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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,...
Agile Downgraded to BB- by S&P
Agile Group was downgraded to BB- from BB by S&P and the senior unsecured notes it guarantees to B+ from BB-. S&P said that the weak market confidence in Agile and the whole sector will limit the its access to offshore capital markets thereby making it rely on...
GE Begins $23bn Bond Buyback Offer
GE has commenced a massive $23bn bond buyback offer in one of the largest ever corporate bond buybacks. GE plans to buyback 51 bonds across USD, EUR and GBP denominated debt for cash across three pools: Up to $7bn in principal for Pool 1 that has a list of 17 bonds Up...
FLCT Posts 6% Rise in DPU in H2
Frasers Logistics and Commercial Trust (FLCT) reported a 6.3% rise in DPU to S$0.0388 for its H2 ended September 30. Gross revenues grew 11.4% to S$237.6mn ($175.3mn) on the back of acquisitions in FY2020 and FY2021 but partially offset by divestment activities, as...
Yes Bank Upgraded to B2 with a Positive Outlook by Moody’s
Yes Bank was upgraded to B2 from B3 with positive outlook by Moody's on the back of an "expectation of a further improvement to the bank's credit profile, driven by a cleanup of legacy stressed assets and/or improvements to its capital and profitability". Moody's adds...
Tencent Reports Profit Slowdown
Tencent reported a slowdown in its Q3 net profits to RMB 39.5bn ($6.2bn), a 3% growth YoY, its slowest growth in two years. Revenue increased 13% YoY to RMB 142.4bn ($22.2bn), the slowest since its listing in 2004. The revenue split is given below: Revenues from...
LATAM Airlines Posts $692mn Q3 Loss
LATAM Airlines Group, the largest airline in Latin America, reported Q3 net losses of $692mn, compared to a loss of $573mn in the 3Q2020 mainly due to the increase in costs associated with aircraft maintenance as operations ramp up of certain tasks that were deferred...
