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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...
SGX Planning Debut Dollar Bond
Singapore Exchange (SGX) has announced plans for a debut dollar bond. According to sources, the bourse has hired banks for a potential USD bond issuance and held investor calls since Tuesday. IFR states that the proposed bonds could have a 5Y tenor with an expected...
Nordstrom Earning Beat Expectation
US department store chain Nordstrom reported its 2Q2021 numbers on Tuesday with net sales jumping by 101% YoY to $3.57bn, while still down 6% vs. the same period in 2019. The EBIT was reported to be $151mn during the quarter vs. a loss of $370mn during the same period...
Zambia’s Bonds Trend Higher as New President Vows to Fix Finances
Zambia’s new President Hakainde Hichilema announced his intentions to reduce the unsustainable public debt and the budget deficit as a large part of the nation's budget was being spent just to service its debt. A better debt management policy would also help restore...
UOL, ABC Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets extended Friday's gains to an all time high coming off a losing week – S&P and Nasdaq gained 0.9% and 1.6%. Energy, up 3.8% led the gains and was followed by Consumer Discretionary and IT up 1.4% and 1.3% respectively. Utilities, down 1.3% dragged the...
Vedanta’s Senior Unsecured Bonds Upgraded to B3, CFR Affirmed at B2
Vedanta Resources Limited's (VRL) senior unsecured notes have been upgraded to B3 from Caa1 narrowing the difference to one notch between the rating of the notes and that of the issuer. The rating action also applies to the notes issued by VRL's wholly-owned...
