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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...
Lufthansa launches $2.5bn Capital Raise to Repay State Bailout
Deutsche Lufthansa is raising €2.1bn ($2.5bn) from a capital increase in a bid to strengthen its balance sheet and to enable the early repayment of the state-led stabilization package issued last year during the peak of the pandemic. The company expects to raise...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets ended mixed with August retail sales coming higher while the weekly jobless claims increased slightly – Nasdaq ended 0.1% higher while S&P finished 0.2% lower. Eight out of eleven sectors ended in the red. Materials and Energy down more than 1%, led the...
Chinese Developers’ Bonds Fall Sharply on Evergrande Spillover Risks
Chinese high-yield property developers' dollar bonds were down sharply as concerns on Evergrande only worsen with contagion risks on the cards. Fantasia's dollar bonds were the worst hit, falling as much as 12 cents on the dollar, Yango Group's bonds fell upto 7...
Evergrande Bondholders Said to Have Hired Advisers
As per two Reuters sources, a group of China Evergrande's bondholders have selected investment bank Moelis & Co and law firm Kirkland & Ellis as advisers for a potential restructuring of a tranche of its bonds. The move is focused on the $20bn of offshore...
ICBC Raises $6.16bn via PerpNC5 AT1, Largest Dollar AT1 Deal Globally Since 2017
ICBC raised $6.16bn via a Perp NC5 AT1 bond at a yield of 3.2%, 45bp inside the initial guidance of 3.65% area. The bonds have expected ratings of Ba1 (Moody's), and received orders over $9bn, 1.5x issue size. Proceeds will be used to boost ICBC's capital. The bonds...
