Morgan Stanley Upgraded to A- by S&P
Morgan Stanley was upgraded to A- from BBB+ by S&P on the transformation of its business model where it has lowered risk and added stability over several years. Morgan Stanley's successful integration of E*TRADE and Eaton Vance should strengthen its ability to...
Greenko to Invest $3bn in Setting up World’s Largest Renewable Energy Storage Plant
India-based Greenko Group is setting up the world's largest renewable energy storage plant in Andhra Pradesh with a $3bn investment. A 5.23GW project is being set up and is expected to be commissioned by 2023. Out of 5.23 GW, 3GW is solar, 550MW for wind and 1.68GW is...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended lower on Tuesday, with the S&P down 0.4% and Nasdaq falling 1.2% after a recovery on Friday. Sectoral gains were led by Energy, up 2.6% while losses were led by Consumer Discretionary, down over 2.2%. US 10Y Treasury yields were 2bp higher...
The Week That Was (9 – 15 May, 2022)
US primary market issuances last week were at $19bn vs. $22.1bn in the week prior with Investment grade (IG) corporates issuing $17.7bn of deals while high yield (HY) issuances were at a mere $1.3bn. The largest IG deals included Intercontinental Exchange's $8bn...
Credit Suisse Downgraded to A by S&P
Credit Suisse was downgraded to A from A+ by S&P and its nonoperating holding company, Credit Suisse Group AG was cut to BBB from BBB+. S&P notes that while Credit Suisse is working to enhance its risk management capabilities, the effectiveness remains...
Sunac Pays Local Bondholders after Dollar Bond Default; Downgraded to Ca by Moody’s
Sunac China made payments on a local bond, just a day after announcing a default on its dollar bond. Sources said that the developer sent initial planned payment to investors via the a trustee, under an 18-month extension agreed to by the bondholders. The bond in...
Tata Steel and JSW Upgraded to BB+ and BB
Tata Steel was upgraded to BB+ from BB by Fitch, now just one notch below an Investment Grade (IG) rating. The upgrade comes on the back of a "significant improvement" in its financial profile thanks to "record EBTIDA and significant debt repayment". The company has...
FWD To Skip Redeeming Zero-Coupon Perp on First Call Date
FWD will not be redeeming its $750mn zero-coupon Perp on its first call date of June 15, it said. This would mean that holders will start receiving distributions due to the coupon reset present on the note. The new coupon rate would be set at the US 5Y Treasury rate...
SBI Reports Record Quarterly Net Profit
India’s biggest lender State Bank Of India (SBI) reported its highest ever quarterly net profit with a 41% YoY jump to INR 91.14bn ($1.14bn) during its quarter ending-March 2022. The total income of the bank rose to INR 826.13bn ($10.63bn), up 1.6% YoY. SBI’s net...
