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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....
Citigroup, Goldman, Morgan Stanley Report Drop in Profits
Citigroup's reported a 46% YoY drop in Q1 2022 net profits to $4.3bn due to higher cost of credit, higher expenses, and lower revenues. Revenues fell 2% YoY to $19.2bn. Citi's cost of credit was at $755mn in Q1 compared to -$2.1bn in the prior year period due to lower...
E-House May Default on Dollar Bond Due Today; COGARD Testing Local Bond Issuance
China's E-House may have insufficient funds to repay its $298.2mn 7.625% dollar bonds maturing today (April 18), as per an exchange filing. The developer notes that it continues to explore ways to secure the funds. As per the bond's conditions, a default will occur if...
Central China Real Estate Downgraded to B from B+ by S&P
Central China Real Estate (CCRE) was cut to B from B+ by S&P, with a negative outlook. CCRE's business strength has deteriorated due to decline in sales scale and margins and this is likely to continue over the next 12-24 months. This comes on the back of weaker...
Bank of India Drags Future Retail to Bankruptcy Court to Recover ~$460mn
Bank of India (BOI) has dragged Future Retail to bankruptcy court to recover a INR 35bn ($460mn) default on the one-time restructuring scheme between the bank and the retailer. Several Future group companies, including Future Retail, had entered into agreements with...