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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets continued its upward move with the S&P and Nasdaq closing 0.3% and 0.6% higher. Most sectors were in the green led by Communication Services and Healthcare, up over 0.7% each. US 10Y Treasury yields moved 2bp higher to 1.46%. European markets...
Sunac Cuts Stake in Ke Holdings to Raise $530mn
Sunac China cut its stake in NYSE traded Ke Holdings' shares worth $530mn, taking its total disposals of the company's stock to $1.08bn since June 2021. Sunac said that proceeds from the stake sale would be used for working capital purposes. Ke Holdings is an...
Kaisa Bondholders Close to Signing NDAs to Discuss Financing Options
A group of Kaisa's bondholders as said to be close to signing NDAs in order to discuss potential financing deals for the troubled developer. The creditor group is being advised by Lazard and Bloomberg notes that an announcement can come as early as today, December 9...
Trafigura Reports Record Annual Profits of $3.1bn
Commodity trader Trafigura reported its biggest annual profits in its 28-year history. For the year ending September 2021, it reported net profits of $3.1bn, 1.94x last year's figures and revenues rose 57% YoY to $231bn. Its total assets jumped to $90.1bn from $57bn...
Moody’s Says Indebted Chinese SOEs Remain Key Risk Despite some Deleveraging
Moody’s in a new report said that further deleveraging progress in Chinese state-owned enterprises (SOEs) will be difficult despite the Chinese government’s efforts to reduce leverage. The rating agency noted that China’s most indebted listed SOEs saw their...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a sharp risk-on move with the S&P and Nasdaq closing 2.1% and 3% higher. All sectors were in the green led by IT which was up 3.5% followed by Consumer Discretionary and Energy, up over 2.3% each. US 10Y Treasury yields moved 2bp higher to...
Evergrande Misses Coupon Payments
China Evergrande missed the 30-day grace period deadline to pay coupons worth $41.9mn and $40.6mn on its 13% 2022s and 13.75% 2023s respectively. Media agencies state some bondholders said that they did not receive the coupons on the bonds. Rating agency S&P's...
Credito Real Downgraded to B+ by S&P; On CreditWatch Negative
Credito Real was downgraded to B+ from BB- on tight liquidity by S&P. S&P says that Credito Real's results in 2021 were below its expectations, and along with the region's adverse economic market conditions its finances can weaken. Besides, they add that...
Pemex Refinery Deal May Cost $1bn More than Expected
Pemex may spend about $1bn more than expected to take over Royal Dutch Shell Plc’s Deer Park refinery. The extra spending is more than 2x the price announced in May for $596mn. Pemex has requested about $1.6bn to acquire the refinery including a capitalization from...