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BBVA and BNP Paribas Report Solid Q3 Results
French banking major BNP Paribas reported a 32% YoY jump in net income to €2.5bn ($2.9bn). Profits were helped by a release in provisions for pandemic-related loan losses seen by its cost of risk falling 43% to €706mn ($823). Revenues came at €11.4bn ($13.3bn), up...
Aramco Reports 2.6x Surge in Q3 Profits
Saudi Aramco reported a Q3 net income of $30.4bn, up 158% YoY and declared a dividend of $18.8bn to be paid in Q4. The sharp rise in net income was "primarily the result of higher crude oil prices and volumes sold and stronger refining and chemicals margins"....
Westpac’s Annual Profits More Than Double to $4.1bn; Margins Fall
Australia's third largest bank Westpac reported earnings for the full year ended September with statutory net profit up 138% YoY to A$5.46bn ($4.1bn) and cash earnings up 108% YoY to A$5.35bn ($4.01bn). Despite the strong YoY growth, cash earnings missed estimates of...
Yango Launches Exchange Offer and Consent Solicitation; Seeks Forbearance on Local ABS
Yango Group has launched an exchange offer and consent solicitation for its dollar bonds as per an HKEX filing. The exchange offer is for three of its bonds - 10% 2023s , 5.3% 2022s and 10.25% 2022s. The minimum acceptance amounts for the bonds are $209.95mn, $170mn...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities ended higher with the S&P and Nasdaq up 1% and 1.4% respectively. All sectors were in the green with Real Estate, Consumer Discretionary, Industrials and Financials up 1.2-1.5%. US 10Y Treasury yields inched 2bp higher to 1.57%. European stocks were...
Evergrande Makes Another Dollar Bond Coupon Ahead of Deadline
Evergrande has paid the coupon due on September 29 on its dollar bond ahead of the 30-day grace period deadline, as per sources. Evergrande had to make a $47.5mn coupon payment on its 9.5% 2024s to bondholders by today (October 29) before it could trigger...
Sri Lanka Downgraded to Caa2 by Moody’s
Sri Lanka was downgraded to Caa2 from Caa1 with a stable outlook by Moody's. The downgrade was on the back of Moody's assessing that there was an "absence of comprehensive financing to meet the government's forthcoming significant maturities, in the context of very...
PEMEX Reports Quarterly Loss of $3bn
Mexico's Petroleos Mexicanos (PEMEX) released its Q3 results where it reported a quarterly net loss of MXN 77.24bn ($3.8bn), compared to a profit of $706mn in Q2 and a profit of $69mn in the 3Q2020. The losses were mainly due to the transfer of large taxes/duties and...
CCRE Remits Funds For November Dollar Bond Maturity
Central China Real Estate (CCRE) said that it remitted RMB 3bn ($469mn) for the redemption of its 6.75% bonds due November 8, 2021. The property developer had repurchased $36.78 of the bonds in the last two months. The company was downgraded by Moody's just over a...
