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Reliance Plans $2bn Deal with TA’ZIZ
India’s Reliance Industries Ltd (RIL) and Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) signed a formal shareholder agreement for the TA’ZIZ EDC & PVC project with a total investment of over $2bn (AED7.34bn). TA’ZIZ is a joint venture between Abu Dhabi...
Keppel-Sembmarine Agree for O&M Units Merger; Keppel to Realize S$9.4bn in value
Keppel Corporation announced that it has entered into definitive agreements with Sembcorp Marine for the proposed merger of Keppel Offshore & Marine (O&M) and Sembcorp Marine. The proposed merger is based on a 50-50 enterprise value ratio between Keppel...
Keppel Infra, ST Engineering Launch S$ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The S&P and Nasdaq recovered yesterday after consecutive days of sharp losses, up 0.6% and 1.3% Sectoral gains were led by Communication Services and IT, up 1.4-1.6%. US 10Y Treasury yields eased 2bp to 2.82%. European markets closed lower with the DAX, CAC, FTSE...
Chinese Offshore Bonds Drop as Diversion vs Onshore Bonds Takes Place
Chinese property offshore and onshore bonds have diverged, with holders of the former witnessing the most losses as developers focus debt efforts on local investors. For example, Bloomberg notes that Yuzhou Group's and Shimao Group's dollar bonds have plunged to...
ADCB Reports 32% Rise in Profits
UAE-based Abu Dhabi Commercial Bank (ADCB) reported a 32% YoY increase in net profits to AED 1.48bn($400mn) during the Q1 2022 driven by steady operating performance and lower cost of risk. Total income remained steady at AED 2.93bn ($800mn) against AED 2.92bn...
Argentina’s Province Bonds Outperform Sovereign Bond
Dollar bonds of Argentina's provinces like Cordoba, Neuquen, Mendoza and Chubut are among the top gainers in April and in Q1, outperforming the sovereign government's dollar bonds. In Q1, some of the provincial bonds rallied about 13% while the government bonds were...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The S&P and Nasdaq ended sharply lower for a second straight day on Friday, down 2.8% and 2.6% respectively with all sectors in the red, led by Energy, down over 3.1%. US 10Y Treasury yields eased 10bp to 2.85% after a 9bp spike on Thursday with an overall...
The Week That Was (18-24 April, 2022)
US primary market issuances rose significantly to $47.9bn vs. $17bn in the week prior with Investment grade (IG) corporates issuing $47.6bn of deals while high yield (HY) issuances were at nil. The largest IG deals were dominated by US banking majors after their...
KWG Downgraded to B by Fitch
KWG Group was downgraded to B from B+ by Fitch due to declining liquidity and financial flexibility. KWG's total cash and bank balances declined 33.9% to RMB 29.4bn ($4.5bn) in 2021, while available cash dropped 81% to RMB 7.7bn ($1.2bn). This shows its deteriorating...