Evergrande Decides Against Special Dividend Plan
Evergrande announced that it will hold-off on paying a special dividend two weeks after they had called for a board meeting to discuss a special dividend plan. In making the decision, the company said that it considered the current market environment, the rights of...
PEMEX downgraded to Ba3 by Moody’s
Petroleos Mexicanos' (PEMEX) has been downgraded to Ba3 from Ba2 with a negative outlook stemming from high business and liquidity risks. The liquidity has come under pressure due to upcoming debt maturities and as the company expands its production capacities. The...
R&F Properties Clarifies on Relationship with Seedland Real Estate
Guangzhou R&F Properties clarified that it does not have any loan or debt guarantees with Seedland Real Estate Development. R&F also added that it has no shareholding relationship with Seedland. R&F said that the clarification was on the back of media...
Apple, Microsoft, Alphabet Report Earnings
Tech majors Apple, Alphabet and Microsoft reported strong quarterly earnings results: Apple reported almost doubling of net profits in the quarter to $21.7bn vs. $11.2bn during the same period last year led by iPhone sales. Overall revenues grew 36% YoY to a quarterly...
CapitaLand Commercial Trust’s DPU Rises 75%
CapitaLand Integrated Commercial Trust reported a 75% rise in its Distribution per Unit (DPU) to S$0.52 for 1H2021. Its distributable income was at S$336mn ($247mn) driven by contribution from CapitaLand Commercial Trust (CCT) assets and a 100% contribution from...
VW in talks for a $3bn Europcar Deal
Automotive major Volkswagen’s consortium is in advanced talks to purchase French car rental company Europcar in a deal valued at around €2bn ($3bn). The potential offer is set at about €0.50 ($0.59) per share. At the end of June, Europcar’s hedge fund owners rejected...
AVIC Launches € Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets hovered around the highs ahead of the Big Tech earrings. S&P was up 0.2% and Nasdaq nudged higher 0.03% created new closing records. Energy up 2.5% and Materials, Consumer Discretionary and Communication Services up ~0.7% pulled the markets higher....
Evergrande Downgraded Two Notches to B- by S&P
China Evergrande was downgraded two notches by S&P to B- on weakened funding access, with a negative outlook. S&P noted that its weakened funding access will hamper its liquidity and ability to reduce debt in an orderly manner and comes on the back of China...
Chinese Property Bonds Fall as Officials Reiterate Tighter Financial Restrictions
Bonds of Chinese property developers Fantasia, R&F Properties, Yuzhou and Evergrande fell as Chinese officials reiterated their tougher debt and financing restrictions on the sector, along with its rhetoric on refraining from using real estate to stimulate the...
