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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets bounced back after consecutive days of losses on Wednesday with the S&P and Nasdaq up 1.1% and 2% each. Sectoral gains were led by Consumer Discretionary, up over 2.5%. US 10Y Treasury yields fell 6bp to 2.68%. European markets were broadly flat...
JPMorgan Reports 42% Drop in Q1 Profit
JPMorgan kicked off the US bank earnings season reporting a 42% drop in its Q1 2022 net profits to $8.3bn. Net revenues fell 5% to $31.6bn. The drop in profits came after $1.5bn in provisions were made for credit losses were. The bank took a $902mn charge on credit...
Angola Not Planning to Issue More Offshore Bonds After $1.75bn Sale Last Week & Oil Windfall
Angola plans to finance its budget with the windfall revenue gained due to crude oil prices surging, and will therefore not tap the offshore bond markets for the rest of 2022 after a $1.75bn issuance last week. The government had planned and approved to sell $2.8bn in...
Reliance Planning Bid For Walgreen’s Boots: Sources
Reliance Industries Ltd (RIL) is said to be in early stages contemplating on a bid for Walgreens Boots Alliance's international drugstore unit, as per sources Bloomberg News reported that Boots could be valued at £7bn ($9.1bn). The developments come on the back of...
Amazon Warns Future Retail against Holding Meetings to Approve Reliance Asset Sales
Amazon has warned Future Retail Ltd (FRL) against the latter holding a meeting next week with its shareholders (April 20) and secured/unsecured creditors (April 21) to approve the deal of its $3.4bn asset sale to Reliance Retail. In February 2022, the National Company...
7 New Deals incl. Credit Agricole, China CITIC Bank; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets fell marginally on Tuesday with the S&P and Nasdaq down 0.3% each. Sectoral losses were led by Financials and Healthcare, down over 1% each. US 10Y Treasury yields fell 7bp to 2.74% after Core CPI came softer than expected. European markets were...
Sunac’s Dollar Bonds Drop after Missing Bond Coupon Payment
Sunac China missed its dollar bond coupon payment of $29.8mn on its $750mn 7.95% 2023s. Sunac now has a 30-day grace period to make the payment and thus avoid a default. Sunac has three more dollar bond coupon payments this month. The bonds are its 6.8% 2024s, 5.95%...
Grupo Kaltex Downgraded to D after Default on Principal
The Mexican textile and apparel company Grupo Kaltex was downgraded to D from CCC- by S&P after the company failed to make a principal payment on its $218mn dollar bonds due April 11. Grupo Kaltex however fully paid the interest on this bond on the same date. The...
Capital Group Exits 5% Stake in Deutsche Bank for €1.27bn
Capital Group, the second-largest shareholder in Deutsche Bank sold a 5% stake, worth €1.27bn ($1.4bn), with the bank's stock falling more than 10% after the sale. In January US private equity group Cerberus also started to cut its Deutsche Bank holding. Last month...
