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HSBC Reports Profit Drop; Bank Says More Share Buybacks Unlikely as CET1 Ratio Falls 170bp
HSBC reported its Q1 2022 results with net profits down 32% YoY to $3.4bn. The banking major said that the profit decline was in part due to an expected credit loss (ECL) charge of $600mn vs. a $400mn release during the same period last year, primarily due to the...
Creditors of Evergrande’s Hengda Approve Local Bond Payment Plan; OCBC Sues Shimao
Bondholders of Hengda Real Estate, Evergrande's onshore unit are said to have approved a plan to extend interest payment on its local 5Y bond in a meeting held on April 25-26, as per Cailian. The news comes close on the heels of market commentary that onshore...
UBS, Santander Report Strong Results
UBS reported a Q1 2022 net profit of $2.1bn, a 17% YoY rise. This follows a drop in Q4 net profit to $1.35bn at the end of the last year. Reuters notes that this is UBS's best first quarter profit in 15 years. The results came despite its large Global Wealth...
S&P downgrades Future Retail to CC on Default Certainty
Future Retail was downgraded to CC from CCC- by S&P with default being a "virtual certainty" following the termination of its proposed asset sale to Reliance Retail Ventures Ltd. (RRVL). Future Retail's next coupon payment is due on July 22, 2022. The retailer...
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...
