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BNP, BBVA, UniCredit Report Strong Profits
European banks BNP Paribas, BBVA and UniCredit Reported upbeat earnings results: French banking major BNP Paribas reported net income of €2.9bn ($3.4bn) in Q2, a 27% YoY jump. Its domestic markets division saw revenues rise ~10% while investment banking (IB) reported...
Keppel Makes S$3.4bn offer for SPH’s Non-media Business
Keppel Corporation Limited (Keppel), through its wholly-owned subsidiary Keppel Pegasus Pte Ltd, has offered to acquire all shares of Singapore Press Holdings (SPH) post restructuring of its media business in a deal worth S$3.4bn ($2.5bn). The deal which is aligned...
Moody’s Changes Adani’s North Queensland Export Terminal’s Outlook to Negative
Moody's has revised the outlook of Adani Group's North Queensland Export Terminal Pty Ltd (NQXT) while affirming the Ba2 senior secured ratings reflecting the rising refinancing risk associated with NQXT's $500mn 4.45% 2022s issued under Adani Abbot Point Terminal as...
Peru’s Bonds fall as Castillo names Moderate Leftist as FM
Peru’s newly elected President Pedro Castillo appointed Pedro Francke, a moderate left economist, as finance minister on Friday, hoping to relieve markets. Castillo had earlier named members of his Marxist Free Peru party to cabinet positions with Guido Bellido named...
Moody’s Extends Review for Downgrade on Huarong and its OFVs
Moody’s has extended its review for downgrade on all the ratings of China Huarong Asset Management Co., Ltd. (Huarong) reflecting the uncertainty around Huarong’s 2020 unpublished annual results and the details of the relevant transaction mentioned in Huarong’a...
Evergrande’s Dollar Bonds Sink after New Asset Freeze
Dollar bonds of Evergrande have taken another dive after a court froze its entire 20% stake in Shanghai-listed onshore subsidiary Langfang Development Co. for three years. The decision is the outcome of a civil lawsuit between Evergrande units and a state-backed...
Luso Launches $ Perp; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets closed higher in the wake of dovish Fed comments. S&P closed 0.4% higher after scaling another record and Nasdaq gained 0.1%. Financials, Energy and Consumer Discretionary pushed the markets higher by ~1% while Communication Services, down 0.9%, pulled...
More news of Evergrande’s Unpaid Dues Come to Light
Caixin reports that Evergrande’s subsidiaries have not yet made payments to the city government of Lanzhou (capital of Gansu province) as per a list released by Lanzhou last week. While the amount Evergrande owes is not known, the notice urged the companies to make...
More Chinese Property Developers’ Bonds Fall
Dollar bonds of other Chinese property developers (ex Evergrande) fell over 3% on Thursday. Growing concerns over Evergrande coupled with Beijing's crackdown seem to be having a ripple effect on other Chinese developers' bonds including names such as Kaisa, R&F...
