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China Launches EUR Triple-Trancher; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities ended lower with the S&P and Nasdaq down 0.4% and 0.6% respectively. Sectoral losses were led by Consumer Discretionary, down 1.4% followed by Financials and IT, down 0.4-0.5%. US 10Y Treasury yields were 1bp lower at 1.46%. Europe's DAX and CAC ended...
Deutsche Bank Upgraded to A- by S&P
Deutsche Bank and its senior unsecured notes were upgraded to A- from BBB+ by S&P with a stable outlook. The upgrade comes on the back of Deutsche Bank's operational restructuring launched in 2019 to transform it into a more profitable, more focused, and...
Kaisa Downgraded to CCC- by Fitch; Shimao Downgraded to BB+ by S&P
Kaisa Group was downgraded to CCC- from CCC+ by Fitch given that its liquidity has further deteriorated. "Kaisa's credit risk is high due to tight liquidity, undisclosed debt from wealth-management products, potential pressure to address non-capital market debt,...
UniCredit Sells Remaining Stake in Turkey’s Yapi Kredi
Italy's UniCredit will sell its remaining 20% stake in Turkey's Yapi Kredi Bank by end-March 2022. UniCredit will sell 18% of its stake to Turkey's Koc Holding for €300mn ($347mn) while the remaining 2% will be sold in the open market. As per Reuters, UniCredit said...
Central China Real Estate Redeems 6.75% 2021s
Central China Real Estate (CCRE) redeemed its $363.22mn 6.75% bond due November 8, 2021. Last week, CCRE said it remitted RMB3bn ($469mn) offshore which would be used for redeeming the dollar bond. The developer paid around $375.479mn, including accrued interest, and...
GE to Split into Three Companies – Healthcare, Aviation, Energy
GE in a press release said that it plans to split into three separate public companies focused on Aviation, Healthcare and Energy. GE intends to spin off GE Healthcare to create “a pure-play company at the center of precision health... GE Renewable Energy, GE Power...
Argentina to Get New IMF Deal to Pay Existing Debt
Argentina is negotiating a new loan program with the International Monetary Fund (IMF). The proceeds of the new loan would be used to pay its existing $19bn debt due in 2022 to the IMF itself. Argentina is seeking to close a deal before March 2021. The country already...
Keppel Ups Offer to Take SPH Private By 12%
Keppel Corp has sweetened its offer to take Singapore Press Holdings (SPH) private with a final offer of S$2.351 per share that includes cash of S$0.868 per share, an increase of S$0.20 per share. Besides cash, SPH shareholders will receive 0.596 Keppel REIT units...
US HY Issuances Hit Annual Record of $432bn
Junk bond issuances from the US have hit an annual record of $432bn in 2021 with almost two months still left to complete the year. The issuance volume this year crossed the previous record set in 2020 of $431.8bn, which was the highest since 2012 as issuers rushed to...
