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Petrobras Planning to Offload Braskem Stake by February
Brazilian oil major Petrobras said via an exchange filing that it expects to offload its stake in petrochemical company Braskem by February. Petrobras currently owns 36.1% of Braskem and 47% of the voting capital, while Novonor (formerly Odebrecht) owns 38.3% of...
China Said to Ease Rules for State-backed Buyouts of Distressed Assets
China is said to be easing rules for state-backed property developers to buy up distressed assets of private companies, as per a source. Banks are said to have told state-owned property developers that M&A loans would be excluded in calculating their debt ratios....
Amazon to Appeal Arbitration Halt in Supreme Court
Amazon has petitioned India's Supreme Court to lift the halt on an arbitration case against Future Retail's asset sale to Reliance Retail. This comes after Future Retail moved the high court to stop the arbitration by Singapore’s tribunal proceedings. Sources said...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended marginally lower, with the S&P and Nasdaq down 0.1% each. Energy led the gainers, up 2.3% while Healthcare and Materials led the losers, down over 1.2% each. US 10Y Treasury yields were up 1bp to 1.72%. European markets were lower with the...
Shimao’s Dollar Bonds Drop Collapse 20 Points after Missing Local Trust Product Payment
Shimao Group's dollar bonds saw a collapse in its prices after Chinese lender China Credit Trust Co said that the developer defaulted on a trust loan after missing an RMB 645mn ($101mn) payment. China Credit Trust Co said in a letter, confirmed by two sources, that...
R&F Properties’ Dollar Bonds Slump after Insufficient Funds to Buyback $725mn
Guangzhou R&F Properties' dollar bonds fell over 7 points after its funds were insufficient to buy back its $725mn 5.75% bond due January 13, 2022 because its asset sales did not happen as planned. R&F said that in a filing late on Wednesday that the funds...
Turkey Devises New Bonds to Compensate For Losses from Lira Deposits
In the latest from Turkey, the Erdogan-led government is said to be seeking approval to issue new bonds for banks to pay additional interest to lira deposit holders should the extent of lira depreciation exceed banks' interest rate. This comes after the emerging...
VodafoneZiggo Prices €2.1bn Equivalent Bonds; USD SLB Tranche Sees a Twist in Structure
VodafoneZiggo raised €2.1bn equivalent via USD and EUR bonds. It raised: €750mn via a 10NC6 bond at a yield of 3.5%, unchanged from initial guidance $1.525bn via a 10NC7 Sustainability-linked bond (SLB) at a yield of 5.125%, 12.5bp outside initial guidance of 5% area...
Argentina Disagrees with IMF Proposal; Hikes Interest Rates
Argentina’s economy Minister Martin Guzman recently criticized IMF’s proposal to reduce the country’s fiscal deficit. The announcement raised concerns among investors since the country is looking to reach a deal to restructure $40bn in loans with the IMF. Argentina...