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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...
ChemChina Upgraded to A by Fitch
ChemChina was upgraded by Fitch to A from A- with a stable outlook. The upgrade comes on the back of progress in the integration between ChemChina and Sinochem Holdings. Sinochem Holdings has assumed full control over ChemChina in terms of management, operations and...
AT&T’s Q3 Profits Jump 112%
AT&T reported Q3 net income at $5.9bn up 2.1x YoY. However, revenue was $39.9bn, down 5.7% YoY that include a net $1.8bn of revenues tied to DirecTV and the company’s video operations, which were spun off during the quarter. Excluding that unit, revenues were up...
US HY Bond Fund Inflows at Six-Month High
US High Yield (HY) bond funds saw its biggest inflows since April 7, 2021, receiving $2.3bn in cash in the week ending October 20 as per Refinitiv. The inflows show a reversal in risk appetite as it comes on the back of two consecutive weeks of outflows including a...
ICBC, Far East Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities had a mixed day with the S&P up 0.4% while the Nasdaq was flat. Sectoral gains were led by Utilities, Real Estate and Healthcare, up 1.4-1.6%. US 10Y Treasury yields were flat at 1.66%. European stocks were only marginally higher with the DAX and FTSE...
