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Amazon, Reliance to Battle over Multi-Billion Dollar IPL Media Rights
Amazon and Reliance are said to now battle regarding media telecast rights for the famous Indian Premier League (IPL). According to Reuters sources, both companies are expected to take on India units of Sony Group and Walt Disney Co for exclusive five-year TV and...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
S&P and Nasdaq dropped sharply again on Thursday as Russia-Ukraine risk-off sentiment hit markets - the indices were down 2.1% and 2.9% respectively. Most sectors were in the red, led by IT, Communication Services and Consumer Discretionary, down over 2.5% each....
StanChart Reports Soft Results
Standard Chartered (StanChart) reported its Q4 2021 and annual results. Quarterly net losses stood at $382mn vs. a loss of $476mn during the same period in 2020. For the full year 2021, net profits stood at $2.3bn vs. $751mn in 2020. Net interest income stood at...
Argentina Hikes Rates by 250bp; IMF Restructuring Deal Struggles in Congress
The Argentinian central bank raised benchmark rates by 250bp to 42.5% on Thursday, the second hike this year to align with IMF's call for rates to exceed the Latin American nation's inflation that is currently at 51%. This comes amid talks between Argentina and IMF to...
Credito Real Bondholders Tap Adviser for Restructuring Talks
Credito Real bondholders have engaged investment bank Houlihan Lokey Inc. as an adviser regarding restructuring talks as per sources. This comes after the non-bank lender defaulted on a CHF 170mn ($180mn) 2.875% bond due February 9, triggering cross-default clauses...
Times China Downgraded by Moody’s to B1; Logan Downgraded to BB- by S&P
Times China was downgraded to B1 from Ba3 by Moody's and its senior unsecured ratings to B2 from B1 on the back of reduced liquidity buffer due to "weakened funding access and continued cash spending on urban redevelopment projects (URPs)". Its cash balances are...
Allianz Posts Results with $4.2bn Hit in Investment Fund Case
Allianz reported a net loss of €292mn ($332mn) in Q4 2021 while analysts expected a profit. Profit for the full year was at €6.6bn ($7.5bn), the lowest since 2013. Revenues during Q4 rose 7.9% to €38.4bn ($43.7bn). The insurer said it would set aside a pre-tax...
Yango Misses Coupon on 2 Dollar Bonds Within 30 Day Grace Period
Yango Group failed to make coupon payments on 2 USD-denominated bonds totaling $27.3mn, due within the 30-day grace period due to a liquidity crunch. The coupons on its $300mn 9.25% bonds due April 15, 2023 and the $357mn 7.5% bonds due April 15, 2024 were due on...
BOC HK Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
S&P and Nasdaq were near flat on Wednesday, after rallying 1.6% and 2.5% respectively on Tuesday. Most sectors were in the green, led by Energy, Materials and Industrials, up over 0.5% each. The US 10Y Treasury yield was flat at 2.03%. However, US Treasuries...
