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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped yet another day on Friday, with the S&P and Nasdaq down 1.9% and 2.7% as the risk-off sentiment continued to weigh on markets. Most sectors were in the red with Communication Services and Consumer Discretionary down 3.1% and 3.9%. US 10Y...
The Week That Was (17 – 23rd Jan)
US primary market issuances totaled $40.3bn vs. $27.4bn in the prior week. The jump in new deals was primarily due to IG issuances of $36bn last week vs. $17.1bn in the week prior to that while HY issuances were at $3.4bn vs. $5.3bn in the week prior. The IG space was...
Evergrande’s Dollar Bonds Jump on News of Progress on Restructuring; Yuzhou to Delay Bond Payment
Evergrande's dollar bonds jumped over 4 cents on the dollar on Friday after a report cited by Bloomberg mentioned that the Guangdong government plans to release a debt restructuring framework by March that includes a plan to address offshore debt. This is seen as...
Aoyuan Downgraded to RD by Fitch
Chinese property developer China Aoyuan has been downgraded to RD from C by Fitch following the company's announcement on January 19 that it will not be making payments on four of its dollar bonds. Fitch has affirmed its senior unsecured ratings at C with a Recovery...
Amazon Offers Help to Future Retail; Latter Reject Offer
Amazon offered Future Retail financial aid by writing to the latter's independent directors that Samara Capital was interested and committed to invest INR 70bn ($942mn) in the troubled retailer. The planned investment involved Samara buying all retail assets of Future...
Vedanta to Set up $10bn Fund for Government Assets
Vedanta Resources plans to set up a $10bn fund for acquiring state-owned funds and has already received interest from sovereign wealth funds. The corpus will be floated once the government invites bids for firms like BPCL or Shipping Corporation of India (SCI)....
Reliance Reports Best Quarter Ever
Reliance Industries reported its best ever quarterly performance with a consolidated PAT of INR 185bn ($2.5bn), up 42% YoY during its Q3 2022 results end-December 2021. Gross revenues were up 52% YoY at INR 209bn ($28.2bn) and EBITDA came in at INR 339bn ($4.6bn),...
Commerzbank Q4 Earnings to Drag on $504mn Provision Increase
German lender Commerzbank announced on Friday that its Q4 earnings, expected on February 17, will include provisions of ~$504mn from its Polish subsidiary mBank. The provisions are related to foreign currency indexed loan agreements from over a decade ago when...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped yet another day with the S&P and Nasdaq down 1.1% and 1.3% as risk-off sentiment continued to weigh on markets. Most sectors were in the red with Consumer Discretionary, Materials and IT down 1.3-1.9%. US 10Y Treasury yields eased 8bp to...
