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ESR, APG Asset and GIC invest $1bn in new China Project
ESR Cayman has entered into an agreement with APG Asset Management, a Dutch asset manager and Singapore sovereign wealth fund GIC to launch a China warehouse investment fund worth as much as $4bn. The fund will invest in modern warehousing and industrial mixed-use...
Pakistan’s Dollar Bonds Tick Lower After Regime Change in Afghanistan
Dollar bonds of Pakistan traded weaker after the fallout in Afghanistan where its US-backed government collapsed over the weekend with Taliban taking over the regime. FT reports fund managers saying that the exodus of refugees from Afghanistan could strain the...
Oxley Secures S$4.3bn in Sales for Singapore Development Projects
Real estate developer Oxley Holdings said it has secured S$4.3bn ($3.2bn) in sales for its development projects in Singapore. In a bourse filing, Oxley said that it has sold about 91% of its residential units, representing 87% of the total gross development value...
China Merchants Bank’s NPLs Jump 4x in H1
China Merchants Bank (CMB) saw a 4x jump in non-performing loans (NPLs) in 1H2021 to CNY 4.3bn ($664mn) in the period, up from CNY 1.19bn ($180mn) at end-2020 with its NPL ratio on such loans at 1.07% vs. 0.3%. Overall NPLs stood at 1.01% vs. 1.07% end-2020. Property...
Tus-Holdings’ Bondholders Approve Debt Extension Plan
Holders of Tuspark’s dollar bonds guaranteed by Tus-Holdings overwhelmingly approved the debt extension plan for the cross-defaults on their bonds. Tus-Holdings said 100% and 99.95% of the total votes cast by eligible bondholders of the $400mn 7.95% 2021s and $550mn...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets moved up on Friday with the S&P and Nasdaq closing 0.16% and 0.04% higher. S&P scaled new highs as Consumer Staples, Real Estate, Healthcare, Utilities and IT were up over 0.5%. Energy and Financials were down 1.3% and 0.7% respectively. European...
The Week That Was
US primary market issuances rose to $46.6bn vs. $34.5bn in the week prior. IG issuances rose to $32.1bn vs. $21.9bn in the prior week and HY issuances were also higher at $14.4bn vs. $11.5bn in the prior week. The IG space was led by Intel’s $4bn four-part deal,...
Citic Plans to Become Huarong’s Largest Shareholder; Huarong to Issue Profit Warning Next Week: REDD
Citic Group is said to have received State Council approval for a restructuring plan of China Huarong Asset Management Co. that involves Citic becoming the largest shareholder in the distressed state-owned asset manager, as per REDD, reported by Bloomberg. Citing...
Yuzhou’s Dollar Bonds Inch Higher after Bond Buyback
Yuzhou Group said on Friday that had it repurchased $2mn of its outstanding 8.3% 2025s and $1mn of its outstanding 7.375% 2026s. After the buyback, the outstanding principal of the 2025s and 2026s stands at $486mn and $636.5mn respectively. While the size of the...
