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NWD’s China Unit Planning $732mn Project in Guangzhou
New World China Land (NWC), the mainland unit of Hong Kong developer New World Development (NWD) has announced an investment of HKD 5.7bn ($732mn) into a urban renewal project in Guanzhou. This is 7th and the largest such urban renewal investment in China by the...
Burgan’s LT Deposit & LT Senior Unsecured Debt Downgraded to Baa1
Kuwait's Burgan Bank's long-term bank deposit ratings have been downgraded to Baa1 from A3 by Moody's following the downgrade to Ba2 from Ba1 of Burgan's parent, Kuwait Projects Company (KIPCO) on August 19. KIPCO's downgrade will directly have a bearing on the...
India’s Axis Bank Planning Dollar ESG AT1 Issuance
Indian lender Axis Bank has appointed 10 investment banks including HSBC, Citi, MUFG, JP Morgan, Bank of America, Standard Chartered and Societe Generale for issuance of offshore ESG AT1 bonds of up to $1bn, contingent upon investor demand and pricing. The issue is...
Jubilant Gets Approval for Consent Solicitation on 2024s
Indian pharmaceutical company Jubilant Pharma won approval from 63.93% of holders of its $200mn 6% bonds due 2024 to waive certain conditions related to a planned reorganization, as per IFR. Jubilant will pay $2 per $1,000 in principal to the holders that gave their...
CMB Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets rose for a fourth straight day to close at new records after Chinese tech stocks staged a recovery – S&P and Nasdaq gained 0.2% and 0.5%. Energy, up 1.6% led the gains for a second day, followed by Consumer Discretionary, Financials, Materials and...
Greenland’s Bonds Rise on Lower Debt and Strong Cashflows
Chinese real estate developer Greenland Holdings reported earnings for 1H2021 on Tuesday with operating income up 35% to CNY 282.7bn ($43.64bn) and profits up 3% at CNY 15.8bn ($2.44bn), as per Chinese news website Sina. The developer reported a sharp improvement in...
R&F’s Dollar Bonds Slip After Reporting Drop in Cash & Margins
Guangzhou-based developer R&F Properties announced its 1H2021 results on Tuesday where it reported an 18% YoY increase in total revenue to CNY 39.49bn ($6.1bn) boosted by revenue from its property development business, which increased 17% to CNY 35.95bn ($5.55bn)....
Scotiabank and BMO Beat on Quarterly Earnings
Toronto-based banking majors Bank of Nova Scotia (Scotiabank) and Bank of Montreal (BMO) reported earnings for their third quarter ended July 31 on Tuesday. Scotiabank reported a 95% YoY surge in net income to CAD 2.5bn ($2.01bn). However, pre-tax pre-provision (PTPP)...
Moody’s Expect Emirates NBD to Roar Back to Pre-Pandemic Profitability by 2022
Moody’s has changed the outlook for long term bank deposits and senior unsecured ratings of Dubai based lender Emirates NBD (ENBD) to stable from negative. The rating agency affirmed the A3 long-term deposit ratings and A3 senior unsecured rating of Emirates NBD. It...
