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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets were near flat on Thursday, with the S&P down 0.1% while Nasdaq was almost unchanged. Sectoral gains were led by Healthcare, up 0.9% while losses were led by Utilities and IT, down over 1.1% each. US 10Y Treasury yields were 1bp lower to 2.88%....
Vedanta Reports Early Results of Tender Offer
Vedanta Resources released an update on the tender offer as at the early tender deadline regarding its $1bn 6.375% bonds due 2022. Vedanta said that an aggregate principal amount of $468.375mn, or about 93.7% of the $500mn amount capped by Vedanta. The settlement of...
SoftBank Reports Record Quarterly Loss of $16bn and Annual Loss of $13bn
SoftBank reported a $13bn annual net loss for the year ending March 2022, as compared to an $18bn profit in the prior year. During the quarter, SoftBank reported its its biggest-ever quarterly net loss of $16bn. Contributing to its large losses were its two Vision...
Greenland Holdings Downgraded to B2 from Ba3 by Moody’s
Greenland Holdings was cut to B2 from Ba3 by Moody's on the back of increasing refinancing risks over the next 6-12 months. Moody's considers Greenland's liquidity weak due to declining contracted sales and operating cash flow and large bond maturities add to its...
Tata Motors Narrows Quarterly Loss to $128mn
Tata Motors reported a consolidated net loss of INR 9.92bn ($128mn) in the quarter ending March 2022, narrowing the net loss from INR 75.85bn ($980mn) in the previous year. The automaker posted revenues of INR 784bn ($10.1bn),11.5% lower YoY on account of lower Jaguar...
WeWork’s Bonds Drop 5-6 Points after Reporting Results
WeWork reported a net loss of $504mn in Q1 2022, a 37% improvement QoQ and narrower than its losses of $2bn in Q1 2021. Revenue rose to $765mn, a 28% YoY growth. Adjusted EBITDA was negative $212mn, improving from a negative EBITDA of $446mn YoY. The company accounted...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a drop again, continuing a dismal week, with the S&P and Nasdaq closing 1.7% and 3.2% lower respectively. S&P and Nasdaq are down 4.8% and 7.9% MTD. Sectoral losses were led by Consumer Discretionary and IT, down over 3.3% each. The...
Sunac Misses Coupon as Grace Period Ends
Sunac China did not make a $29.5mn dollar bond coupon payment on it 7.25% 2023s on May 11, 2022. The developer said that access to new funding was, and continues to be difficult. This has been worsened in recent times by China's Covid19 outbreak which has further...
Allianz Reports €1.9bn in Provisions for Fund Fiasco
Allianz has set aside €1.9bn in provisions during Q1 2022 regarding its Structured Alpha Funds. The insurer said that the amount set aside was a fair estimate of its remaining financial exposure with regard to 'compensation payments to investors' and 'payments under...
