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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...
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...
