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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...
Huarong Asset Management Cut to Baa2 by Moody’s
China Huarong Asset Management Co. (Huarong AMC) has been downgraded to Baa2 from Baa1 by Moody’s following the company’s announcement last week that the net losses attributable to shareholders in 2020 are expected to be as high as RMB 102.903bn ($16bn). The rating...
Central China’s Dollar Bonds Recover Some of Last Week’s Losses
Central China Real Estate (CCRE) saw its dollar bonds recover some of the losses last week after it reported 1H earnings last Wednesday. CCRE's 6.875% 2022s fell ~7 points between August 18-20 after the results were announced but have now recovered some of the losses,...
UAE Mall Operator MAF Reports Weaker Revenues for 1H
UAE's leading shopping malls operator Majid Al Futtaim (MAF) posted a drop of 10% YoY in its revenues at AED 15.6bn ($4.25bn) for 1H2021. The drop in revenue was attributable to the restrictions imposed by the pandemic. Despite the drop in the top line, its EBITDA at...
Occidental Upgraded to BB on Reduced Leverage & Plans to Trim Debt Further
American exploration company Occidental Petroleum Corp (Oxy) saw its issuer and issue-level credit rating get upgraded to BB from BB- by S&P on Monday. The rating agency cited Oxy's improving leverage metrics and S&P's stronger oil and gas price assumptions as...
China South City Downgraded to B3, Outlook Revised to Negative
Moody’s has downgraded China South City (CSC) to B3 from B2 and its outlook has been changed to negative from ratings under review. The downgrade is based on weak credit metrics and high financing risks given its poor liquidity and sizeable amount of debt due over the...
