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Vedanta Reverses Spin Off Plans
Vedanta Ltd. confirmed that it will not conduct any restructuring or spin-off of its businesses given that its current structure is optimal. It added that it aims to distribute a minimum 30% of its 'attributable profit after tax, before exceptional items and excluding...
BNP Paribas’ Profits Jump, To Lift Payout Target
BNP Paribas reported a jump in its annual 2021 profits by 34.3% to €9.5bn ($10.9bn). The group's revenues rose 4.4% to €46.2bn ($52.8bn). Profits were helped by its cost of risk falling 49% through the year to €2.9bn ($3.3bn) alongside a sharp 46% rise in operating...
Softbank’s 9M Net Income Drops 87%
Japanese conglomerate Softbank reported earnings for the nine months ended December with net income falling by 87% YoY to JPY 392.6bn ($3.5bn), primarily due to a reduction in value of its portfolio companies and the value of its stake in Alibaba. Its net asset value...
Logan Downgraded to BB- by Fitch
Logan Group was downgraded to BB- from BB with a negative outlook by Fitch. Its unsecured bond ratings were also downgraded to BB- from BB and its perps to B from B+. The downgrade came after revelation of an undisclosed private debt arrangement that was not on...
Pemex Downgrade Less Likely in 2022 on Oil Rally, Says Moody’s
Mexico's Pemex is less likely to get downgraded in 2022 as per Moody's, thanks to recent government aid, higher crude oil prices and stabilizing production. Moody’s analyst Nymia Almeida said, "Debt must have declined last year because of the payments by the...
Bharti Airtel Plans $1bn Capital Raise via Debt on Steady Results
Bharti Airtel plans to raise INR 75bn ($1bn) via non-convertible debt (NCD) in the form of debentures/bonds, after reporting steady results. Revenues during the quarter rose 12.6% to INR 299bn ($4bn); however, net profits declined 2.8% to INR 8.3bn ($110mn) on a drop...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets fell with the S&P and Nasdaq ending 0.4% and 0.6% lower. Sectoral gains were led by Energy, up 1.3% while losses were led by Communication Services, down 2.2%. US 10Y Treasury yields rose 3bp to 1.94%. European markets were higher with the DAX,...
Sri Lanka’s FX Reserves Dip 24% to $2.4bn in January
Sri Lanka said that its foreign exchange reserves dipped by 24% MoM to $2.36bn in January from $3.1bn in December after it repaid a $500mn dollar bond on January 18. In January, India extended a $400mn swap line to Sri Lanka, deferred an Asian Clearing Union...
EDF Cuts Nuclear Output Outlook Again on Power Supply Risks
France's EDF cut its 2022 forecast for French nuclear output for the second time in less than a month to 295-315 terawatt-hours, from 300-330 terawatt-hours. This is expected to add pressure on European power supplies given the existing high energy costs and gas...
