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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets rallied on Wednesday with the S&P and Nasdaq ending 0.9% and 0.5% higher. Sectoral gains were led by Communication Services up 3.1%, Real Estate and Utilities up 1.5-1.7%. US 10Y Treasury yields eased 2bp to 1.77%. European markets were broadly...
Banco Santander and UBS Report Solid Results
Banco Santander reported its most profitable quarter in 12 years with attributable and underlying profits of €2.3bn, up 5% YoY. Annually, attributable profit stood at €8.1bn vs. €8.8bn loss in 2020. The strong results were driven by a rebound in economic activity,...
Petrobras and Novonor cancel stake sale in Braskem
Brazil's state-owned oil company Petrobras and Novonor (formerly Odebrecht) cancelled in “mutual agreement” its plans to sell its stake in Braskem. The announcement came after both companies declared that potential buyers did not meet expectations, without providing...
Tata Motors Reports Quarterly Loss
Tata Motors reported a quarterly net loss of INR 15.2bn ($203mn) for Q4 2021, vs. a profit of INR 29.1bn ($390mn) a year earlier. Consolidated revenues stood at INR 722.3bn ($9.7bn), down 4.5% YoY. Jaguar Land Rover (JLR) said that its sales remain constrained by chip...
Future Retail Downgraded to SD by S&P
Future Retail was downgraded to SD from CCC- by S&P after it "failed to make the principal payments due on its restructured onshore bank borrowings" on December 31, 2021 post which the 30-day review period allowed by the RBI ended. However, S&P affirmed...
AT&T to Spinoff WarnerMedia and Merge Media Properties With Discovery in $43bn Deal
American telecom major AT&T announced on Tuesday that it will be spinning-off WarnerMedia in a deal worth $43bn and concurrently merge its media properties with Discovery Inc. As part of the transaction, AT&T shareholders will own 71% of the new Warner Bros....
United Airlines Planning MileagePlus Minority-Stake Sale
United Airlines is planning to sell a minority stake in its frequent flier program MileagePlus, as per sources. One of the sources said that any minority stake in the MileagePlus subsidiary was expected to represent less than 15% of the portfolio with the airlines in...
ESR-ARA Deal Triggers CoC in ARA’s Bonds; Times China Buys back Dollar Bonds
The takeover of ARA Asset Management by ESR Cayman has triggered a change of control (CoC) event on ARA's dollar bonds. ARA's S$300mn 5.2% Perp would see a 300bp coupon step-up from July 19 due to the CoC, which is also the Perp's first call date. IFR notes that the...
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...
