a stable outlook as its leverage has increased to 4x due to...
Macro; Rating Changes; Talking Heads; Top Gainers & Losers
US equities saw the momentum ease a bit as S&P ended 0.1% lower and Nasdaq 0.1% higher. Twitter reported better than expected earnings while warning of slowing user growth. Brent crude is at its highest in more than a year at $61/bbl. US 10Y Treasury yields eased...
Tata Steel Reports Record Quarterly EBITDA
Indian steel major, Tata Steel reported net profits of INR 40bn ($549mn) for the quarter ended December vs. a loss of INR 12bn ($164mn) in the same period the year before. The company said that its quarterly EBITDA of INR 88bn ($1.2bn), up 46% QoQ and the highest on...
Deutsche’s New EUR Bond Deal 2.5x Covered Despite Tighter Pricing
Deutsche Bank (DB) saw investor orders of over €7.6bn ($9.2bn) for a €3bn ($3.6bn) new bond issuance on Monday, being covered over 2.5x issue size despite a tighter pricing. Deutsche Bank raised €3bn via a dual-tranche offering: €1.5bn ($1.8bn) via a 6NC5 bond at a...
JSW Steel Planning to Raise Up to $1 Billion Through Bonds
India's JSW Steel is planning to raise $1bn through an issuance of non-convertible foreign/local currency senior unsecured bonds. The proceeds from the issuance are expected to be used to fund the company's acquisition of bankrupt steel firm Bhushan Power and Steel...
Carnival Lining Up Fifth Dollar Bond Amid The Pandemic
The world's largest cruise operator Carnival Corp is in early talks with investors for a $600mn bond issuance, its fifth since the pandemic broke out. As per Bloomberg, the company is sounding out investors for a 5-7Y bond with JPMorgan leading the talks. However,...
Future Retail Reports $116mn Quarterly Loss; High Court Bench Lifts Stay of Future-Reliance Deal
Future Retail reported losses of INR 8.5bn ($116mn) for the quarter ended December as compared to a profit of INR 4.9bn ($67mn) in the same period the year prior. Operating revenues were down 71% for the period with the pandemic having a significant impact on its...
Ecuador’s Bonds Fall on Likely Arauz-Perez Runoff
Ecuador's dollar bonds fell for a second day after Sunday’s presidential election threatened to throw the nation into economic turmoil. Ecuador’s dollar-denominated 2040s slipped another 2 cents to 43.6 cents on the dollar, the lowest since the serial defaulter...
mm2 Asia’s SGD Bonds Jump 10 Points on News of PE Investment & Possible Rights Issue
Singapore-based entertainment group mm2 Asia saw its S$50mn 7% bonds due April 27 this year jump 10 points as it announced that a private equity investor has shown interest in investing in one of mm2 Asia's core businesses. mm2 said that it has received a non-binding...
