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SPH Rebounds with $92.9mn in Net Profits in 2021
Singapore Press Holdings (SPH) swung back to profitability for the financial year ended August 2021, reporting a net profit of S$92.9mn ($68mn). This comes after SPH reported its first ever full year loss last year, as per Straits Times. Key highlights from its...
Xinyuan Real Estate Calls for Exchange Offer
Xinyuan Real Estate said it will hold calls to update bondholders on an exchange offer and consent solicitation regarding its outstanding $229mn 14.2% bonds due October 15 2021. There are two options under the exchange offer: Option 1: Bondholders would receive $60 in...
India’s Outlook Revised to Stable from Negative by Moody’s
India's outlook was revised to stable from negative by Moody's on their view that the downside risks from negative feedback between the real economy and financial system are receding, while the sovereign's rating remains at Baa3. Banks and non-bank financial...
HDB, MUFG Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets saw a sharp drop yesterday, continuing its volatile movement from last week - S&P and Nasdaq were down 1.3% and 2.4% respectively. US 10Y Treasury yields were marginally higher by 1bp to 1.48%. Energy and Utilities were up over 1.4% while IT and...
Fantasia’s 2021s Crash on October Bond Default; Downgraded to CCC- from B by Fitch
Fantasia defaulted on its $205.656mn 7.375% bond due October 4. The bond did not have a grace period. Fantasia said it will assess "the potential impact on the financial condition and cash position of the group under the circumstances" adding that it will continue to...
Other Developers’ Bonds Continue to Drop of Spillover Effects
Dollar bonds of Chinese HY property developers like Greenland, Kaisa, Yango and Sunac fell 2-3% yesterday on likely spillover effects from Evergrande and Fantasia. Tight funding markets, weak investor sentiment and global risk-off have only added to the impact on...
Vedanta to Invest $20bn in India to Expand Capacity
Vedanta's Chairman Anil Agarwal revealed plans to invest $20bn to expand capacity in India adding that they are evaluating privatization of BPCL, Shipping Corporation and Hindustan Copper, if it comes. He said that the financing is not an issue as they floated a fund...
Carnival to Issue $1.5bn Loan to Refinance Bonds Issued in 2020
The world's largest cruise operator Carnival Corp is planning to refinance its relatively costly dollar bonds issued during the peak of the pandemic in April last year via a $1.5bn loan. As per Bloomberg, the company began marketing the loan to investors at the...
Aeromexico to Receive $1.8bn in Restructuring Plan
Mexico´s airline Aerovías de México, S.A. de C.V (Aeromexico) is preparing a restructuring plan, after receiving a 75-day extension to present its restructuring plan in June; subject to the approval of the Bankruptcy Court of the Southern District of New York. The...
