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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets reversed their early losses ending the day slightly stronger as better than expected jobless claims seemed to mitigate the taper fears after the release of FOMC minutes – S&P and Nasdaq gained 0.1% each. Most sectors ended in the green. IT and...
Huarong’s Bonds Soar Up To 10% After State-Led Capital Infusion & No Plans of Debt Restructuring
China Huarong’s dollar bonds soared up to 10% after its detailed announcement yesterday which indicated a state-led bailout and no plans of a debt restructuring, putting to end uncertainty over the bad-debt asset manager. Through the announcement, Huarong issued a...
Evergrande Asked to Resolve Debt by Regulators; In Talks with Xiaomi to Sell EV Unit Stake
China Evergrande got a slap on the wrist from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) in a rare joint public statement from the regulators released on Thursday after a meeting with Evergrande executives. The...
Central China Real Estate’s Dollar Bonds Plunge on H1 Results
Dollar bonds of Central China Real Estate (CCRE) tanked by as much as 12% after the property developer reported its half yearly results which showed a sharp rise in its net debt ratio and a slump in cash. Its net borrowings totaled CNY 11.8bn ($1.8bn) with its net...
Serba Dinamik Downgraded by S&P to CCC on Liquidity and Refinancing Risk
Malaysia’s Serba Dinamik has been downgraded to CCC from B- by S&P on increasing liquidity risks and funding uncertainty to refinance future maturing debts. Serba has MYR 1.7bn ($401mn) in debt due through May 2022 that includes a $222.2mn 6.3% Sukuk due May 2022....
Moody’s Downgrades KIPCO’s ratings to Ba2, Maintains Negative Outlook
Kuwait Projects Company (Holding) K.S.C.P. (KIPCO) has been downgraded to Ba2 from Ba1 with a negative outlook based on insufficient market value leverage (MVL). Concurrently, it's Probability of Default Rating (PDR) has been lowered to Ba2-PD from Ba1-PD. The...
Goldman to Buy NN Group’s Investment Arm for €1.6bn, Its Largest Acquisition in 3 Years
Goldman Sachs' Asset Management (GSAM) agreed to acquire the investment management unit of Dutch insurance company NN Group for approximately €1.6bn ($1.9bn). This is Goldman's largest acquisition since 2018. The deal for NN Investment Partners, which manages $355bn...
Vale, BHP forced to Pay Off Samarco’s Debt by Brazilian Prosecutors
Vale SA and BHP Group Ltd face pressure to payoff their Samarco joint venture’s BRL 50.7bn ($9.5bn) debt, as Brazilian prosecutors requested a bankruptcy court to compel repayment. Samarco struggled to restructure its debt, after a dam burst in a mine in 2015,...
Huarong Reports $15.9bn Loss Warning; To Get State-led Bailout; No Plans to Restructure Debt
China Huarong came out with a profit warning and a press release on Wednesday, in an update regarding its 2020 financial results that investors have been keenly awaiting since March. Below is a brief of the talking points and details offered by Huarong as mentioned on...