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Indonesia Seizes Lippo Karawaci’s Real Estate Assets Linked to 1998 Bailouts
Indonesia’s chief security minister, Mahfud MD informed the media during a press conference that authorities have seized 5.3 million sqm of land and property assets in various Indonesian cities, in order to recoup the state loans that were given to banks during the...
CSN Upgraded to BB by Fitch
Brazil's largest integrated steel producer Companhia Siderurgica Nacional's (CSN) long term issuer default rating has been upgraded to BB from BB- by Fitch. CSN's senior unsecured notes of CSN Inova Ventures, CSN Islands XII Corp, and CSN Resources SA (all guaranteed...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets fell more that half a percent ahead of the Jackson Hole meeting with the S&P and Nasdaq closing ~0.6% lower. All sectors except Real Estate closed in the red. Energy down 1.5% led the losses followed by Consumer Discretionary, Communications Services,...
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...
