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Philippines, Hyundai Heavy Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US equity markets closed higher again with the S&P and Nasdaq up 1.2% and 2.1%. Sectoral gains were led by IT and Consumer Discretionary, up over 2% each. US 10Y Treasury yields eased 2bp to 2.15%. European markets were marginally higher - the DAX, CAC and FTSE...
The Week That Was (14 – 20 March)
US primary market issuances dropped to only $18.5bn vs. $55bn in the week prior. Investment grade (IG) corporates once again took the chunk of issuances, with $16.5bn of deals while high yield (HY) issuance stood at a mere $604mn. The largest IG deals included Wells...
GM to Invest $3.5bn More in Cruise as SoftBank Exits Bet
SoftBank has sold its stake in Cruise, a self-driving car subsidiary of American auto major General Motors (GM). Since 2018 SoftBank had invested $1.2bn in Cruise, and GM would now pay $2.1bn to buy SoftBank Vision Fund's stake and infuse another $1.35bn in the...
Aramco’s 2021 Profits More than Double to $110bn
Saudi Aramco reported a more than doubling of its annual 2021 profits to $110bn (up 124% YoY) on the back of higher crude oil prices, better refining and chemicals margins, and consolidation of its chemicals business. Aramco reported free cash flows of $107.5bn vs....
US Banks Face 75% Revenue Hit from IPO Drought
US investments banks are hit by an IPO slowdown as equity capital markets (ECM) revenues have been impacted. Big investment banks such as Goldman Sachs, Citigroup, BofA and Morgan Stanley have seen ECM fees sharply drop to $645mn vs. $5.3bn for the same period in...
Evergrande Bondholders Approve Coupon Delay on Local Bond
Evergrande's onshore unit Hengda Real Estate said that it received bondholders’ approval to delay coupon payments on its local RMB-denominated bond. Hengda said that it can pay the coupon on its RMB 4bn ($629mn) 5.8% bond accrued earlier on September 23, 2022, and the...
MCT, MNACT to Offer All-cash option of in Proposed Merger
The managers of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) are offering MNACT unitholders the entire consideration of S$1.1949 per unit, in a new cash-only scheme. This is a change as compared to its previous scheme when the S$...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets closed higher for a third consecutive day, with the S&P and Nasdaq up 1.2% and 1.3%. Sectoral gains were led by Energy, up 3.5%, followed by Material and Consumer Discretionary, up over 1.9% each. US 10Y Treasury yields were up 3bp to 2.18%....
SBI to Provide $1bn Credit Facility to Sri Lanka
India has agreed to extend a $1bn line of credit to Sri Lanka as the latter is currently navigating one of its worst social and economic crises on the back of food, energy and import shortages coupled with dwindling forex reserves. The India ministry of finance said...
