Dr. Peng Telecom Seeks Extension of its Dollar Bonds
According to IFR, broadband and cloud computing company, Dr. Peng Telecom & Media Group is seeking to amend terms on its 7.55% bonds due 2021, which have a total principal outstanding amount of $257.6mn. The company is in discussion with its creditors for a...
Mexico Proposes New Fast-Track Bill That Favors State Utility CFE
A new fast-track bill related to the Mexican electricity market has been introduced in Congress, the boldest overhaul in months of attempts to change rules in the sector as per the FT. The move would change the order in which electricity is sent to the national grid,...
January 2021: 39% of Dollar Bonds Trade Higher with High Yield Outperforming
Dollar bonds' performance in January 2021 was mixed with a negative bias. 39% of dollar bonds in our universe delivered a positive price return ex-coupon with the balance 61% in the red. Investor appetite for riskier debt was apparent with junk rated bonds...
UBS, Hyundai Launch $ Bonds; HY Outperforms IG in Jan; Macro; Rating Changes; Talking Heads; Top Gainers & Losers
US equities witnessed another sharp decline on Friday with the S&P down 1.9% and Nasdaq down 2%, the worst week since October. Apple fell 3.7% and Tesla was down over 5%. All sectors were in the red with energy falling the most, down 3.4%. Risk sentiment...
Embezzlement of $10 Billion Comes to Light at HNA Group Cos; Creditors Seek Restructuring
HNA Group, once China’s most acquisitive companies, saw three of its units report $9.57bn in embezzled funds by shareholders over the weekend. The news came after a local government-led due diligence probe, with the three units in question being Shanghai-listed Hainan...
Mexico’s Oil Hedge Pays Out $2.4 Billion Compensating for 80% of Lost Revenue
Mexico's finance ministry announced on Friday that it has received a payout of $2.38bn from its annual oil hedging program, which will cover 80% of the revenue lost due to falling oil prices. Mexico began its oil hedging program in the early 2000s designed to protect...
GCL Energy’s Exchange Offer Fails, Triggers Default
GCL New Energy Holdings and GCL-Poly Energy Holdings Limited announced the termination of the Exchange Offer for its $500m 7.1% senior notes due January 30, 2021 as it failed to win enough support from bondholders. This default will further trigger a cross default and...
Peking University Founder Group’s Administrators Appoint Strategic Investors
Peking University Founder Group (PUFG) which is undergoing a court-supervised restructuring has seen the administrator select a consortium consisting of Zhuhai Huafa Group, Ping An Insurance (Group) Company of China and Shenzhen SDG Group as strategic investors...
Tianqi Lithium’s Controlling Shareholder to Get $2.5 Billion via Share Sale
Tianqi Lithium, one of the world’s largest producers of lithium chemicals used in electric vehicle batteries said that an unnamed entity would invest up to CNY 16bn ($2.5bn) in its controlling shareholder. This would help the Chinese company reduce its debt. This...
