Evergrande Pays Onshore Bond Coupon; Sunac Pays Offshore Coupon
China Evergrande paid an onshore bond coupon due on Tuesday, four sources said, as per IFR. The group's subsidiary Hengda Real Estate remitted funds to pay the coupon of RMB 121.8mn ($19mn). The focus now turns towards the indebted developer paying the offshore coupon...
Yuzhou Downgraded to B2 by Moody’s
Yuzhou was downgraded by Moody's to B2 from B1. Its senior unsecured bonds ratings were also downgraded to B3 from B2 due to structural subordination. The downgrade was on the back of Yuzhou's weakened funding access and expectations that its financial metrics would...
Zhenro’s Dollar Bonds Jump after $33mn Buyback
Zhenro Properties' dollar bonds soared as the developer used $33mn to repurchase 7 of its 14 dollar bonds across the curve. The developer said that it will continue to monitor market conditions and its financial structure and may further repurchase its senior notes as...
Credit Suisse Pleads Guilty in Mozambique Scandal, To Pay ~$475mn
Swiss banking major Credit Suisse Group AG will have to shell out about $475mn to resolve an international legal saga that has been going on for many years now related to the Mozambique scandal. As per prosecutors, the bank deceived investors by hiding information...
Netflix Reports Solid Earnings with Strong Subscriber Growth
Netflix reported solid Q3 results with net profits of $1.45bn, up ~2x vs. $790mn in 3Q2020. Revenues stood at $7.5bn, up 16% YoY and it projects another 16% YoY growth for the next quarter. The quarter’s subscriber growth was at 4.4mn, a strong beat over analysts...
United Airlines and Aeromexico Report Q3 Results
United Airlines reported net income of $473mn in Q3 helped by a boost from $1.13bn in federal payroll aid, an improvement from its $1.8bn in losses in 3Q2020, but lower than its $1.02bn in 3Q2019. Q3 revenues stood at $7.75bn, down 32% from the same quarter in 2019....
China Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Wall Street saw another move higher with the S&P and Nasdaq up 0.3% and 0.8% as the risk-on sentiment continued. Most sectors ended in the green led by Consumer Discretionary and IT, up 1.2% and 0.9% respectively. US 10Y Treasury yields were flat at...
Kaisa, R&F, Greenland Downgraded by Moody’s
Kaisa Group was downgraded to B2 from B1. The downgrade was on account of weakening liquidity which would increase refinancing risk over the next 6-12 months and a large debt maturity of $3.2bn in offshore bonds by end-2022. Its "modest credit metrics; high geographic...
Demand Saps as Developers’ Land Auctions Pulled
Local governments have withdrawn about 206 plots of land from auctions in major Chinese cities since September after homebuyers stalled their bids post the Evergrande saga. This is almost one-third of the plots that were put up for sale in 22 cities including Beijing,...
