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Rolls-Royce Sells 23% Stake in AirTanker Holdings
British aerospace company Rolls-Royce announced on Monday that it will be selling its 23.1% stake in UK military refueling jet-owner AirTanker Holdings to private infrastructure investor Equitix Investment Management for £189mn ($261mn). As part of the deal, Babcock...
Trafigura announces Tender Offer for Purchasing Perp
Commodity giant Trafigura announced a tender offer to purchase $800mn in principal of its resettable step-up subordinated 6.875% perps in cash. It plans to issue new USD denominated perpetual resettable step-up securities, some proceeds of which may be used to finance...
Angola Upgraded to B3; Bonds Trend Higher
The Republic of Angola has received an upgrade to B3 from Caa1 with a stable outlook from Moody's as there has been an improvement in its sovereign credit profile driven by stronger governance. The African nation's fiscal metrics as well as liquidity and funding risks...
Coinbase to Raise $1.5bn via Debut Junk Bonds
Crypto exchange Coinbase plans to raised $1.5bn via its first bond offering - a two-trancher consisting of a 10NC5 and 7NC3 tranche. Its proposed bonds have expected ratings of Ba1/BB+ (Moody's/S&P), just one notch below investment grade. Sources say the yield on...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets retreated after early gains on Friday - Nasdaq and S&P ended the day 0.9% and 0.8% lower and the full week 1.6% and 1.7% down. All sectors in the market ended in the red with the drop led by Utilities and Real Estate which were down more than 1%. IT,...
The Week That Was (6th – 12th September)
US primary market issuances saw a massive increase to $51.3bn vs. just $2bn and $2.3bn in the weeks prior. IG issuances rose to $44.3bn vs. just $1bn in the prior week. HY issuances were also much higher at $4.5bn vs. $527mn in the prior week. Data provider Dealogic...
Evergrande’s Dollar Bonds Jump 30% On Promise to Redeem WMPs at the Earliest
China Evergrande's dollar bonds jumped ~30%, its largest rise since October 2020, after the company came out with a statement saying that they promise to redeem all wealth management products (WMPs) as soon as possible. Bloomberg also reports that some investors bet...
R&F Properties’ Bonds Jump Up to 8%
Dollar bonds of Easy Tactic, guaranteed by R&F Properties jumped 6-8 cents on the dollar on Friday. While there was no specific news regarding the developer, there is a possibility that the positive news on Evergrande might have spilled over to R&F Properties'...
CSN to Buy Holcim’s Brazil Business in $1bn Deal
Brazil's largest integrated steel producer Companhia Siderúrgica Nacional (CSN) will be taking over Holcim's Brazilian business for an enterprise value of $1.025bn. The world's largest cement maker, Holcim has been making an effort to diversify away from its core...
