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Logan Group Pays Coupon on Dollar Bond Amid Liquidity Crunch
Logan Group has paid its $9.66mn coupon on its $280mn 6.9% bond due 2024, according to sources. Logan Group is reeling under liquidity pressures with RMB 13bn ($2.1bn) in capital-market debt maturing or turning puttable in 2022 while cash only stands at RMB 5bn...
Belarus Downgraded by 4 Notches to Ca from B3
Belarus was cut to CCC from B by S&P due to its weakening credit profile amid Russia's military invasion in Ukraine. Belarus is exposed to significant tightening of sanctions affecting its external buffers and debt servicing capacity. Moody's expects a default by...
Times China Downgraded to B+ by Fitch
Times China was downgraded to B+ from BB- by Fitch due to weakened financial flexibility as cash collection slowed in H2 2021 and tight capital markets. Slowing cash collection and costs for delivery of property have hurt its liquidity ratio (unrestricted...
Braskem Idesa to Invest $150mn In Petrochemical Plant
Braskem's Mexican subsidiary Braskem Idesa is planning to invest $150mn to expand its petrochemical plant by 2025 in Mexico. The expansion will allow Braskem to receive its ethane from its import terminal, instead of relying on Pemex for half its supply and to expand...
4 New $ Deals incl. DBS; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a sharp rebound on Wednesday with the S&P and Nasdaq closing 2.6% and 3.6% higher. Sectoral gains were led by IT and Financials, up over 3.5% each. European markets saw a massive rally - the DAX, CAC and FTSE were up 7.1%, 7.9% and 3.3%...
AT&T-Discovery Raise $30bn via 11-Part Deal; Fourth Largest Ever
AT&T and Discovery raised $30bn via a 11-part jumbo bond offering, securing funding for the combination of their media businesses. Details of the issuance are given below: The bonds were issued via a unit called Magallanes Inc. and are rated Baa3/BBB-...
ABS Funding Drops for Chinese Developers, Adding to Sectoral Weakness
Asset Backed Securities (ABS) funding in the Chinese property sector has dropped by almost 50% to RMB 47.5bn ($7.5bn) in the first two months of 2022, according to data from Chinese information provider Heyi Fintech. This was the slowest annual start since 2018 and...
FAB, ADCB Deny Rumors of a Merger
First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) strongly denied reports that they were in talks to merge their companies. Both the bank said that the report was “unsubstantiated” and “false”. ADCB said that it “categorically denies the false content of...
Amazon Plans $10bn Stock Buyback and 20-for-1 Stock Split
Amazon said that it plans to split its stock for the first time in more than two decades with a 20-for-1 split. Amazon last executed stock splits in the first couple of years following its 1997 IPO. Amazon said that the split was aimed at giving employees “more...
