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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets ended on a weaker note on Wednesday after the FOMC minutes indicated that most Fed officials believed that the stimulus program withdrawal would be appropriate to commence later this year – S&P was down 1.1% and Nasdaq was down 0.9%. The fall was led by...
Sri Lanka’s Forex Reserves Fall to Lowest Levels in 12 Years
Sri Lanka's foreign reserves fell 32% after repaying its offshore bond last month, according to data published by Sri Lanka's Central bank on Friday. With the repayment of its $1bn 6.25% 2021s the nation's forex dipped to a 12Y low of $2.4bn in July from $3.6bn in the...
HDFC Bank Raises $1bn via PerpNC5 at 3.7%
HDFC Bank raised $1bn via a debut dollar bond, a PerpNC5 AT1 at a yield of 3.7%, a solid 42.5bp inside the initial guidance of 4.125% area. The bonds have expected ratings of Ba3 and received orders over $4.4bn at final guidance, 4.4x issue size. Final orders are yet...
Tencent’s Q2 Profits Jump; Warns of More Regulatory Curbs to Come
Chinese tech major Tencent reported earnings on Wednesday with revenues up 20% and 23% to CNY 138.3bn ($21.4bn) and CNY 273.6bn ($42.3bn) for Q2 and H1 respectively. Revenue growth for the quarter was driven by: Games, up 12% to CNY 43bn ($6.6bn) led by games such...
Evergrande’s Legal Cases Soar YTD, Set to surpass 2020 Cases
Evergrande is expected to have a record number of legal challenges in Chinese courts this year as contractors have put pressure on the developer to reduce debt of more than $100bn. According to a data provider reported by FT, Evergrande is involved in 427 legal cases...
HDFC, Ping An, Baidu Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets witnessed a sell-off on Tuesday as July retail sales declined – Nasdaq and S&P were down 0.9% and 0.7% respectively. Consumer Discretionary, down 2.3% was the worst hit, followed by Materials, Industrials, Communication Services, Energy, IT and...
Huarong Set to Receive $7.7bn from Citic in Recapitalization
In the latest update, Huarong is set to receive CNY 50bn ($7.7bn) in fresh capital from state-owned conglomerate Citic Group as part of its recapitalization, as per Bloomberg sources. While details are yet to be finalized, the plan could change, they said. Existing...
Hui Ka Yan Steps Down as Chairman of Hengda Unit; Evergrande Sells 1.9% Stake in Shenjing Bank
Hui Ka Yan, Founder and Chairman of China Evergrande has stepped down as the chairman of its unit Hengda Real Estate. Zhao Changlong, who was previously the chairman of Evergrande’s property services was named as the new chairman of Hengda. Bloomberg reports that the...
FWD To Raise Up To $3bn in US IPO
Hong Kong insurer FWD is targeting to raise up to $3bn via an IPO in the US next month with a valuation of around $13bn as per a source. SCMP reports that HSBC, JPMorgan, Morgan Stanley, and Goldman Sachs are leading the share listing. If successful, it would be the...
