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Petrobras Reports Highest Profits on Record
Brazil's Petrobras reported record high annual profits of BRL 106.7bn ($21.3bn) for 2021, way over analyst estimates of BRL 74.3bn ($14.8bn), boosted by one-off items including asset disposals and impairment revisions, excluding which recurring net income stood at BRL...
Shimao Downgraded by Two Notches to Caa1 from B2; Misses Trust Payments
Shimao Group was downgraded by two notches to Caa1 from B2 by Moody's with a negative outlook. This comes on the back of Shimao's heightened liquidity risks over the next 6-12 months given the slower-than-expected fundraising progress. This makes it difficult to meet...
Zhenro Plans Asset Sale of up to $644mn
Zhenro Properties plans to sell assets worth up to RMB 4bn ($632.7mn) in H2 2021 and extend maturity of other onshore and offshore debt, including debt bank loans and asset-backed securities (Term of the Day, explained below), as per three sources. The developer is...
E-House Cut to CCC by S&P on Repayment Pressure
E-House was cut to CCC from B by S&P with a negative outlook. The downgrade comes on the back of high repayment pressure for its $300mn bonds due April 2022 and beyond amid deteriorating liquidity. While S&P noted that "it is not entirely impossible for...
Nigeria Claiming $1.17bn from JP Morgan in Oilfield Deal Lawsuit
Nigeria is claiming $1.17bn from JP Morgan in a lawsuit that began hearing in a London high court on Wednesday. The lawsuit is related to a 2011 oilfield deal where majors Shell and Eni bought the offshore OPL 245 oilfield. Nigeria alleged that JP Morgan was "grossly...
Ecuador Bonds Rally As Oil Prices Increase
Ecuador´s bonds rallied this month, outperforming its Emerging Markets peers. As per Bloomberg data, Ecuador's dollar bonds are up 6.4% YTD on average, as compared to the EM with an average loss of 4.2%. The price increase is due to a 23% rise in oil prices and...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped on Tuesday after being closed on Monday due to President's Day holidays. S&P and Nasdaq were down 1% and 1.2% with sectoral losses led by Consumer Discretionary, down over 3%, followed by Energy and Materials, down 1.4-1.5%. The US 10Y...
HSBC Reports Strong Earnings; To Buy Back $1bn of Shares
HSBC reported that it more than doubled its Q4 profits. Q4 2021 net profits were up $1.1bn to $2bn and its annual net profits were up $8.6bn to $14.7bn. Revenue for the quarter rose 2% YoY to $12bn but was down 2% annually to $49.6bn. Annual results were boosted by a...
Ronshine Downgraded to B- from B by Fitch
Ronshine China downgraded to B- from B by Fitch reflecting increasing uncertainty over refinancing of its capital market maturities in H2 2022. While the rating agency believes Ronshine has sufficient liquidity to meet its $394mn 10.5% dollar bond due March 1, 2022,...
