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Jollibee Launches $250mn Tender Offer for 3.9% Perps
Philippine fast-food company Jollibee has launched a tender offer for its $600mn 3.9% perpetuals callable in 2025. The company will buy back up to $250mn worth of the perps at a price of $101.625 per $100 in principal plus accrued interest for bonds tendered by the...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets ended higher on Friday to end a volatile week for equities as the S&P was up 1.2% and Nasdaq up 0.8%. US 10Y Treasury yields eased 1bp to 1.47%. Energy led the sectoral gains, up 3.3%, followed by Communication Services, Materials and Financials up over...
The Week That Was (27 Sep to 3 Oct 2021)
US primary markets saw an increase issuance to $27.8bn vs. $21.2bn in the prior week. IG issuances rose to $14.1bn vs. $8.2bn in the prior week and HY issuances were also higher at $ 13.4bn vs. $11.6bn in the prior week. The IG space was led by Charter Communications'...
Hopson to Buy 51% in Evergrande Property Services for $5bn as per Sources
Hopson Development plans to acquire a 51% stake in Evergrande Property Services for over HKD 40bn ($5.1bn) as per sources cited by Cailian news. Evergrande's Property Services unit has a market cap of HKD 55bn ($7bn). As of end-June 2021, the unit had cash balances...
Huarong to Propose $10.9bn Bond Issuance to Raise Cash
China Huarong's shareholders are set to consider a proposal for the asset manager to issue ~RMB 70bn ($10.9bn) of domestic bonds, as per Bloomberg. The issuance would help further enhance its liquidity management and may be through a public or targeted issuance. The...
Oman’s Outlook Revised to Positive, Rating Affirmed at B+ by S&P
The Sultanate of Oman received an outlook revision from credit rating agency S&P on the back of its improving fiscal position. S&P revised the outlook on Oman to positive and affirmed its ratings of B+ in Friday's rating action. The rating agency said that the...
US Steel Upgraded to BB- by Fitch
US Steel was upgraded to BB- from B with a positive outlook reflecting "significant debt repayment over the near term, solid steel market conditions, including historically high steel prices." These would result in significantly higher EBITDA generation and...
Singtel to Sell Stake in Aussie Tower Assets for $1.4bn
State-owned Singapore Telecommunications (Singtel) announced last Friday that it has sold a 70% stake in its Australian tower network to superannuation fund AustraliaSuper for A$1.9bn ($1.4bn). Singtel plans to use proceeds from the sale to fund a 5G rollout and for...
China Plans $4bn Sovereign bonds in October
China plans to issue $4bn of sovereign bonds to institutional investors on October 19 as per a statement seen on the Ministry of Finance's website by IFR. The bond issuance would contain four tranches that include a 3Y, 5Y, 10Y and 30Y with no other details were...
