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China South City Downgraded to B- by Fitch
China South City was downgraded to B- from B by Fitch with a negative outlook reflecting weakened funding access against significant obligations maturing in the coming 12-18 months. While the developer has sufficient cash balances of about $1.2bn, just sufficient to...
Serba Dinamik Misses Sukuk Semi-Annual Payment
Serba Dinamik missed the payment (coupon equivalent) on its 6.3% Sukuk due May 2022. The payment due was about $9.45mn. However, as with Evergrande's case, Serba's Sukuk has a covenant that gives a 30-day grace period for the payyment to be made from the due date...
Tata Steel Reports Strong Results
Tata Steel reported a 2QFY2022 net profit jump of 661% YoY to INR 119bn ($1.6bn). Operating revenues grew 55% YoY to INR 603bn ($8.1bn). Its steel deliveries in India expanded by 11% to 4.58mn tonnes despite a contraction in market demand amidst seasonal weakness they...
SIA Trims 1H Loss to $617mn; VTL Boosts Revenues to $2.1bn
Singapore national carrier Singapore Airlines (SIA) reported improving numbers for H2 ended September with revenues rising 73% YoY to S$2.83bn ($2.09bn), and operating and net loss narrowing 66.8% and 75.9% to S$619.4mn ($457mn) and S$836.8mn ($617.5mn) respectively....
Logan Announces Tender Offer Result; Zhongliang and Zhenro Buyback Bonds Too
Chinese Property Developer Logan Group announced the result of its tender offer. It said that it will buy $164.236mn in principal of its 5.75% bonds due January 2022 at par plus accrued and unpaid interest. The tendered notes will be cancelled along with $18.05mn of...
Frasers Property Returns to Profitability with H2 Profits of $390mn
Singapore-based real estate developer Frasers Property returned to profitability with net profits for H2 ended September at S$528.4mn ($390mn) vs. a loss of S$74.8mn ($55mn) for H2 2020. Revenues grew 50.2% to S$2.2bn ($1.6bn) on the back of maiden contributions from...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities ended lower with the S&P and Nasdaq down 0.8% and 1.7% respectively with US inflation shooting higher. Sectoral losses were led by Energy, down 3% as Brent fell over 2.4% and IT down 1.7% respectively. US 10Y Treasury yields shot up 9bp to 1.55%....
Evergrande Said to Have Paid $148mn in Coupons Before 30-Day Deadline
China Evergrande is said to have paid $148mn in coupons on its dollar bonds that it skipped last month. The bonds in question were Evergrande's 9.5% 2022s and 10% 2023s totaling to $148mn in coupons just before the 30-day grace period ended. Bloomberg cited a...
Reports Suggest China Authorities Plan to Loosen Controls on RMB Issuance
Reports suggest that Chinese authorities are likely to loosen controls for its real estate companies to issue local-currency notes as part of efforts to prevent a further deterioration in their financing, as per The Securities Times. While the news is thin on details,...