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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended sharply lower, with the S&P and Nasdaq down 1.9% and 3.3% respectively. All sectors were in the red with Real Estate, IT and Communication Services down ~3% each. US 10Y Treasury yields continued to rise, by 7bp to 1.71%. The sharp moves in...
Evergrande Seeking Delay of Local Bond Put Option Date
Evergrande will be holding an online meeting with some onshore bondholders on January 7-10 to vote on proposals including delaying the exercise date of the put option by six months from January 8 to July 8. The bond in question is a RMB 4.5bn ($157mn) 6.98% bond due...
Sri Lanka Allocates $500mn for January Bond Payment
Sri Lanka's central bank said it has allocated $500mn to repay its 5.75% dollar bond maturing on January 18, 2022. Sri Lanka repayments of ~$4.5bn in 2022 and has forex reserves worth $1.6bn at end-November. Media company CNA said that the low levels of forex reserves...
R&F Announces Tender Offer Results; Zhongliang Postpones Interim Dividend
Guangzhou R&F Properties announced the results of its tender offer via an exchange filing: $519.8mn of the 2022 notes, representing about 71.69% of total aggregate principal had been validly tendered for Option A $175.4mn of the 2022 notes, representing about...
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...
