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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a sharp rally on Friday with the S&P and Nasdaq ending 2.4% and 3.1% higher. Sectoral gains were led by IT and Real Estate, up 4.3% and 3.4% each. US 10Y Treasury yields eased 2bp at 1.79%. European markets recovered with the DAX, CAC and...
The Week That Was (24 – 30 Jan, 2022)
US primary market issuances slowed to $9bn vs. $40.3bn in the prior week. The drop in new deals came on the back of risk-off market sentiment earlier last week on anticipation of a hawkish stance in the FOMC meeting, where Powell indicated a possibility of more rate...
Evergrande’s Venice Project Taken over by Oaktree; Shimao Sells Shanghai Hotel for $708mn; Hopson Auditor Resigns
Evergrande's prized asset in China, its Venice project in Jiangsu province has been seized by Oaktree Capital, a distressed debt specialist company. As per sources, Evergrande's Venice project defaulted on a secured loan provided by Oaktree late last year after the...
Credito Real Taps Goldman Sachs to Find Emergency Loan
Mexico's largest non-bank lender Credito Real has asked Goldman Sachs to arrange rescue financing to pay down a CHF 170mn ($180mn) 2.875% bond due February 9, 2022s. As per sources, Goldman has been asked by the Mexican lender to seek potential sources of new...
Huarong Sells 72% of Brokerage Stake for $1.72bn
China Huarong announced late last week that it has agreed to sell its 72% stake in Huarong Securities, its brokerage unit, to a unit of state-owned investment firm China Reform Holdings Corp., as per Caixin Global. Huarong is expected to raise RMB 10.93bn ($1.72bn)...
Argentina Reaches IMF Agreement to Restructure $44.5bn Debt
Argentina reached an agreement with the IMF to restructure around $45bn of debt. The announcement came before the deadline of a $730mn payment to the IMF, which was due last Friday. As part of the 10-year financing plan, Argentina agreed to gradually reduce its...
Ecopetrol’s Bonds Fall on Presidential Frontrunner’s Pledge
Ecopetrol's dollar bonds continued its declines last week after Colombia’s presidential election frontrunner Gustavo Petro repeatedly vowed to halt oil drilling as soon as he takes office. “Political noise will incrementally take center stage, as the country faces a...
NTPC Reports 25% Profit Jump on Electricity Demand
India's largest power producer NTPC reported a 25% jump in quarterly profits ending December 2021 to INR 41.3bn ($551mn) with revenues jumping 18% YoY to INR 288.6bn ($3.8bn). The strong results come after demand for electricity soared as factories and commercial...
Resorts World Las Vegas Downgraded to BBB- by Fitch
Luxury hotel and casino operator Resorts World Las Vegas (RWLV) was downgraded to BBB- from BBB by Fitch following the rating agency's re-assessment of its linkage with parent Genting Bhd. RWLV's senior secured and unsecured debt were also cut to BBB-, with Fitch...