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Country Garden’s Dollar Bonds Rally after $5.5bn in Loans and $6bn Facility from AgBank
Country Garden's (COGARD) dollar bonds jumped as much as 14% after news that it secured loan quotas from AgBank and China Merchants Bank (CMB). Shanghai Securities News initally reported that COGARD entered a loan facility of RMB 20bn ($3.14bn) with the AgBank of...
Barclays Delays Share Buyback after $591mn Hit
Barclays has delayed its planned share buyback after an expected £450mn ($591mn) arising out of an error while issuing securities. Barclays mistakenly issued ~$15bn more structured notes and exchange traded notes (ETNs) from the time it did a shelf registration for...
Sunac, Aoyuan to Delay Earnings Release; Shimao’s Auditor Resigns
Sunac China said that while it would be able to publish its unaudited report by month-end, it would not be able to meet the deadline for its audited results. It cited the workload and time required for the unfinished parts of the preparation of the financial...
Evergrande NEV to Begin Taking Car Orders Imminently
China Evergrande New Energy Vehicle Group’s president Liu Yongzhuo at an online meeting indicated that it will start accepting orders for two models of its inaugural electric car imminently. The exact dates are not yet known. The meeting was attended by nearly 200...
Greenko Hires Banks to Issue Potential 3Y Dollar Bond
Indian clean energy producer Greenko Energy is said to be planning a potential 3Y green dollar bond issuance, Bloomberg reports. The Hyderabad-based company plans to use proceeds from the new bond for investments in a pumped energy storage unit. Greenko is said to...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended mixed on Friday with the S&P up 0.5% and Nasdaq down 0.2%. Sectoral gains were led by Energy, up 2.3% and losses by IT and Consumer Discretionary, down 0.1%. US 10Y Treasury yields continued to shoot 13bp higher to 2.49%. European markets...
The Week That Was (Mar 21 – 27, 2022)
The yield curve continues to flatten further - the 2s10s has now flattened from 38bp in the beginning of the month to 15bp currently. US primary market issuances rose to $32bn vs. $18.5bn in the week prior. Investment grade (IG) corporates once again took the chunk of...
SoftBank Finalizing up to $10bn in Loans Ahead of Arm IPO
SoftBank is finalizing up to $10bn in loans from banks ahead of the planned Arm Ltd.'s IPO where the latter's valuation is eyed at $50-60bn. The loans will be secured against Arm Ltd. and were a pre-condition set by SoftBank for banks to participate in the IPO. The...
COGARD Enters $3.1bn Loan Facility with AgBank; Aoyuan Sells Housing Site for $215mn
Country Garden (COGARD) has entered a loan facility of RMB 20bn ($3.14bn) with the AgBank of China’s Guangdong Branch, Shanghai Securities News reported. The loan will be used for by the developer and its affiliated firms to acquire properties. COGARD's dollar bonds...
