Netflix Upgraded to Just Below Investment Grade at BB+
Days after Netflix’s strong earnings report, rating agency S&P has upgraded the company to BB+, just one notch below investment grade with a positive outlook. S&P cited Netflix's significantly improved free operating cash flow (FOCF) trajectory and the...
Rolls Royce Warns of £2bn Cash Burn in 2021; Flying Hours to Be 55% of Pre-Covid Levels
British aerospace company Rolls-Royce warned of a £2bn ($2.75bn) cash burn/free cash outflow in 2021, a number worse than market expectations of ~£1-£1.5bn ($1.4-$2bn), as per a company statement. The cash outflows are weighted towards the first half of the year,...
CFLD Bonds Plunge With Report of CICC Involvement On Restructuring Options
China Fortune Land Development’s (CFLD) dollar bonds took another beating with most of them now trading in the 40’s falling 11 cents on the dollar yesterday. The 8.625% bond due February 2021 was hit the hardest, dropping a record 17.7 cents on the dollar, but have...
Adani Ports, GMR, Seazen, Zhenro Among 10 New Deals; Macro; Rating Changes; Talking Heads; Top Gainers & Losers
S&P and Nasdaq reached closing highs, both up 0.4% and 0.7% respectively. US 10Y Treasury yields fell by 6bp as the yield curve flattened to a three-week low. Jim Vogel, a rates strategist at FHN Financial, explains the tightening of Treasury yields, "The...
Vedanta’s Outlook Revised to Stable from Negative by S&P
Vedanta Resources' credit rating outlook has been revised up to stable from negative by S&P Global Ratings while maintaining the current rating of B-. The rating action comes as the rating agency believes that refinancing risks of the company have reduced and...
Adani Ports Launches New Dollar 10Y Bond Along With Tender Offer for 2022s
India's largest port operator Adani Port and SEZ has launched a new dollar denominated 10Y bond this morning alongside a tender offer. Adani Ports has set an initial price guidance of 3.5% area on the new 144a/Reg S bonds that are expected to be rated Baa3/BBB-/BBB-...
Suntec REIT, Keppel REIT, Mapletree Logistics Report Earnings; Capitaland Warns of Annual Loss
Singapore based Suntec REIT, Mapletree Logistics and Keppel REIT reported earnings on Monday. Suntec REIT reported a distribution per unit (DPU) of 2.261 cents for 4Q2020, a dip of 3.7% and 4.109 cents for 2H2020 and 12.8% YoY. This was primarily on account of lower...
Unifin Raises $400 Million via New Bonds; Launches Exchange Offer
Mexican financial services company Unifin Financiera raised $400mn via a new 8Y non-call 4Y (8NC4) bond at par to yield 9.875%, inside initial guidance of low-mid 10%s. Barclays, Citi, Goldman Sachs, BTG Pactual, Santander, and Scotiabank were the bookrunners of the...
LatAm Carriers Azul & Gol’s Dollar Bonds Have Surged Over 150% on Air Travel Recovery
Latin American airlines Azul and Gol have seen their dollar bonds surge over 150% since June and March last year with the expected recovery in air travel on the back of initial vaccine rollouts and improved market sentiment. Azul’s 5.875% 2024s were trading at 36...
