Olam Secures $5.2bn in Loans As Part of Its Reorganization Plan
Major food and agri-business company, Olam International has secured $5.2bn in financing across three loan facilities as it moves forward with its business reorganisation plans. Olam announced earlier this week that the three facilities comprise a $1.2bn 3Y loan and...
Braskem Upgraded to BBB- (Investment Grade) by S&P
Brazilian petrochemicals company Braskem SA has been upgraded to investment grade at BBB- on the back of strong profitability and debt reductions. S&P raised both the issuer credit rating and unsecured issue-level rating on Braskem to BBB- from BB+, and also...
Banks Request RBI to Increase Limit for Raising AT1 Offshore
India's domestic market has turned dry and inaccessible after the Securities and Exchange Board of India (SEBI) tightened valuation rules for Additional Tier 1 (AT1) category securities, which used to have a large subscription from mutual funds. AT1 or Perpetual...
Maldives, CDB Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets kicked off September with a small gain – Nasdaq gained 0.3% hitting an all time high, while the S&P was 0.1% higher. Real Estate added another 1.7% while Utilities added 1.3%. Energy and Financials, down 1.5% and 0.6%, were a drag on the markets....
China Outperforms Asian Peers in Terms of Dollar Bond Returns in August
China saw the highest returns in Asia for corporate bonds in August after two months of losses, with total return on corporate dollar bonds at 1.5%, its best performance since July last year. This was higher than the gain of 1.1% from broader Asian emerging market...
Evergrande’s Bonds Take Another Beating; Spillover Seen in Fantasia, R&F
Wednesday saw another round of selling in Evergrande's dollar bonds as they fell another 3 points to now trade in the 30s. The latest selloff was after the company released 1H earnings in which they warned of a possible default as its liabilities keep piling up while...
Southwestern Energy Upgraded to BB
US exploration and production (E&P) company Southwestern Energy Co. has been upgraded to BB from BB- by S&P after it completed the acquisition of privately held Haynesville operator Indigo Natural Resources in a deal worth ~$2.7bn. The acquisition included a...
Alam Sutera’s Bonds Jump as The Company Trims Losses
Indonesian property developer Alam Sutera saw its dollar bonds jump on Wednesday after the company reported improving financials for 1H 2021. The company managed to grow revenues by 21% to IDR 1.1tn ($78mn) and trim losses to IDR 248.1bn ($17mn) from IDR 516.8bn...
8 New $ Deals Today Incl. Axis, Adani, Lai Sun; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets slid marginally but still carved out a seventh straight month of gains – both Nasdaq and S&P ended 0.1% lower. Real Estate added 0.6% while IT and Energy traded 0.6% and 0.7% lower. For the month of August, S&P gained 3% while the tech heavy Nasdaq...
