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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities ended slightly higher with the S&P up 0.2% and Nasdaq up 0.4%. Sectoral gains were led by Real Estate and Energy, up over 1% while losses were led by Materials, down 0.7%. US 10Y Treasury yields inched 2bp higher to 1.64%. European markets were mixed...
Aoyuan Downgraded Second Time in the Week by Fitch to CCC-
China Aoyuan has been downgraded for the second time this week by Fitch to CCC- from B-. Fitch said that the downgrade reflects the diminishing likelihood of Aoyuan refinancing its $500mn 8.5% bonds due January 2022 and $188mn 4.2% bonds due January 2022. This comes...
Kaisa Misses Loan Repayment and Plans Bond Exchange
Troubled Chinese developer Kaisa Group's units have failed to repay an undisclosed amount of bank loans and other borrowings. As part of reassessing its repayment obligations to address liquidity issues, Kaisa said that it plans to offer bondholders an exchange of its...
Shimao’s Dollar Bonds Fall after Being Placed on Review for Downgrade by Moody’s
Chinese developer Shimao Group was placed on review for downgrade by Moody's. Shimao is currently rated Ba1 by Moody's. Moody's said that the review reflected their expectation that Shimao's contracted sales will fall over the next 6-12 months after it fell 32% YoY in...
AMLO Appoints Finance Ministry Official to Lead Banxico; Bonds Trend Lower
Mexico's dollar bonds moved lower after President AMLO nominated Victoria Rodriguez Ceja as the Finance Minister of Mexico’s Central Bank (Banxico) starting in 2022. Analysts note that investors are concerned due to her lack of monetary policy experience, fueling...
Generali Enters Talks to Buy Credit Agricole Unit
Assicurazioni Generali has entered into exclusive talks with Credit Agricole to buy the French bank’s subsidiary La Medicale, as part of plans to expand its European non-life and health insurance businesses. According to a statement by the Italian insurer, the talks...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities ended mixed with the S&P up 0.2% while Nasdaq was down 0.5%. Sectoral gains were led by Energy and Financials, up 3% and 1.6% respectively while losses were led by Consumer Discretionary and Communication Services, down 0.4-0.6%. US 10Y Treasury yields...
Aoyuan Denies Trust Product Default; Fantasia Gets Approval to Delay Local Bond Coupons
China Aoyuan denied reports that it defaulted on its trust product saying it was involved in a financial dispute involving its joint venture which borrowed money and that the company is working with creditor for a solution. Bloomberg yesterday cited a media report...
Dell Reports Solid Earnings and Revenues
Dell Technologies reported a 21% rise in Q3 revenues to $28.4bn and a 341% rise in net income to $3.9bn. The PC maker saw continued growth in high-value segments, including commercial PCs, high-end consumer and gaming. It achieved its highest YoY PC share gain with...
