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Yuzhou Said to be Holding Talks on Debt Swap
Yuzhou Group is said to have talked with companies like JPMorgan and Haitong Securities about a possible debt exchange of its dollar bonds, as per Bloomberg citing financial intelligence provider REDD. However, which bonds might be included in a possible Yuzhou debt...
Sun Hung Kai Becomes HK’s Largest Home Seller Overtaking NWD
Sun Hung Kai Properties overtook New World Development (NWD) as the largest seller of new homes in Hong Kong according to SCMP citing Dataelements. Sun Hung Kai recorded sales of HKD 29.65bn ($3.8bn) in 2021, a 15% YoY jump. NWD dropped to fourth as its sales plunged...
GM’s EV unit Signs Deals with Walmart, FedEx
American auto major General Motors (GM) announced via its electric commercial vehicle business, BrightDrop that it has signed a new deal with Walmart Inc. and expanded its supply agreement with FedEx Corp. As per the deal, Walmart will reserve 5,000 of BrightDrop's...
Mapletree Commercial on Review for downgrade, MNACT for Upgrade
Following the merger announcement between Mapletree Commercial Trust (MCT) with Mapletree North Asia Commercial Trust (MNACT), Moody's has placed the former's Baa1 rating on review for downgrade and the latter's Baa3 rating on review for upgrade. Concurrently, Moody's...
Reliance, AAHK, Kexim Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended broadly lower, with the S&P and Nasdaq down 0.1% and 1.3% respectively. Energy led the gainers, up 3.5% while Healthcare and IT fell 1.4% and 1.1%. US 10Y Treasury yields continued to rise, by 2bp to 1.64%. Almost $1.2bn was pulled out of...
Turkish Investors Hold on to Foreign Currency Despite Erdogan’s Plan
Turkey investors are said to be undermining President Erdogan’s plan to support the Lira without raising interest rates. They are holding on to their foreign currencies with companies boosting their FX holdings by ~$1.6bn in the week ending December 24. Total...
China South City’s Dollar Bonds Witness Correction On Debt Swap Report; Denies Claims
Dollar bonds of China South City fell over 4-5 points and its 11.5% 2022s fell 8.6 points to 81.70. Bloomberg notes that financial intelligence company REDD reported that the company was considering a debt exchange. However, a company official called the story...
Tencent Sells $3bn in Sea Ltd. Stake
Tencent Holdings cut its stake in Singapore’s Sea Ltd. by selling $3bn in shares. The stake sale comes about a month after Tencent said it would give $16.4bn of JD.com stock as a one-time dividend. Bloomberg notes that the stake sale might also give indications of...
Garuda Creditors Offered Recovery Rate of 19 Cents on Dollar
Indonesia’s distressed flag carrier, PT Garuda Indonesia wants bondholders to take a substantial haircut of 81 cents on the dollar, Bloomberg reports. Creditors will be submitting their bids for claims today (deadline of 5pm Jakarta time) as part of the airline’s debt...