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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped sharply with the S&P and Nasdaq falling 2.3% and 2.2% respectively on Friday after concerns over the new Omicron B.1.1.529 variant shook global markets. All sectors ended in the red led by Energy, down 4.1% and Financials down 3.3%. US...
The Week That Was (22nd – 29th November 2021)
US primary markets saw a sharp decrease in issuances last week given the Thanksgiving holidays to just $3.7bn vs. $44.1bn in the prior week. IG issuances dropped to $3bn vs. $33.7bn in the prior week and HY saw almost no new deals vs. $9.2bn in the week before. CDW...
$1.3bn in Bond Payments Due by Chinese Developers in December
Chinese developers have about $1.3bn in bond payments due across dollar and yuan denominated bonds in December. This follows November's $2bn in payments that saw no defaults during the month. The focus is on Evergrande and Kaisa that currently are sitting on a...
Evergrande Founder Sells 9% Stake; Evergrande, Kaisa CHIOLI Make Asset Sale Progress
Evergrande's founder Hui Ka Yan sold 1.2bn shares in the company at an average price of HK$2.23/share last Thursday, almost a 20% discount to the share price on Wednesday. The total value of the stake sale amounted to HK$2.68bn ($344mn), lowering his overall stake to...
Fantasia Subsidiary Faces Wind-up Petition
Fantasia Group said that a major subsidiary was facing a wind-up petition by its creditors regarding a $149mn loan where Fantasia Investment Holdings was a guarantor. SCMP reports that it is the first time that a wind-up petition with respect to offshore debt is being...
Vedanta Ltd. Promoters Raise $800mn via Share Pledges
The promoter holding companies of Vedanta Ltd. have raised $800mn by pledging shares in the company. Details were revealed in a statement released by the company: Twin Star Holdings entered into an agreement with Standard Chartered Bank, London to raise $400mn Vedanta...
LATAM Airlines Files Bankruptcy Exit Plan
Chile's LATAM Airlines proposed a $8.19bn capital infusion plan as part of its reorganization to exit Chapter 11 bankruptcy. The plan includes issuing new equity, convertible notes and debt. Additionally, the company plans to raise $800mn via an equity rights...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities were closed on account of Thanksgiving holidays. US 10Y Treasury yields were 5bp lower to 1.58%. European markets were higher with the DAX, CAC and FTSE up 0.3%, 0.5% and 0.3% respectively. German Q3 GDP came at 1.7% QoQ vs. 1.8% forecasted. Brazil's...
Kaisa Sells HK Property Stake at Discount alongside Exchange Offer to Avoid Default
Kaisa Group announced plans to sell its stake in Hong Kong’s old Kai Tak airport site at a steep discount, as the heavily indebted Chinese developer continues its attempt to avoid default. The land was acquired last year from another indebted developer, Goldin...
