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BBVA’s Net Profit Rises on Mexico’s Performance; Highest Annual Profits in 10 Years
BBVA's Q4 2021 net attributable profits were reported at €1.34bn ($1.5bn), up by a marginal 1.6% YoY, higher than forecasts of €1.02bn ($1.2bn) thanks to its Mexican unit's performance which is its largest market accounting for over 50% of its profits. For the full...
Future Retail’s Lenders Ask for its Assets to be Put Up for Auction
Future Retail’s lenders told India’s Supreme Court to put the retailer's assets up for auction after it missed payments due on its restructured onshore bank borrowings. They also began classifying loans as non-performing and, due to the non-payment, they are going to...
Sharjah Islamic Bank’s Net Profits Rise 27% in 2021
Sharjah Islamic Bank reported a 26.7% increase in net profits for 2021 to AED 514.1mn ($140mn). Profits were helped by an increase in net income from financing and investment products by 12% to AED 1.1bn ($300mn). Net fees, commissions and other income rose by 17%...
SingPost to Redeem its 4.25% Perp
Singapore Post (SingPost) said it will redeem an outstanding S$350mn 4.25% perpetual bond on the first call date of March 2 at par. However, it did not say how it will fund the redemption. IFR notes that the decision to call back the bond breaks a recent trend in the...
January 2022: Hawkish Fed Triggers Selloff in Bonds; 92% of Dollar Bonds End In The Red
January was the fifth consecutive month where dollar bonds in our universe ended the month lower with 92% of bonds in the red. The US 2Y Treasury yield soared 44bp YTD after market participants increased expectations of the US Federal Reserve's first rate hike in...
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...
