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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...
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...
