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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets were mixed on Monday with the S&P Nasdaq ending 0.2% lower and Nasdaq ending 0.4% higher. Sectoral gains were led by Energy, up 2.6%. European markets were lower - DAX, CAC and FTSE were down 0.7%, 1.4% and 0.4%. US 10Y Treasury yields eased 5bp...
Chinese Developers Face $11.4bn in March Payments
Chinese developers face $11.4bn in payments due on their onshore and offshore bonds in March. Besides, they also have $7.6bn in trust payments during the month. Below are some details of the payments due each week: Week 1 (March 1-4): Ronshine, KWG, Agile, R&F...
Country Garden’s Bonds Drop Over 4-5 Points
Dollar bonds of investment grade Chinese property developer Country Garden fell over 10% on Monday. While no specific reason for the fall was identified, preliminary data by China Real Estate Information Corp. indicates that the 100 biggest companies in China’s...
Pemex Reports Quarterly Loss of $6bn
Mexico's Pemex released its Q4 results where it reported a net loss of $6.05bn vs a $4.7bn profit in 4Q2020. The losses were mainly due to taxes and currency exchange losses. During the quarter, Pemex paid MXN 98bn ($4.7bn) in taxes, and incurred forex losses of MXN...
Macy’s Upgraded to BB by S&P
US department store Macy's was upgraded to BB from BB- by S&P. Its second-lien debt was upped to BBB- from BB+ and on its unsecured notes to BB from BB-. Macy's reported strong operating results and reduced leverage during its Q4 update. Adjusted EBITDA margin...
Oxy to Buy Back $2.5bn of Debt
Occidental (Oxy) is buying back $2.5bn of its bonds in an effort to cut its debt after reporting strong earnings. Its net income in Q4 2021 stood at $1.3bn as compared to a loss of $1.3bn in Q4 2020. The positive results come after average WTI and Brent prices were at...
Brookfield to Buy 60% Stake in FAB’s Payments Biz at $1.15bn Valuation
Brookfield Business Partners and its partners have agreed to buy a 60% stake in the payments business of First Abu Dhabi Bank (FAB), known as Magnati with a valuation of $1.15bn. Once completed, FAB will retain a 40% stake in Magnati and will continue its partnership...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets registered another strong day of gains on Friday with the S&P and Nasdaq ending 2.2% and 1.6% higher. All sectors ended in the green, led by Materials and Financial, up 3.2-3.5%. US 10Y Treasury yields eased 5bp on Friday. European markets also...
The Week That Was (21 – 27 February)
With a risk-off week due to the Russia-Ukraine military attacks, US Treasury yields swung wildly. The US 10Y yield dropped 10bp intraday early last week once news of Russia's military attack on Ukraine broke out. US primary market issuances dropped to $17.2bn vs....
