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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended higher on Wednesday with the S&P and Nasdaq closing 1.9% and 1.6% higher each. Sectoral gains were led by Financials, Materials, Energy, IT and Industrials up over 2% each. European markets recovered some of Tuesday's losses - DAX, CAC and...
Agile Group to Redeem March 2022s; Shimao Hires Advisers for Restructuring; COGARD Contracted Sales Down 30% in Feb
Agile Group said that it has deposited funds into the designated bank account of the trustee to redeem its $436.5mn 6.7% bonds due March 7, 2022. Agile said there will be no material impact on its financial position as a result of the redemption. Shimao is said to...
Vedanta Approves $638mn Dividend, with 2021 Total at $2.2bn
Vedanta Ltd. has approved a dividend of INR 13/share ($0.17), amounting to INR 48.3bn ($638mn), its third dividend in the financial year. This brings its total 2021 dividend to around $2.2bn for the full year, ending March 2022. Vedanta last announced a dividend of...
Citigroup Warns of $4bn Loss from Russian Exposure
Citigroup warned that it risks losing $4bn due to its exposure to Russia given the ongoing Russia-Ukraine crisis. This comes after Citi earlier disclosed that it had $9.8bn in total exposure to the country as of December 2021, including its Russian retail bank which...
DP World Temporarily Halts Ukraine Operations, Trafigura Freezes Russia Investments
Dubai's DP World has temporarily halted its Ukraine operations after attacks in different parts of the country, according to a company source. The sources added that the port operator was also reviewing its business in Russia due to the sanctions imposed by EU and its...
Ford Announces Reorganization to Separate EV Business
American carmaker Ford Motor Co. announced on Wednesday that it will be undergoing a restructuring that involves separating its electric vehicle (EV) business from its internal combustion engine (ICE) business. CEO Jim Farley said, “We are going all in, creating...
Lenovo Upgraded to Baa2 by Moody’s on Improved Credit Profile
Chinese consumer electronics manufacturer Lenovo Group issuer and senior unsecured ratings have been upgraded to Baa2 from Baa3 by Moody's. The rating agency cited Lenovo's improved credit profile from debt reduction initiatives and a higher EBITDA as reasons for the...
Gazprom to Redeem March Dollar Bond
Russia's state-owned energy company Gazprom has wired funds to repay its $1.3bn 6.51% bonds due March 7, 2022, according to a Bloomberg source. The bond jumped to par from 50 cents on the dollar on Wednesday after the news. The company wired the cash on February 28 to...
February 2022: Inflation & Geopolitical Risks Drag 93% of Dollar Bonds Lower
February was the sixth consecutive month where dollar bonds in our universe ended the month lower, with 93% of bonds in the red. This was after a similarly dreadful January where 92% of dollar bonds ended in the red. Investment grade (IG) bonds - more sensitive to...
