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WeWork Upgraded to CCC+ by Fitch
WeWork was upgraded to CCC+ from CCC by Fitch and its senior unsecured notes to CCC- from CC due to an improvement in its financial position over the past year. Fitch expects WeWork to end 2021 with approximately $1.3bn in wholly-owned cash thanks to $333mn in trust...
CapitaLand REIT Reports 2x Jump in Revenues and Income
CapitaLand Integrated Commercial Trust (CICT) reported strong Q3 results with revenues more than doubling to S$329mn ($245mn) from S$150.3mn ($112mn) in Q3 2020. Net property income also grew over 2x to S$242.6mn ($180mn). The REIT attributed its strong performance to...
Reliance’s Profits Jump 43%
Reliance Industries Ltd. (RIL) reported a 43% YoY jump in its Q2 earnings to INR 136.8bn ($1.8bn) as its business saw better performance, alongside a decrease in finance costs by 37%. Its consolidated revenues stood at INR 1.67tn ($22.2bn), up 51% YoY led by its the...
Wanda’s Property Management Unit files for Hong Kong IPO
Dalian Wanda Group’s property servicing arm, Zhuhai Wanda Commercial Management Group has filed for a listing on the Hong Kong Stock Exchange (HKSE) with a value up to $4bn, as per sources. The company is 69.99% owned by Dalian Wanda Commercial Management (DWCM) and...
Evergrande Pays $83.5mn Dollar Bond Coupon Before 30-Day Deadline
Evergrande is said to have wired the $83.5mn coupon payment on its 8.25% 2022s that it missed last month, state-backed newspaper Securities Times said, citing local media. Evergrande had missed a September 23 deadline for the coupon payment post which a 30-day grace...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities had a positive day with the S&P up 0.3% and the Nasdaq was up 0.6%. Sectoral gains were led by Consumer Discretionary, up 1.4% while Energy dragged the index, down 1.8%. US 10Y Treasury yields were up 4bp to 1.70%. European stocks were lower with the...
Tata Steel Upgraded to IG; Tata Motors and JLR also Upgraded
Tata Steel, Tata Motors and JLR were upgraded by S&P. With the upgrade, Tata Steel and its 100%-owned subsidiary ABJA Investment have now moved to investment-grade (IG), making it a rising star. S&P upgraded the steel major to BBB- from BB. Tata Motors and its...
Barclays Reports 2.4x Jump in Q3 Profits
Barclays reported Q3 attributable profits of £1.45bn ($2.4bn) beating expectations of £931.25mn ($1.3bn), and up 2.4x from the same period last year. Revenue rose 5% YoY to £5.47bn ($7.6bn). Profits were helped by a significant release in new loan-loss provisions that...
Huarong’s Shareholders Approve Plan to Sell Assets, Raise Capital
China Huarong Asset Management Co. had its much-delayed AGM on Thursday where it received shareholder approval for the following special resolutions: Issue the remaining RMB 10bn ($1.6bn) of its capital bond quota Allow the board a mandate to issue up to 20% of its...
