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Vedanta Ltd. Announces $662mn Dividend
Vedanta Ltd., the Indian subsidiary of Vedanta Resources Ltd. (VRL) announced that it will give a dividend of INR 50bn ($662mn). This will be its second interim dividend payout this year after its prior INR 69bn ($910mn) dividend announcement in September. It comes...
China Bond Sales May Be Used for Property Acquisitions: Sources
As per a sources report, China is set to make it easier for property developers to issue bonds for acquisitions in the sector, considered to be a move that helps these troubled players in selling off assets. Securities Times which cited a meeting on Friday between the...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped with the S&P and Nasdaq closing 0.7% and 1.7% lower. Most sectors were in the red led by Consumer Discretionary, Real Estate and IT, down over 1% each. US 10Y Treasury yields moved 4bp lower to 1.49%. European markets were lower too with...
Evergrande and Kaisa Downgraded to RD from C by Fitch on Missing Payments
Fitch downgraded both Evergrande and Kaisa to RD from C following the developers' missed coupon payments. It downgraded Evergrande's subsidiaries Hengda and Tianji to RD too. Fitch notes that Evergrande's downgrade reflected the non-payment of coupons on November 6,...
Serba Dinamik Appears to Have Missed Coupon Payment After 30-Day Grace Period
Serba Dinamik appears to have defaulted on the RM29.54mn ($7mn) coupon payment due yesterday as per the Malaysian Reserve news site. Custodians of Serba Dinamik’s bondholders have informed trustee HSBC of a default trigger in the event of a dissolution. The default...
US Steel Upgraded to Ba3 by Moody’s
US Steel was upgraded to Ba3 from B1 by Moody's. The rating agency notes that US Steel's operating results have materially strengthened in 2021, expecting an adjusted EBITDA of ~$6bn. This comes after a quicker than expected recovery in its key end markets, barring...
Keppel Shareholders Vote in Favor of SPH Acquisition
Keppel Corp. shareholders unanimously voted in favor of its proposed acquisition of Singapore Press Holdings (SPH) at the former's EGM on Thursday. 98.22% representing 380.9mn shares voted in favor of the deal that Keppel says is a "win-win" for both companies'...
Garuda Enters Court-Led Debt Restructuring
Troubled Indonesian carrier Garuda, which has been experiencing annual net losses since 2017 due to high costs, aggressive fleet expansion and corruption, and later due to the global pandemic, is entering a court-led debt restructuring process. Judges in the Central...
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...
