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Pemex’s Texas Refinery Acquisition Delayed
The sale of Shell’s stake in the Deer Park refinery for $600mn to Petroleos Mexicanos (PEMEX) has been delayed. The Committee on Foreign Investment in the United States (CFIUS), which oversees the last stages to approve the transfer of the refinery to PEMEX, has not...
Scotiabank Reports Strong Earnings
Scotiabank reported its 4Q2021 results with net income up 35% YoY to CAD 2.6bn ($2bn). Profits were helped by a reduction in provisions to CAD 168mn ($132mn) from CAD 1.1bn ($860mn) a year ago. The lender also announced its first dividend hike in nine quarters by 10...
Serba Dinamik Reports Quarterly Losses
Serba Dinamik reported a net loss of MYR 42mn ($10mn) in the quarter ended September 2021. This was Serba Dinamik's first quarterly loss since its listing on Bursa in 2017. The company cited "corporate expenses and consolidation elimination of MYR 107.9 million...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets recovered well on Monday with the S&P and Nasdaq rising 1.3% and 1.9% respectively after the sharp sell-off on Friday as some optimism emerged on the Omicron variant's impact. All sectors ended in the green led by IT, up 2.6%. US 10Y Treasury...
EMB ETF Sees Largest Outflows in Two Months
The iShares JP Morgan USD Emerging Markets Bond ETF saw $709.5mn in outflows in the week ended November 26, the biggest withdrawal in two months. The withdrawals coincided with a 2.6% drop in the ETF, the worst week since March 2020. Bloomberg notes that most of the...
Macau Casino Bonds Trade Weaker after Mogul Gets Detained
Macau casino bonds were trading weaker after police arrested 11 people over alleged money-laundering and illegal cross-border gambling, with the founder of Macau’s biggest “junket operator” Suncity, Alvin Chau, among those detained. The arrest comes amidst...
Azul Airlines Withdraws Interest in LATAM Airlines
Brazilian Azul Airlines announced that it is no longer making an offer to acquire LATAM airlines. Azul previously announced its intentions to buy the company, but decided not to bid after LATAM airlines announced its reorganization plans. Azul declared that LATAM's...
Keppel REIT to Buy Grade A Aussie Office for $234mn
Keppel Reit's wholly-owned subsidiary has entered into an agreement to acquire and develop a Grade A freehold office building, Blue & William, in Sydney for A$327.7mn ($234mn). The acquisition is expected to be completed by end-2021, with completion of development...
CEMEX Upgraded to BB by Fitch
Mexican materials company CEMEX was upgraded to BB from BB- with a positive outlook by Fitch. The upgrade comes on the back of CEMEX's "strong operating performance during the last 18 months" and proceeds from carbon credit sales of $550mn helping it reduce net debt...
