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Monte Paschi Cuts Legal Liabilities by $4.5bn; Bond Rally Over 9 Points
The world’s oldest bank, Banca Monte dei Paschi di Siena, reached an agreement with Monte dei Paschi foundation to reduce its legal liabilities (compensation claims) by €3.8bn ($4.5bn). The foundation would get €150mn ($177mn) as part of the settlement. This is seen...
More Details Emerge on Buenos Aires Restructuring
After Argentine Province Buenos Aires reached a breakthrough agreement with GoldenTree Asset Management to restructure $7bn of its international debt, Government House in La Plata explained that the new proposal matched the terms that GoldenTree agreed upon. An...
CK Infra, Ping An Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets extended the rebound rally for a second day amid strong corporate earnings – S&P and Nasdaq gained 0.8% and 0.9% respectively. Energy zoomed 3.9% with Brent Crude going back above $70/bbl, Financials and Industrials were up more than 1%. Corporate...
Top HK Banks Halt Mortgages to Buyers of Evergrande’s Properties
In the latest setback for Evergrande, top banks in Hong Kong such as HSBC, ICBC, StanChart and BOC’s HK unit are reported to have stopped providing mortgages to buyers of Evergrande’s unfinished residential properties in HK. As per sources, Hang Seng Bank, Bank of...
Julius Baer Posts Record H1 Profits
Swiss wealth management group Julius Baer posted a record-high net profit in 1H2021 on the back of strong growth in Assets under Management (AUM) and improvement in cost efficiency. The group reported a 23% rise in its net profit and earnings per share (EPS) YoY to...
Transocean’s Bonds Rise as Oil Crosses $70
Oil drilling major Transocean’s dollar bonds rose on Wednesday with the easing risk-off sentiment and Brent crude crossing $70/bbl as per Bloomberg, leading the rally in high yield energy bonds. Oil prices had fallen below $70 after the OPEC+ nations agreed to boost...
Buenos Aires Dollar Bonds Jump on Breakthrough Talks with Creditors
Argentina province Buenos Aires announced that it had finally struck a breakthrough agreement in the lengthy negotiations with its main creditor GoldenTree Asset Management and other bondholders for the restructuring of $7bn of its international debt. Buenos Aires...
Suntec REIT Posts 26% Rise in DPUs
Singapore’s Suntec REIT posted a 26% rise in distribution per unit (DPU) to S$ 0.415 ($0.3) in H1 with its distributable income rising to S$118.2mn ($87mn), a 14.6% YoY increase and net property income growing 24% to S$113mn ($83mn). The REIT said that the strong...
Indonesia; Lai Sun, China Grand Auto Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets rebounded, making up most of Monday's losses as the S&P and Nasdaq gained 1.5% and 1.6% respectively. Industrials and Financials led the charge and were up 2.7% and 2.4%. Real Estate, Consumer Discretionary, IT, Energy, Materials, Healthcare and...
