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EDF Reforms Delayed after Failure to Agree Terms with Brussels
The French government has stalled the restructuring of state owned energy provider Electricite de France (EDF) after it failed to reach an agreement with the EU. The bone of contention was the relation between the new entities created post restructure and the cash...
Apple Raises $6.5bn Via Four Part Offering
Apple raised $6.5bn via a four-part offering: The SEC registered bonds are rated Aa1/AA+. Proceeds will be used for general corporate purposes, including share repurchases and payment of dividends to return capital to shareholders, funding for working capital, capital...
Amazon Misses Estimates as Online Sales Slows
Amazon announced weaker Q2 sales than estimates at $113.1bn vs. forecasts of $115.2bn. Nevertheless, this was its third consecutive quarter of over $100bn in sales. Revenues grew 27% YoY and profits were at $7.8bn in the quarter, up 48% YoY. Amazon’s core online store...
HDFC Bank Hires Bankers for Dollar AT1
HDFC Bank has hired investment banks Barclays, Bank of America, Citi, HSBC, JP Morgan, Standard Chartered, MUFG, SocGen and BNP Paribas to raise between $500mn to $1bn via its first ever AT1 as per sources. The issue is expected to be launched as early as next week....
SIA Q1 Net Losses Narrow
Singapore Airlines reported a progressive increase in the passenger traffic and robust cargo performance which helped it earn a revenue of S$1.3bn ($960mn) in its first quarter ended June, 52% higher than S$861mn ($636mn) in 1Q2020. The increase in revenues was...
Keppel’s Profits Rebound to S$300mn
Keppel Corp reported profits of S$300mn ($222mn) for 1H2021, reversing net losses of -S$537mn ($397mn) during the same period last year that was impacted by S$930mn ($687mn) of impairments in its O&M business. All of its key business units reported a better...
Peru’s Dollar Bonds Fall on Constitution Risks
Peru’s dollar bonds slid as President Pedro Castillo announced plans of a new constitution and a crackdown on monopolies in the financial and utility sector. Castillo won the election last month after which his market-friendly economic advisors relieved investors who...
India Cleantech Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets shed the risk-off sentiment with the S&P broadly flat while the tech heavy Nasdaq gained 0.7%. The upside was supported by Energy and Healthcare up 1% and 0.4% respectively while the indices were dragged down by Consumer Staples and Real Estate, down...
Evergrande Downgraded Two Notches to CCC+ by Fitch following S&P
Fitch downgraded Evergrande and its subsidiaries Hengda and Tianji by two notches to CCC+ from B citing diminishing margin of safety in preserving liquidity. Fitch notes that Evergrande’s liquidity is fragile with heavy reliance on renewing short-term banking...
