FWD’s NYSE IPO Said to Stall
According to Bloomberg sources, FWD Group Holdings' IPO is said to stall amid regulatory concerns over “the long arm of the Chinese government”. The Asian insurance group has yet to secure the final approval from the US SEC for the listing. In addition, the SEC has...
ESR REIT Plans SGD Perp as part of ARA LOGOS Acquisition Plan
ESR REIT is expected to issue new debt including an SGD-denominated Perp as part of its ARA Logos acquisition plan as per IFR. ESR REIT plans to refinance all of ARA Logos' existing debt plus related interest rate swaps worth ~S$87.9mn ($65.3mn), as well as redeem the...
NBK’s Q3 Profits Jump 63%
National Bank of Kuwait (NBK) reported strong earnings with net profits up 63% YoY to $312mn. Its loans and advances grew by 7.5% YoY to $62.8bn while customer deposits fell 1% to $57.6bn. For the nine months ending-September, NBK's net interest margin stood at 2.25%...
Aramco Oil Pipeline Investors Plan Up to $4.5bn Dollar Bond
A consortium of investors in Saudi Aramco's oil pipelines are said to be lining up a jumbo dollar bond issuance as soon as this week, as per people familiar with the matter. The consortium, led by EIG Global Energy Partners is looking to raise at least $4.5bn, three...
Clover Aviation, GuocoLand, KDB Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Wall Street saw another leg higher with the S&P and Nasdaq up 0.8% and 0.5% on Friday. Most sectors ended in the green led by Consumer Discretionary and Financials, up 1.8% an 1.5% respectively. US 10Y Treasury yields eased 2bp to 1.53%. European stocks also moved...
The Week That Was (11 – 17 Oct 2021)
US primary markets saw an decrease in issuances to $18.3bn vs. $21.7bn in the prior week. IG issuances dropped to $10.9bn vs. $15.2bn in the prior week while HY issuances rose to $7bn vs. $5.3bn in the prior week. The largest deals in IG space were led by big banks...
Yuexiu Pulls Out of Evergrande’s $1.7bn HK HQ Sale; HK Watchdog Investigating Accounts
China's state-owned developer Yuexiu Property has pulled out of a $1.7bn deal to buy Evergrande's Hong Kong headquarters due to concerns over the latter's dire financial situation as per Reuters sources. The sources said that Yuexiu was close to sealing the deal in...
China Aoyuan and RiseSun Downgraded to B and B1
Adding the the list of negative rating actions among Chinese property developers, China Aoyuan and RiseSun were downgraded by S&P and Moody's respectively. China Aoyuan was downgraded to B from B+ due to 'elevated leverage' and tight liquidity amid weak cash...
Goldman Reports 63% Profit Jump in Q3
Goldman Sachs reported net profits of $5.4bn in Q3, up over 60% YoY. Investment Banking revenues jumped a massive 88% YoY to $3.7bn with advisory revenue hitting a record. Its Global Markets division generated quarterly net revenues of $5.6bn, up 23% YoY with FICC...
