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Shui On Land Considering Commercial Assets Spin-off
Shanghai headquartered developer, Shui On Land made a voluntary announcement that it is considering a possible reorganization of its commercial investment properties, property and asset management business into new entities. The spin-off (Term of the Day, explained...
T-Mobile Upgraded to Investment Grade by Fitch and to Ba1 by Moody’s
T-Mobile has been upgraded by a notch by both Fitch and Moody's due to its improved credit profile. The American wireless network operator has been upgraded to investment grade, BBB- from BB+ by Fitch and to Ba1 from Ba2 by Moody's. The company's rating was also...
Future Retail’s Dollar Bonds Drop 10% as India’s SC Rules in Favour of Amazon
India’s Supreme Court upheld the Singapore Emergency Arbitrator (EA) award, halting Future Retail’s $3.4bn deal with Reliance Retail, and thereby ruling in favour of Amazon. Amazon filed their first plea against the deal in October 2020 with the Singapore Arbitrator...
ING Reports Strong Q2 Results
ING Groep reported strong Q2 net profits of €1.46bn ($1.7bn), up 4.9x YoY. Profits were helped by a €91mn ($107mn) net release from loan loss provisions as compared to a charge of €1.3bn ($1.5bn) in the same period last year. Tthe group’s fee income rose 18% to €855mn...
JBS to Enter Aquaculture Segment after Huon Deal
Brazilian meat producer JBS SA is acquiring Australia’s Huon Aquaculture Group for AUD 425mn ($314mn), expanding into the fish business. The acquisition already received approval of majority shareholders, despite Huon’s recent struggle in making a profit, and is...
Indiabulls Housing Finance Reports Earnings, Sets Up Reserve Fund to Repay 2022s
Indiabulls Housing Finance announced its earnings late last week, posting a 3.3% growth in profits to INR 2.82bn ($38mn). It's net interest income rose to INR 7.65bn (103mn) and cost of funds eased by 20bp to 8.4%. Gross non-performing assets (GNPA) rose to 2.86% from...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets moved higher with the S&P and Nasdaq up 0.6% and 0.8% respectively. Energy, financials and utilities were up more than 1%. Healthcare was down 0.4%. European markets hovered around the highs – CAC and DAX were up 0.5% and 0.3% respectively while the...
Evergrande Bonds Drop After Second Two-notch Downgrade to CCC by S&P
China Evergrande's dollar bonds fell more than 10% after being hit by a double whammy. Investor concerns rose amid speculations of a creditor's claims against the company in a Guangzhou court (which appeared on a now-deleted WeChat post) alongside a two notch...
R&F Properties’ Dollar Bonds Rally over 8%
Dollar bonds of Chinese real-estate developer R&F Properties, issued by Easy Tactic rallied 8-10% on Thursday. Chinese HY developers’ bonds have been inching higher over the past couple of days, after trading under pressure since end-July. However, most...
