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Credito Real Defaults on CHF Bond; Downgraded to RD by Fitch
Credito Real defaulted on the principal payment of its CHF 170mn ($180mn) 2.875% bond due February 9 and was subsequently downgraded by Fitch to RD. from CC. Fitch also downgraded its unsecured debt notes to C/RR4 from CC/RR4. "Potential cross-acceleration clauses in...
Evergrande’s Hui Vows to Resume Construction & Deliver 600,000 Apartments
Evergrande's Chairman Hui Ka Yan said in an internal meeting on Sunday that the company needs to repay its debts by restoring construction activities, not by selling-off assets at fire sale prices. He vowed to complete 50% of pre-sold homes with a goal of delivering...
Logan Dismisses Auditor Rumors; Yango’s Bond Extension Approved
Chinese property developer Logan Group dismissed reports that the company was planning to change its auditor as “sheer rumor". Its dollar bonds picked up slightly after the announcement, having traded weak earlier this week amid a downgrade by Fitch to BB. Its 7% Perp...
Yuzhou Downgraded to RD by Fitch
Yuzhou Group was downgraded to RD from C by Fitch on the back of the completion of an exchange offer on January 20 for two dollar bonds - its $340mn 6% bond due January 25 and $242.069mn 8.625% bond due January 23 that Yuzhou combined into new notes with a coupon of...
UniCredit Set to Sell €2bn in Impaired Loans to Prelios
UniCredit is set to sell €2bn ($2.3bn) in impaired loans to the US investment fund Davidson Kempner owned bad loan specialist Prelios, according to three sources. UniCredit halted a process to hire a debt recovery firm for the portfolio. As per Reuters' calculations,...
Olam Gets Approval from SGD Bondholders to Amend Terms; Fails to Get Approval from USD Bondholders
Olam International announced that it has received approval from its SGD bondholders to waive potential events of defaults and to replace the issuer to Olam Group, as part of a consent solicitation that ended with a meeting on Wednesday. The SGD bonds in question are...
Turkey’s Sovereign Wealth Fund Gives State Banks $2bn Capital Injection
Turkey’s sovereign wealth fund will inject around $2bn into two state-run lenders to beef up their balance sheets. This comes after the lira's massive 44% depreciation in 2021, and 1.3% depreciation YTD. Halkbank said it would use the proceeds to extend loans to...
Keppel Starts Arbitration Against SPH Related to Acquisition
A Keppel Corp company, Keppel Pegasus, has launched arbitration proceedings against Singapore Press Holdings (SPH) in relation to the former's acquisition bid for the latter. The arbitration comes after SPH informed Keppel Pegasus that it plans to consult with the...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets rose with the S&P and Nasdaq ending 0.8% and 1.3% higher. Sectoral gains were led by Materials and Consumer Discretionary, up 1.5%. US 10Y Treasury yields rose 1bp to 1.94%. European markets were broadly higher with the DAX and CAC up 0.2-0.3%...
