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Lenovo Planning Pivot Into Services to Boost Customer Base & Margins
The world's largest PC maker Lenovo Group is planning a pivot from hardware to software and services as it looks to grow its customer base and boost margins. Ken Wong, president of Lenovo's Solutions & Services Group (SSG) explained this in an interview to SCMP...
CK Asset Launches S$ PerpNC3; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets ended lower with both S&P and Nasdaq closing 0.9% in the red. Barring Healthcare which was up 0.1% all sectors ended in the red with Materials, Utilities and IT falling the most, down 2.1%, 1.6% and 1.5% respectively. European stocks finished lower too...
The Week That Was (12th – 19th September)
US primary market saw a decrease in issuance to $37bn vs. a massive $51.3bn in the prior week. IG issuances fell to $27.4bn vs. $44.3bn in the prior week. HY issuances on the other hand were higher at $9.3bn vs. $4.5bn in the prior week. The IG space saw JPMorgan's...
Evergrande’s $120mn in Coupons Due This Week; Lenders Weigh up Loan Losses
The focus this week turns towards troubled Chinese developer Evergrande which has an $83.5mn coupon on its 8.25% 2022s and a RMB 232mn ($36mn) coupon on an onshore bond due on Thursday. Besides, it has another $47.5mn in coupons due next week on September 29 for its...
Fantasia Downgraded to B by Fitch
Fantasia was downgraded by Fitch to B from B+, with a negative outlook due to lower than expected 1H2021 implied cash collection and uncertainty over the refinancing of a significant amount of dollar bond maturities through 2022 due to market volatility. A high...
Sinic’s Dollar Bonds Nosedive Post Fitch Outlook Change
Chinese real estate developer Sinic Holdings (Group) Company Limited saw its dollar bonds nosedive with its $246mn 9.5% bonds due next month on October 18 leading the losses, down a massive 35 points on Friday to close at 57 cents on the dollar. Its 8.5% bonds due in...
Prudential to Raise $3bn via Share Sale
UK-based insurer Prudential Plc announced in a statement that it plans to raise HKD 22.5bn ($2.9bn) via a share sale in Hong Kong. The company plans to offer 130.8mn shares at an offer price of no more than HKD 172 per share, representing at most 5% of the company's...
Pemex Cancels Three Contracts with Vitol
Mexican state-owned Petroleos Mexicanos (Pemex) cancelled three contracts with Vitol after the company refused Pemex’s proposed amendments to terms. In March 2021, Pemex sought to renegotiate contracts with Vitol following the company’s bribery scandal, which involved...
CK Hutchison, Oredoo Agree $6bn Merger of Indonesian Businesses
Hong Kong's CK Hutchison Group has entered into a definitive agreement with Qatar's Ooredoo Group on 16 September 2021 to combine their respective Indonesian telecommunication businesses, H3I (a subsidiary of CK Hutchinson) and Indosat (a subsidiary of Ooredoo) in a...