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JSW Infra Plans $400mn Bond Issuance and $1.3bn Capex Over Five Years
JSW Group’s port operating entity, JSW Infrastructure plans to issue $400mn via bonds and spend $1.3bn in capital expenditure over five years. Sources said that the proceeds from the bonds will primarily be used to replace more expensive rupee debt. JSW Infra has an...
Future Retail Given 4 Weeks By Delhi HC Before Halting Reliance Deal; Makes Coupon Payment
The Delhi High Court has given Future Retail four weeks before enforcing an earlier order for a complete halt on the company’s asset sale deal with Reliance. The extension was given after Future group’s lawyer said the company’s petition in top court was pending and...
LMIRT To Skip First Call on its SGD 7% Perp
Lippo Malls Indonesia Retail Trust (LMIRT) will not be redeeming its outstanding S$140mn ($102.9mn) 7% Perp on the first call date of September 27, as per IFR. The coupon will reset to the prevailing 5Y Singapore dollar SOR + initial spread of 524.5bp. Based on...
Maldives Downgraded to Caa1 by Moody’s
The Government of Maldives has been downgraded to Caa1 from B3. The outlook is revised to stable from negative. The rating action applies to the long term foreign currency as well as to the senior unsecured notes issued by its SPV Maldives Sukuk Issuance Limited. The...
Zambia Dollar Bond Investors See IMF Deal by April
Zambia's dollar bonds rallied on Monday after opposition leader Hichilema beat the incumbent President Edgar Lungu by a strong margin of ~1mn votes during the Zambian Presidential elections. The new president elect is widely expected to spur economic growth and has...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets had a mixed start to the week – S&P was up 0.3% and Nasdaq was down 0.2%. The S&P recorded another peak as Healthcare closed 1.1% higher and Utilities and Consumer Staples were up 0.65%. Energy and Materials were down 1.8% and 0.5% respectively....
US IG ETF posts Biggest Weekly Inflow Since June 2020 as Earnings Strengthen
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) received over $1.8bn in inflows last week, adding to the $43bn AUM of LQD, the biggest IG bond ETF. This marks the largest weekly inflow since 2Q2020, and comes after ~85% of S&P 500 companies beat earnings...
Aramco To Raise over $17bn from gas Pipeline Stake Sale; $25bn Deal with RIL in Advanced Stages
Saudi Aramco has approached potential bidders to sell a part of its pipeline business worth ~$17bn according to Reuters. The oil giant, through its advisors JPMorgan and Goldman Sachs, is looking to tap players including American private equity and infrastructure...
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...
