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Tsinghua to Hand Over Investment Arm to Sichuan SASAC
China’s Tsinghua University will hand over its investment arm, Tsinghua Holdings to the Sichuan State-owned Assets Supervision and Administration Commission (SASAC) for no consideration. The government agency will then transfer the assets to Sichuan Energy Industry...
E-House Defaults on Dollar Bond
China's E-House defaulted on its $298.2mn 7.625% bonds due April 18, 2022, as was expected based on its warning on Monday. This has triggered a cross default wherein holders of its 2023s will now be able to request to accelerate payment. The developer suspended...
Netflix Faces 200k Subscriber Loss, First Decline in a Decade
Netflix reported a 200,000 drop off in paid users during its Q1 2022 results, its first decline in a decade, since October 2011. This comes after Netflix previously told shareholders that it expected to add 2.5mn net subscribers during the first quarter. It now...
Mirae, TSMC Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
S&P and Nasdaq closed largely flat on Monday after the Good Friday long weekend. Energy led the gainers, up over 1.5% while Healthcare led the losses, down over 1.1%. US 10Y Treasury yields eased 4bp to 2.84%. European markets were closed due to Easter Monday....
Bank of America Reports 12% Profit Drop while Revenues Rise
Bank of America (BofA) reported a 12% YoY drop in Q1 2022 net income to $7.1bn alongside revenues of $23.2bn, up 2% YoY. Net interest income was up 13% to $11.6bn, driven by strong deposit growth, investments of excess liquidity, loan growth and 'benefits from higher...
Keppel Infrastructure Trust Sees 21% Fall in Distributable Income
Singapore-based Keppel Infrastructure Trust (KIT) saw a 21% decline in its Q1 2022 distributable income at S$44.7mn ($32.8mn) vs. S$56.6mn ($41.47mn) last year. This was due to a 20.7% dip in distributable income of Ixom's distribution and storage segment. In Q1 Ixom...
Mexico’s Opposition Blocks Power Reform
Mexico's opposition lawmakers blocked a bill initiative presented by President AMLO to increase the dominance of state utility Comision Federal de Electricidad (CFE) in the domestic power market. While a majority of lawmakers in the lower house voted in favor, the...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped on Thursday ahead of the Good Friday holiday with the S&P and Nasdaq down 1.2% and 2.1% each. Sectoral losses were led by IT, down ~2.5%. US 10Y Treasury yields have jumped 19bp to 2.88%. European markets were higher - the DAX, CAC and...
The Week That Was
The US yield curve continued to steepen for a second straight week - the 2s10s curve steepened 9bp to 37bp. The steepening comes after the 2s10s curve inverted, reaching a low of -8bp in the beginning of April. US primary market issuances were almost flat at $17bn vs....
