Brazil to Hike Taxes on Banks
Brazil is planning to suspend tax on diesel fuel, announced by President Jair Bolsonaro as a move to placate trucker’s threats of a strike. However, Reuters sources said that the government plans to hike taxes on banks to offset lost revenue, raising the tax on banks’...
Dr. Peng Telecom’s Dollar Bond Falls 15% on Maturity Extension
China's Dr. Peng Telecom & Media Group announced on Monday that it has received approval from bondholders of its $257.6mn 7.55% bonds due in December this year to extend the maturity. Holders representing 87.3% of the total amount outstanding voted at the meeting,...
February 2021: 66% of Dollar Bonds Trade Lower; Investment Grade Underperforms High Yield
The month of February was a dull month for investors as 66% of dollar bonds in our universe delivered a negative price return (ex-coupon). A sharp sell-off in US Treasuries led to a ~33bp rise in yields for both the 10Y and 30Y, which ended the month at 1.42% and...
DBS, CMT Launch New Bonds; 66% of $ Bonds Trade Lower in Feb; Macro; Rating Changes; New Issues: Talking Heads; Top Gainers & Losers
S&P was down 0.5% while Nasdaq was up 0.6% on Friday. Besides the tech sector, consumer discretionary also closed higher 0.6% while Energy and Financial were the biggest losers down 2.3% and 2%. US Treasury yields eased on Friday after a sharp climb on Thursday...
Pemex Reports 38% Wider Loss at $23 Billion
Pemex reported an annual loss of $23bn, 38.2% wider compared to its 2019 loss, described by CEO Octavio Romero as the “worst crisis” in its history. Industrial transformation losses contributed to 45.6% of the overall loss and exploration, and production losses...
Softbank Closes Settlement with Neumann; WeWork Bonds Inch Up
SoftBank Group Corp. (SBG) announced that it has entered into a settlement agreement with Adam Neumann and the Special Committee of the Board of Directors of WeWork Inc on February 25, under which it would pay ~$1.6bn to buy shares from WeWork's early investors. The...
More Overdue Debt Comes to Light at CFLD
China Fortune Land Development (CFLD) disclosed that it had debt overdue of CNY 11.054bn ($1.7bn) as at end-February. This was CNY 5.817bn ($900mn) higher since its previous disclosure in the beginning of February, as per IFR. The amount includes interest and...
Ezdan Says It Will Organize Funds to Repay Dollar Sukuk
Qatari real estate developer Ezdan Holdings said on Friday that it will be able to repay its dollar sukuk maturing in May this year and April 2022, in response to an S&P downgrade to CCC from B- on default and/or restructuring risk. The company said via an email...
YPF Downgraded to SD from CC on Distressed Debt Exchange
S&P has downgraded Argentine oil company YPF to SD from CC based on the risks faced by the company. The rating agency considers the recently concluded exchange offer between YPF and its bondholders for its $413mn 8.5% senior secured notes due in March 2021 to be...
