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Evergrande Scraps $2.6bn Property Services Unit Sale with Hopson
China Evergrande scrapped talks to sell 50.1% of its stake worth $2.6bn in Evergrande Property Services to a unit of Hopson Development as per its exchange filing. Evergrande said that it "had reason to believe the purchaser had not met the prerequisite to make a...
Emirates NBD’s Q3 Profits Up a Strong 61% on Lower Provisions
UAE's largest lender Emirates NBD reported a solid 61% and 29% growth in net profits to AED 2.5bn and AED 7.3bn for Q3 and 9M2021 respectively. The strong earnings were boosted by lower provisions, down 49% and 42% to AED 1.1bn and AED 3.7bn respectively. Cost of risk...
Central China Real Estate Downgraded to B1 by Moody’s
Central China Real Estate (CCRE) was downgraded by Moody's to B1 from Ba3. The downgrade was on the back of weakened funding access, reduced operational flexibility due to geographic concentration in Henan and reduced financial flexibility. Moody's expects CCRE's...
Verizon Reports 46% Jump in Q3 Earnings
Verizon reported its Q3 results with net profits of $6.6bn in 3Q2021, up 46% YoY. Revenues were up 4.3% to $32.9bn in 3Q2021, driven by strong growth in wireless and service revenue. The consumer segment contributed $23.3bn to revenues in 3Q2021, up 7% YoY. Verizon...
Tesla Reports Strong Earnings With Record Quarterly Deliveries
Tesla reported a solid quarter with net income of $1.6bn, up 4.9x YoY and total revenues of $13.8bn, up 57% YoY. Tesla also reported record operating margins of 14.6% saying that they "continue to reduce cost at a higher rate than declines in ASP (Average Selling...
Modern Land (China) Calls off Consent Solicitation
Modern Land (China) called off its consent solicitation to extend the maturity on its 12.85% bonds due October 25 in an exchange filing. The developer stated that it "continues to experience liquidity issues" and determined that calling off the consent solicitation...
TSMC, Sino-Ocean, Indofood Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities moved higher again with the S&P and Nasdaq up 0.7% each as the risk-on sentiment continues. Barring Consumer Discretionary which was down 0.3% all sectors were in the green led by Healthcare, Utilities and Energy, up over 1.1-1.3%. US 10Y Treasury...
Evergrande Pays Onshore Bond Coupon; Sunac Pays Offshore Coupon
China Evergrande paid an onshore bond coupon due on Tuesday, four sources said, as per IFR. The group's subsidiary Hengda Real Estate remitted funds to pay the coupon of RMB 121.8mn ($19mn). The focus now turns towards the indebted developer paying the offshore coupon...
Yuzhou Downgraded to B2 by Moody’s
Yuzhou was downgraded by Moody's to B2 from B1. Its senior unsecured bonds ratings were also downgraded to B3 from B2 due to structural subordination. The downgrade was on the back of Yuzhou's weakened funding access and expectations that its financial metrics would...
