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August 2021: 47% of Dollar Bonds End Higher; HY Outperforms IG; Issuance Vol Drops
August was a mixed bag for bond investors with 47% of dollar bonds in our universe delivering a positive price return ex-coupon and 53% of the bonds ending the month in the red. This comes after June and July saw 54% and 52% of dollar bonds trading up in the months,...
Kaisa, Sun Hung Kai Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets added to last week's gains as tapering fears cooled down – the tech heavy Nasdaq closed 0.9% higher while S&P ended 0.4% higher. The gains were led by Real Estate and IT up ~1.1% while the losses were led by Financials and Energy down 1.5% and 1.2%...
Evergrande’s EV Unit Warns of Production Delays Unless It Secures Capital
China Evergrande cannot seem to catch a break as the flow of bad news continues for the highly indebted group. In the latest, Evergrande's Hong Kong-listed EV unit China Evergrande New Energy Vehicle Unit Ltd (NEV) warned of production delays should the company fail...
Oxy’s Long-Dated Bonds Rise As Hurricane Ida Halts Oil Production
Occidental Petroleum (Oxy) saw its long-dated dollar bonds inch up 2-4 points as hurricane Ida halts oil production across the Gulf of Mexico, which is expected to lead to a rise in oil prices. Oil prices have been trending higher, up 10.7% since August 20 with WTI...
Bharti Airtel Announces $2.86bn Rights Issue to Strengthen Its Balance Sheet
Indian telecom major Bharti Airtel announced plans to raise up to INR 210bn ($2.86bn) via a rights issue (Term of the day, explained below) in a bid to boost cash reserves to pay statutory dues, expand its network and prepare for the 5G auctions, as per ET. Fitch...
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...
