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Huarong’s Bonds Surge on Plans to Redeem its Dollar Perp
China Huarong’s $500mn 2.875% Perp surged almost 13 cents yesterday to trade over 96 cents on the dollar as the company was said to have started preparations with bankers and lawyers to call back the bond at 100 on its call date of September 14, as per sources. A...
Morgan Stanley Reports Strong Q2 Results
Morgan Stanley reported strong Q2 results with net income of $3.5bn vs. $3.2bn for the same period a year ago. Investment banking saw revenues of $2.38bn, up 16% YoY. While fixed income revenues dipped 45% YoY to $1.68bn, its equities trading revenues were up 8% to...
Vedanta Calls off Consent Solicitation
Indian commodity giant Vedanta Resources called off the proposed consent solicitation for its $1bn 13.875% 2024s and $1.2bn 8.95% 2025s after a pushback from its lenders, according to IFR. The conglomerate had attempted to change the terms of its offshore bonds...
Delta Air Lines to Buyback up to $1bn in Bonds via Tender Offer
Delta Air Lines is offering to buy back up to $1bn of its high yield bonds issued last year to tide over the pandemic restrictions. The tender offer which will help the airline trim the swelling debt on its balance sheet is valid on the following three bonds issued...
Carnival Plans Bond Issuance to Buyback Debt
Cruise operator Carnival Corporation is looking to issue new dollar bonds. Initial price talks are in the range of 4-4.125% area. Proceeds will be used to fund the buyback of up to $2bn of its outstanding 11.5% 2023s via a tender offer that was launched last week....
Banca Monte-UniCredit Merger Prospects Recede; Monte’s bonds fall 4%
FT reports that merger prospects between UniCredit and Banca Monte Paschi dei Sienna (BMPS) are receding after the Italian government refused conditions attached by UniCredit’s new CEO Andrea Orcel. Orcel’s demands were considered too costly despite the Treasury...
9 New Deals Incl. Kaisa, Agile, R&F; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets were mixed with S&P posting modest gains of 0.1% while Nasdaq slipped 0.2%. Citi and Wells Fargo reported strong earnings while BofA missed expectations even as the combined earnings of Citi, Wells, BofA and JPMC totaled $33bn. Consumer Staples and Real...
Citi, Wells Report Earnings Beat; BofA Mixed
Citigroup and Wells Fargo reported a beat in Q2 earnings while Bank of America (BofA) posted a mixed result: Citi reported net income of $6.2bn in the second quarter, up 5.6x YoY on revenues of $17.5bn. Provisions for credit losses on loans fell 27% to $19.2bn....
CBIRC sees NPL Pressure on Banks as Support Policy Expires
China's State Council Information Office (SCIO) held a press conference on the performance of the banking and insurance sectors in 1H2021 yesterday. During the press conference, Liu Zhongrui, deputy head of the Statistics, IT & Risk Surveillance Department of the...
