Citi & Bank of America Report Strong Numbers

Citi & Bank of America Report Strong Numbers

Citigroup reported Q1 net income of $7.9bn, up 216% and revenues of $19.3bn, down 6.8% vs. Q1 2020. Similar to peers, earnings were aided as it released $3.9bn in loan-loss reserves in the quarter. Unlike its peers, Markets and Securities Services revenues of $6.7bn...

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United Raises $4 Billion via Two-Trancher

United Raises $4 Billion via Two-Trancher

United Airlines raised $4bn via a two-trancher: $2bn via a 5Y bond at a yield of 4.375%, ~30bp inside initial guidance of 4.625%-4.75% $2bn via a 8Y bond at a yield of 4.625%, ~31.25bp inside initial guidance of 4.875%-5% The bonds have expected ratings of Ba1/BB-....

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Delta Reports $1.2bn Q1 Loss

Delta Reports $1.2bn Q1 Loss

Delta Airlines reported another poor quarter with losses of $1.18bn and revenues of $4.15bn. It's earnings release compared all Q1 2021 numbers to Q1 2019. Revenues were down 65% vs. the same quarter in 2019. Cash burn averaged $11mn/day in Q1 but turned positive in...

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Tencent Raises $4.15bn via Four Trancher

Tencent Raises $4.15bn via Four Trancher

Tencent raised $4.15bn via a four-part offering, details of which are in the table: The bonds have expected ratings of A1/A+/A+, in-line with the issuer and received orders over $20bn, ~5x issue size. Bloomberg had initially reported that Tencent might hold-off their...

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