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Evergrande Downgraded to C from CC by Fitch
Evergrande and its subsidiaries Hengda and Tianji were downgraded to C from CC by Fitch reflecting that Evergrande is likely to have missed the coupon payment on its 8.25% 2022s on September 23. Fitch highlighted that not only did the developer or a trustee not make...
Fantasia Downgraded to CCC from B by S&P on Substantial Repayment Risk
Fantasia was downgraded by S&P to CCC from B by S&P and placed on credit watch negative due to its substantial repayment risk on USD bonds including its $212mn on its 7.375% bonds due October 4 and its $250mn 6.95% 2021s and $300mn 15% 2021s due in December....
CNOOC Aims to Increase Stake in Petrobras Oil Field
Brazilian state-run oil company Petrobras announced that China’s CNOOC is looking to acquire an additional 5% stake in production rights for Buzios, one of the largest oil-producing fields in Brazil, for $2.08bn. In 2019, Petrobras acquired 90% of the rights to...
Dell Emerges as Rising Star After Two-Notch Upgrade to IG Status at BBB by S&P
American tech major Dell Technologies Inc. received a two-notch upgrade to BBB from BB+ by S&P on Wednesday. The S&P upgrade makes Dell a rising star, a title given to companies whose ratings have been upgraded to investment grade from junk by at least two of...
Bahamas’ Dollar Bonds Slip; Economist Warns of Possible Default
The Bahamas saw some of its dollar bonds trade weaker on Wednesday with its 7.125% 2038s leading the fall, dropping ~7.5 points to 86.9 before recovering slightly this morning to 89.4 yielding 8.32%. While the reason for the sell-off is not clear, it comes after noted...
Sembcorp, NH Invt. Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets sold-off sharply with the S&P and Nasdaq ending 2% and 2.8% lower, the largest fall in over four months. US 10Y Treasury yields saw another leg higher, up 3bp to 1.54% as market participants attribute the move to inflation fears. Besides Energy which...
Holders of Evergrande’s $260mn JV Bond Due Next Week to Press Claims
A committee is being formed to 'press their claims' by certain holders of a Jumbo Fortune Enterprises dollar bond guaranteed by Evergrande maturing on October 3, 2021 in case a default occurs, as per Bloomberg sources. Jumbo Fortune is a joint venture (JV) with...
Petrobras Upgraded to Ba1, One Notch Above Brazil
Brazilian state-owned oil major Petroleo Brasileiro S.A (Petrobras) has been upgraded to Ba1 from Ba2 by Moody's given the company's strong operating and financial performance coupled with solid credit metrics. Its baseline credit rating (BCA), which is the company's...
Golden Wheel Reports 89% Drop in H1 Gross Profits
Chinese developer Golden Wheel Tiandi reported an 89% YoY drop in gross profits to RMB 13.3mn ($2.06mn) for 1H2021 with its gross margins falling massively from 29.1% to a mere 1.1%. The company attributed the poor results to its gross loss generated from the sale of...
