Register Now For a 14-Day Free Trial to Search and
Track Corporate Dollar Bonds
(no card details are required)
Westpac to Take One-off Charge of $956mn on H2 Profits
Australian banking major Westpac said that it will take a one-off charge of AUD 1.3bn ($956mn) against its H2 profits after quitting energy trading and provisions to 'pay out customers seeking remediation for wrongly charged fees, and costs associated with the sale of...
Modern Land Downgraded to Caa2 by Moody’s
Modern Land (China) was downgraded by Moody's to Caa2 from B2 and its senior unsecured ratings to Caa3 from B3. All the ratings are on review for further downgrade. The downgrade comes on the back of Modern Land's consent solicitation to defer the repayment of part of...
Lufthansa Repays €1.5bn State-Aid
Lufthansa said in a press release that it completed a €2.16bn capital raise proceeds of which were used to repay its €1.5bn state-aid known as stabilization funds that it received as part of a 2020 bailout. The German carrier paid back the first tranche of 'Silent...
R&F Properties Downgraded To B- On Refinancing Uncertainty
R&F Properties was downgraded by S&P to B- from B with a negative outlook due to its constrained liquidity arising from weakening cash generation from sales. Despite a recent shareholder capital injection of RMB10.4bn ($1.6bn) that partially helps them with...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities ended lower on Friday with the S&P and Nasdaq down 0.2% and 0.5%. While Energy and Financials were up 3.1% and 0.5%, all other sectors were in the red with Real Estate falling 1.1%. US 10Y Treasury yields were up 2bp to 1.61%. European stocks were...
The Week That Was (Oct 4th – 11th)
US primary markets saw an decrease in issuances to $21.7bn vs. $27.8bn in the prior week. IG issuances rose marginally to $15.2bn vs. $14.1bn in the prior week while HY issuances dropped to $5.3bn vs. $13.4bn in the prior week. The IG space was led by PepsiCo's $3bn...
Xinyuan Real Estate Downgraded to C by Fitch on Distressed Debt Exchange
China's Xinyuan Real Estate and its senior unsecured notes were downgraded to C from CCC by Fitch. The downgrade is on account of Xinyuan's exchange offer last week for its $229mn 14.2% bonds due October 15, 2021 for new bonds due 2023, which Fitch considers a...
Modern Land’s Bonds Collapse; Seeks to extend 12.85% 2021s, Major Shareholder Loan on Track
Modern Land China's dollar bonds collapsed, losing over half its value with its 9.8% 2023s, 11.8% 2022s and 12.85% 2021s falling to 32.5, 32.1 and 47 cents on the dollar respectively. Modern Land in an exchange filing sought consent to extend the maturity date of its...
Chinese Developers’ September Sales Plummet 36%
The top 100 real estate developers saw overall contracted sales sink 36% YoY to $118 billion in September 2021 as per a report from the China Real Estate Information Corp. (CRIC). The report says that over 90% of the developers saw a decline in sales since the same...
