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Transocean Lands $252mn Contract for Deepwater Atlas Drillship
American offshore drilling company Transocean announced that BOE Exploration & Production LLC (BOE) has awarded Transocean a contract worth $252mn for its new-build ultra-deepwater drillship, the Deepwater Atlas, which includes a mobilization fee of $30mn. In...
Powerlong Proposes Spin-Off & Separate Listing of REIT
China's Powerlong Real Estate Holdings Ltd has proposed a spin-off of its units of Powerlong REIT, post which it is expected to own less than 50% of the Powerlong REIT units. After the proposed spin-off, Powerlong REIT will conduct a global offering of its units...
Suning Seeking Bondholder Approval to Extend Maturity on $600mn Bonds Due in Two Weeks
Suning Appliance Group has launched a consent solicitation on its $600m 7.5% 2021s due in about two weeks to seek a maturity extension and to suspend certain events of defaults post its transfer of a part of its subsidiary to a government directed fund. The home...
Dr. Peng’s 2022s Fall After Weak 1H Revenues
China’s Dr. Peng Telecom & Media Group reported profits for the six months ended June 30 came of RMB 1bn ($155mn), three times the profits of RMB 325mn ($50mn) earned in the same period last year, while earnings per share (EPS) rose to RMB 0.72 ($0.11), four times...
Zhenro Launches $ Bond; Fed Hints at Start to Tapering Later This Year; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets traded higher on Friday to end the week in the green and hitting new records after Powell's speech at Jackson Hole, where he signaled that there were no immediate plans to raise rates and that the Fed would continue supporting the asset purchase program....
The Week That Was – (24th-30th Aug)
US primary market issuances fell to $2.3bn in the week leading up to Fed's Jackson Hole meeting vs. $13.7bn in the week prior. IG issuances fell to $1.9bn vs. $9.4bn in the prior week. HY issuances were lower at $0.4bn vs. $3.9bn in the prior week. The IG space was...
Huarong Reports $15.9bn Loss for 2020 In Line with Guidance; Capital Adequacy Falls
China Huarong Asset Management Co Ltd finally published results for the full year ended December 30, 2020 and the interim results for the six months ended June 30 on Sunday. The distressed asset manager reported a loss of RMB 102.9bn ($15.9bn) for 2020, in line with...
Fantasia Reports 1H Earnings, 2022s-2024s Trend Lower
Chinese real estate developer Fantasia Holdings Group reported 1H earnings last week with revenues rising by 18.5% YoY to RMB 10.952bn ($1.69bn), net profit up 9.5% to RMB 303mn ($46.86mn) and contracted sales up 60.1% to RMB 28.117bn ($4.35bn). However, total...
Chinese Banking Majors ICBC, BoCom & CCB Post Resilient Earnings
Three of the largest Chinese banks, Industrial and Commercial Bank of China (ICBC), Bank of Communications Co Ltd (BoCom) and China Construction Bank Corp (CCB) reported robust results for 1H2021 on Friday indicating an improvement in economic activity. ICBC,...
