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SBI Reports 62% Quarterly Profit Jump
State Bank of India (SBI) reported a 62% jump in its Q3 profits to INR 84bn ($1.1bn), its highest quarterly net profit ever. The bank's domestic non income margin was at 3.40%, increasing 6bps YoY. Its gross non-performing asset (NPA) ratio declined by 94bp to 4.50%...
Bharti Airtel to Redeem 5.125% Dollar Bond Due 2023s Early
Bharti Airtel said that it would redeem its $505mn 5.125% dollar bond due March 11, 2023 a year earlier. The telco said that it will redeem the bonds issued by Bharti Airtel International BV on March 7, 2022. The redemption price for the notes will be 100% of the...
Seazen Launches Tender Offer for 7.5% 2022s
Seazen Holdings launched a tender to buy its $200mn 7.5% bonds due March 20, 2022 at par. The bonds, issued by its overseas subsidiary New Metro Global and guaranteed by the parent are currently trading at less than par, around 97.13 cents on the dollar. The deadline...
Ghana Downgraded to Caa1 by Moody’s
Ghana was downgraded to Caa1 from B3 by Moody's, while the outlook was changed to stable from negative. The downgrade reflects the increasingly difficult task the government faces in addressing its "intertwined liquidity and debt challenges", said the rating agency....
Royal Caribbean Reported Another Miss on Earnings
American cruise operator Royal Caribbean missed Q4 earnings estimates and warned that it may not be profitable in 2022 as was earlier expected. Revenues came in at $982.2mn, up massively vs. Q4 2020's $34.1mn but below FactSet estimates of $1.04bn. Net loss was a tad...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US equity markets dropped sharply with the S&P and Nasdaq ending 2.4% and 3.7% lower. Sectoral losses were led by Communication Services down 6.8%, while IT and Consumer Discretionary were down over 3%. US 10Y Treasury yields rose 7bp to 1.84%. European markets...
Vedanta Posts Highest Ever Quarterly EBITDA; Holdco Rumored to Merge with Indian Unit
Preliminary talks have begun for a potential merger of Vedanta Resources with its Indian unit Vedanta Ltd as per sources. While the founder and Chairman Anil Agarwal did not make any comment, a representative for Vedanta said there is “no plan” for a merger between...
Ford Misses on Quarterly Results
American carmaker Ford Motor reported Q4 earnings on Thursday with revenues of $37.7bn, up 5% YoY and net income of $12.3bn vs. a net loss of $2.8bn in Q4 2020. The net income included an $8.2bn gain on its investment in EV startup Rivian Automotive; adjusting for it...
ING Reports Soft Results on Increased Provisions
ING Groep reported its Q4 2021 results with a 27% rise in pretax profits to €1.33bn ($1.5bn), missing forecasts of a €1.47bn ($1.7bn) number. The miss was on account of higher-than-expected provisions. Provisions rose to €356mn ($409mn) from €208mn ($238mn) during the...
