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Oxley and GuocoLand Report Strong Earnings
Singapore property developers Oxley Holdings and GuocoLand reported resilient earnings and strong profits for the six months and full year ended June 30 despite the pandemic induced slowdown. Oxley reversed last year's losses to substantial profits this year. The top...
Evergrande’s Dollar Bonds Sell-Off on Dim Hopes of State Supports
Dollar bonds of China Evergrande sold-off sharply on Friday morning following reports of a lack of state support. As per media reports, senior Guangdong officials are in disagreement over the extent of support to offer the highly indebted developer as the central...
Macy’s Upgraded to Ba2 by Moody’s Following Fitch Upgrade
Following the Fitch upgrade, Moody’s has upgraded Macy’s Retail Holdings to Ba2 from Ba3, two notches below investment grade status based on strong governance, a conservative capital allocation strategy, stronger than expected 2021 earnings and adequate liquidity...
Ping An’s Earnings Disappoint on Dull Life & Motor Insurance Sales & Huge Provisions
China's largest insurer by market cap, Ping An Insurance reported disappointing 1H earnings on Thursday on the back of a decline in sales of its life and motor insurance policies as well as huge provisions. Profits for the six months ended June 30 came in at RMB 58bn...
Buenos Aires Claims to Have Reached an Agreement for Restructure of $7bn Overseas Debt
Argentinian province of Buenos Aires claims to have reached an agreement with investors holding more than 90% of its bonds to restructure more than $7bn of its debt, bringing it closer to recover from a 16-month default. The province has been in protracted...
Agile, SGX Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets inched higher to extend the record breaking streak for another day – S&P and Nasdaq gained ~0.2%. Financials were up 1.2% while Energy and Industrials were up more than 0.5%. Healthcare and Real Estate were down 0.3% and 0.2% respectively. European...
Evergrande Warns of 29-39% Drop in Profits
China Evergrande Group issued a profit warning via an exchange filing of a drop of 29-39% in profits for 1H2021 at a time when the group is under pressure for its mounting liabilities. The group expects its net profits to come in at ~RMB 9-10.5bn ($1.41-1.62bn) for...
Kaisa’s Bonds Trend Higher on Strong 1H Earnings
Chinese real estate developer Kaisa Group Holdings reported strong 1H earnings on Wednesday. Revenues rose by 34.8% to RMB 30.07bn ($4.64bn), gross profit was up 23.1% to RMB 9.28bn ($1.43bn) and net profit for the six months ended June 30 was up 30.5% to RMB 3.08bn...
Macy’s Upgraded to BB+, One Notch Below Investment Grade
American retailer Macy's Inc. has been upgraded to BB+ from BB by Fitch. The latest rating action puts the company's ratings just one notch below investment grade status. Fitch cited Macy's improving revenue trajectory and strong cost reduction as reasons for the...
