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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The S&P and Nasdaq closed lower, down 0.1% and 1.2% respectively. Consumer Discretionary, Real Estate, Healthcare and Consumer Staples led the gainers, up over 1.5% each while losses were led by Communication Services, down 4.1%. US 10Y Treasury yields eased 7bp...
Credit Suisse Warns of Q1 Loss on Legal Provisions
Credit Suisse Group expects to post a Q1 2022 loss on rising legal provisions, hit from the Russia-Ukraine war, and the slowdown in capital market deals/business activity. The results are due on April 27. In March, a Bermuda court ruled in favor of Georgia's former...
United Airlines Forecasts Q2 Profit and Record Revenues
United Airlines (UAL) announced that it expects to return to profitability in Q2 2022 on a strong operating revenue outlook, including total revenue per available seat mile (TRASM) of approximately 17% over 2019, the strongest Q2 revenue guidance in the company’s...
Tesla Posts Record Profits and Margins
Tesla reported record Q1 2022 results. Adjusted net income stood at $3.7bn, over 3x YoY and 30% higher than the previous record of $2.9bn it posted in Q4 2021. Tesla also reported record automotive gross margins of 32.9% vs. 26.5% during the same period last year and...
MCT, MNACT Report Results
Mapletree Commercial Trust (MCT) reported a 3.4% decline in distribution per unit (DPU) to S$0.0514 for H2 2021. Gross revenue was down 1.8% to S$255.8mn during the period. The Reit’s manager noted that higher one-off adjustments due to property tax rebates and...
Pakistan Required to Cut expenditures, Development Funds to Revive IMF Programme
Pakistan's finance minister Miftah Ismail said that Pakistan will need to cut expenditures and public sector development funds in order to be able to revive an IMF programme. Reuters notes that Pakistan is currently waiting for the IMF to resume talks on its seventh...
Sino Ocean, Korea Water Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The S&P and Nasdaq closed higher on Tuesday, up 1.6% and 2.2% respectively. Consumer Discretionary, Real Estate and Communication Services led the gainers, up over 2% each. US 10Y Treasury yields eased 9bp to 2.94%. European markets closed weaker after an extended...
R&F Properties’ Bonds Downgraded to C from CC by Fitch
The senior unsecured dollar bonds of R&F Properties were cut to C from CC by Fitch whilst affirming the issuer's ratings at CC. The downgrade is due to structural subordination of their offshore bonds to onshore debt. As per Fitch, offshore debt recovery fell to...
Spreads on Riskiest High Yield Bonds Widen by Most YTD
Spreads on US CCC-rated bonds have widened 125bp YTD in 2022 vs. compared to 57bp for BB-rated debt and 69bp on average for all junk bonds, according to Bloomberg data. Whilst a multitude of factors including rising inflation and interest rates, the Russia-Ukraine...
