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SPH Reports Improvement in Business Segments
Singapore Press Holdings (SPH) released a business update for its first quarter ended November where it reported an improved operational performance with the gradual recovery in the economy. Within the retail segment, SPH REIT witnessed a high occupancy rate of 98.8%...
10 New $ Deals incl. MUFG, AgBank; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended mixed with the S&P down 0.1% and the Nasdaq flat after initial losses of 2% and 2.7% respectively. Healthcare led the gainers, up 1% while Industrials led the losers, down 1.2%. US 10Y Treasury yields were down 1bp to 1.76%. European...
Shimao Downgraded to B2 and B- by Moody’s and S&P
Shimao Group was downgraded to B2 and B- by Moody's and S&P from Ba3 and B+ respectively. The downgrades comes days after Shimao defaulted on certain trust loan payments. The reasons cited by Moody's and S&P for the downgrade include its weakening access to...
Yuzhou Cut to Caa2 and CCC- by Moody’s and Fitch
Yuzhou Group was downgraded to Caa2 and CCC- by Moody's and Fitch from B2 and B. The downgrades were on account of increased refinancing risks due to weakened funding access and sizable maturing debt. Yuzhou has to refinance $350mn of its 6% bonds due January 25, 2022...
Evergrande Shifts Headquarters to Save Costs; Agile to Agrees to Sell 14 Properties for $439mn
China Evergrande has switched its headquarters in Shenzhen to its own property in Guangzhou in an effort to save costs. However, its registered place has not changed and is still in Shenzhen. “Returning to Guangzhou is a return home, which will help to gain more...
Vedanta Planning Offshore Issuance of Up to $1bn
Vedanta Resources Ltd. (VRL) is planning to issue 3Y or 5Y offshore bonds worth up to $1bn to refinance debt and reduce funding costs. Vedanta has a $1bn 6.375% bond due July 30, 2022. The issuance is expected in the next couple of weeks. "Companies like Vedanta...
Ghana’s Dollar Bonds Fall as much as 4 Points
Dollar bonds of Ghana fell sharply yesterday. Goldman Sachs said that investors are concerned about burgeoning debt in high-yield developing nations including Ghana. Goldman's analyst Sara Grut said, "Ghana mostly stands out for its fiscal risks, with the...
Bed Bath’s Bonds Trade Weaker After Earnings Miss
American retailer Bed Bath & Beyond reported dismal earnings late last week with revenues falling 28% to $1.88bn vs. $1.95bn expected for its third quarter ended November 27. The company also disappointed on earnings with its net loss widening to $276mn from $75mn...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended lower, with the S&P and Nasdaq down 0.4% and 1% respectively. Energy and Financials led the gainers, 1.2-1.4% while Consumer Discretionary and IT led the losers, down over 1.7% and 1% each. US 10Y Treasury yields were up 1bp to 1.72%....
