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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended lower again on Tuesday with the S&P and Nasdaq closing 0.7% and 0.3% lower. Sectoral losses were led by Consumer Staples and Healthcare, down over 2% each. European markets were stable - the DAX and FTSE were flat while the CAC was down...
Country Garden Secures $2.4bn Financing Deal
Country Garden (COGARD) and China Merchants Bank (CMB) have entered into a "property merger and acquisition financing strategic cooperation agreement". CMB will grant COGARD RMB 15bn ($2.4bn) for the latter's property M&A business. Another property developer,...
Zhenro Expects up to 70% Profit Drop in 2021
Zhenro Properties signaled a profit warning in an HKEX filing on March 8. Zhenro said that it expects profits to fall "not more than 70%" for the year ending December 2021. It cited three reasons for the dip: Decrease in the gross profit margin and the increase in...
UniCredit Warns of up to $8bn in Losses on Russia-Ukraine War
Italy's UniCredit SpA warned of €7.4bn ($8bn) in losses under an "extreme scenario" where Russian banking assets are wiped out, due to the Russia-Ukraine war. This would see an impact of up to 200bp on its capital buffers, bringing its CET1 ratio to around 13.03%. The...
Westpac Invites Bids for Wealth Management Unit
Australian lender Westpac has invited bids for its wealth management unit BT Panorama, worth ~AUD 1.5bn ($1.1bn) as per sources. Indicative offers are expected at the end of April. Westpac is following a strategy to narrow its focus by exiting wealth, pensions, life...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
It was a sea of red again on Monday with US equity markets ended lower again on Monday with the S&P and Nasdaq closing 3% and 3.6% lower each. Sectoral losses were led by Materials, Financials, IT, Consumer Discretionary and Communication Services, down ...
Sri Lanka Devalues Currency as Forex Reserves Slip
The Sri Lankan central bank CBSL devalued its currency as its foreign exchange reserves fell to $2.31bn at end-February, its lowest since November 2021. It set an exchange rate limit of USD/LKR 230 from an "unofficial dollar peg since October at 200-203", as per...
Tata Steel to Invest $13bn to Double Steel Capacity
Tata Steel is expected to invest INR 1tn ($13bn) to fulfil its plans to double steelmaking capacity in India to 40mn metric tonnes (MT) by 2030, as per industry experts. Sources say that the steel major prefers to grow the capacity organically rather than acquiring...
Yuzhou Defaults on Bond Coupon after Grace Period Expires
Another Chinese property developer, Yuzhou Group Holdings has defaulted on a dollar bond coupon payment of $21.5mn after it failed to make the payment within the 30-day grace period that ended on March 4. In an exchange filing, Yuzhou said that the missed payment on...
