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China Outperforms Asian Peers in Terms of Dollar Bond Returns in August
China saw the highest returns in Asia for corporate bonds in August after two months of losses, with total return on corporate dollar bonds at 1.5%, its best performance since July last year. This was higher than the gain of 1.1% from broader Asian emerging market...
Evergrande’s Bonds Take Another Beating; Spillover Seen in Fantasia, R&F
Wednesday saw another round of selling in Evergrande's dollar bonds as they fell another 3 points to now trade in the 30s. The latest selloff was after the company released 1H earnings in which they warned of a possible default as its liabilities keep piling up while...
Southwestern Energy Upgraded to BB
US exploration and production (E&P) company Southwestern Energy Co. has been upgraded to BB from BB- by S&P after it completed the acquisition of privately held Haynesville operator Indigo Natural Resources in a deal worth ~$2.7bn. The acquisition included a...
Alam Sutera’s Bonds Jump as The Company Trims Losses
Indonesian property developer Alam Sutera saw its dollar bonds jump on Wednesday after the company reported improving financials for 1H 2021. The company managed to grow revenues by 21% to IDR 1.1tn ($78mn) and trim losses to IDR 248.1bn ($17mn) from IDR 516.8bn...
8 New $ Deals Today Incl. Axis, Adani, Lai Sun; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets slid marginally but still carved out a seventh straight month of gains – both Nasdaq and S&P ended 0.1% lower. Real Estate added 0.6% while IT and Energy traded 0.6% and 0.7% lower. For the month of August, S&P gained 3% while the tech heavy Nasdaq...
China Evergrande Warns of Default Risk & Rising Litigation Cases
Troubled China Evergrande Group warned that "it has risks of default and cases of litigation outside its normal business" in its 1H2021 earnings release. The property developer acknowledged that negative reports adversely affected its liquidity, which led to delays in...
DIB Lining Up Dollar Sukuk
Dubai Islamic Bank (DIB), UAE's largest Islamic lender, is planning an issuance of ~$500mn dollar denominated sukuk, according to Reuters sources. Banks have already been hired for the deal which could be priced as soon as next week. DIB had sold $1bn 1.959% 2026s in...
Meraas Planning Tender of 2022s Conditional on New 5Y Sukuk Issuance
According to sources, state-linked property developer Dubai's Meraas Holding is planning a tender offer to repurchase its existing dollar-denominated Islamic bonds for cash and to issue new sukuk to replace them. Meraas’ $600mn sukuk issued in 2017 fell sharply to 80...
Buenos Aires Bondholders Coerced Into Accepting Bond Swap
Argentina province Buenos Aires confirmed having reached an agreement of the restructuring of almost all of its $7.1bn of defaulted debt, swapping new securities valued at just over 50 cents on the dollar. Some creditors criticized the province stating that a better...
