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China Developers Face $11bn of Bond and Trust Payments in April
The Chinese property sector has RMB 53.6bn ($8.5bn) in trust payments due April, according to data tracker Use Trust. Bloomberg also adds that stressed developers have $3.1bn in dollar and onshore bond payments during the month. Below are some details of the payments...
Pakistan’s Forex Reserves Fall to Lowest Since Mid 2020
Pakistan's liquid reserves held by the Pakistan central bank, State Bank of Pakistan (SBP) fell by 19.5% weekly to $12.04bn, as of March 25, as per central bank data release. The SBP's reserves are at its lowest since mid-2020. Overall, the nation's liquid foreign...
Zhenro Reports Soft Earnings
Zhenro Properties reported its audited annual 2021 results. A summary is given below: 31% YoY decrease in core profit to RMB 2.3bn ($360mn) Revenue increased 2.4% YoY to RMB 37bn ($5.8bn) Contracted sales stood at RMB 145.6bn ($22.9bn), representing a 2.6% YoY...
UOB, First REIT Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets trudged lower with the S&P and Nasdaq down 0.6% and 1.3%. Sectoral losses were led by Consumer Discretionary and IT, down over 1% each. US 10Y Treasury yields eased 1bp to 2.33%. European markets were mixed - the DAX and CAC were down 1.5% and...
Country Garden’s Dollar Bonds Rally after Improved Leverage Metrics
Leading Chinese property developer Country Garden (COGARD) reported its results yesterday. Its dollar bonds jumped as much as 6 points after its results. Below are some highlights of its earnings release: 17% YoY drop in its 2021 core net profits to RMB 26.9bn...
Agile Downgraded to B2 by Moody’s; Zhenro Cut to RD by Fitch
Agile Group was downgraded to B2 from B1 by Moody's on the back of increased refinancing uncertainty and governance risks. This comes after Agile announced that it will not publish its audited financials by 31 March, and expects to do so by May 15. This impacts its...
Qatar’s Ezdan Upgraded to B- from CCC by S&P
Qatari real estate company Ezdan was upgraded to B- from CCC by S&P. The upgrade comes after the developer secured a QAR 830mn ($228mn) financing to address its $500mn dollar sukuk maturing April 5, 2022. S&P believes that the short-term default risk is now...
Axis to Buy Citi’s India Retail Business for $1.6bn
Citibank has agreed to sell its Indian retail banking business including savings accounts, credit cards, and wealth management to Axis Bank, a private sector banking major for $1.6bn. The deal will be executed in cash. Besides Axis Bank will also pay Citi an...
Marfrig Global Foods Upgraded To BB+
Marfrig Global Foods was upgraded to BB+ from BB by S&P. The rating agency views that Marfrig's business risk profile relatively strong for its rating category - its considerable size in the US and South America mitigates commodity cycle volatility. Marfrig has a...
