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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets rebounded after Wednesday's decline with S&P and Nasdaq closing 1.4% and 1.9% higher. Sectoral losses were led by IT an Materials, up over 2% each. US 10Y treasury yields roe 3bp to 2.36%. European markets were mixed - the DAX and CAC were down...
SoftBank’s Loan by Apollo Increases to $5.1bn; Eyes $60bn Valuation for ARM IPO
SoftBank which previously borrowed $4bn from Apollo Global Asset Management in December 2021, has secured an additional $1.1bn loan backed by holdings of SoftBank Vision Fund 2, said sources. This brings the total loans from Apollo to $5.1bn. The unitranche loan...
Fosun Reports 26% Profit Jump in 2021
Fosun International reported a 26% jump in its annual 2021 profits to RMB 10.1bn ($1.6bn). Its revenues rose 18% to RMB 161.29bn ($25.4bn). The Chinese multinational conglomerate's results improved across all its divisions, led by its 'Happiness' unit which saw an 18%...
Greenland’s Bonds Trend Higher; Modern Land to Proceed with Debt Restructuring; Road King Cuts Dividend
Greenland Holdings' dollar bonds have been trending higher this week. While the exact reason for the rally was not known, the rally comes despite details of its financial troubles breaking out on March 15, where sources said that SOEs stepped-in to rescue the company...
Olam to Sell 35.4% stake in Olam Agri for $1.2bn to Saudi Investment Fund
Olam Group will sell 35.4% of its stake in Olam Agri Holdings to Saudi Agricultural and Livestock Investment Company (Salic) for $1.2bn. The transaction is expected to be completed by end-2022 after shareholders' approval. Salic is owned by the Public Investment Fund...
Sukuk Performance in EMs Less Affected by Volatilities in Q1 2022: Fitch
A Fitch-analyzed sukuk index outperformed an EM bonds index in Q1 2022 primarily due to the higher weight of oil exporters in the sukuk index, Fitch said in a research note. It said that the sukuk index fell 4% while the EM bonds index fell by 10% YTD, ending March...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets declined yesterday after a strong start to the week. S&P and Nasdaq were down 1.2% and 1.3%. Sectoral losses were led by Financials, Healthcare and IT, down over 1.5%. US 10Y treasury yields eased 8bp to 2.33%. European markets were also lower -...
Evergrande Bondholders Threaten to Sue after News of $2bn Claim
Evergrande's bondholders have threatened to sue the developer on the latest news of being blindsided by lenders' claim on its subsidiary. Evergrande said that lenders to its property services unit claimed more than RMB 13.4bn ($2.2bn) of its deposits used as security...
Olam’s OFI to Delay IPO on Russia-Ukraine Conflict
Olam Group's food ingredients unit Olam Food Ingredients (OFI) has delayed its initially planned IPO in Q2 2022. It cited the market conditions on the back of the Russia-Ukraine crisis as the reason for the delay. OFI added it will continue to look at when it plans to...
