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Bonds Funds See $12bn in Weekly Outflows
Global bond funds saw $11.99bn in outflows in the week ending May 4, as per Lipper data. The massive outflows come on the back of tight global central banking policy with inflation hitting highs. This was the fifth consecutive week of outflows across bond funds,...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a massive drop with the S&P and Nasdaq crashing 3.6% and 5% respectively. All of the 11 major industry groups declined, with the information technology, consumer discretionary, communication services and financials sectors leading losses. The...
Credit Suisse Reports $277mn Loss on Legal Provisions and Ukraine Hit
Credit Suisse reported a net loss of CHF 273mn ($277mn) during its Q1 2022 results on net revenues of CHF 4.4bn ($4.5bn), down 42% YoY. Operating expenses jumped 9% higher YoY, driven in particular by higher previously reported litigation expenses of CHF 703mn...
Evergrande Investors Agree to Defer Coupons on Local Bonds
Evergrande's local creditors agreed to defer coupon payments on two RMB-denominated bonds by six months. The total combined amount outstanding on the bonds amount to RMB 20bn ($3bn), due on May 6, which have been pushed to November 6, according to an exchange filing....
Petrobras Posts $9bn Profit, up 40x YoY
Brazilian oil producer Petrobras reported a net profit of $8.64bn in Q1 2022, 40x higher compared to the previous year, on higher revenue growth of 73.2% to $27.19bn. Revenues increased mainly due to higher Brent crude prices, higher volumes of oil sales in the...
Bombardier Reports Narrower Q1 Loss With Improved Margins
Montreal-based planemaker Bombardier reported an Q1 adjusted loss of $69mn, narrowing from a loss of $173mn in Q1 2021. This was on the back of a 36% YoY jump in its adjusted EBITDA of $167mn that the company attributed to "Global 7500 margin expansion, execution of...
Macquarie’s Profit Jumps 56% on Strong Commodity Unit Gains
Macquarie Group reported net profits of AUD 4.7bn ($3.3bn) for FY 2022, up 56% YoY. Profit for the half year ending March 2022 was at AUD 2.7bn ($1.9bn), up 30% over the previous half-year. The group benefitted from its "Markets-facing activities", which delivered a...
SocGen, Credit Agricole Report Earnings
Societe Generale (SocGen) reported an underlying group net income of €1.6bn ($1.7mn) on revenues of €7.3bn ($7.7bn), up 16.6% YoY. It said that all businesses witnessed "good momentum". Its French Retail Banking revenues were up 6.4% YoY, International Retail Banking...
UniCredit Reports Fall in Q1 Earnings
Italy's UniCredit reported a 70% YoY decline in net income to €247mn ($260.2mn) due to higher-than-expected Russia related provisions at €1.23bn ($1.3bn) in Q1. Total revenues were at €5.2bn ($5.5bn), up 7.3% YoY, driven by higher fees and net interest income. The...
