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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...
Yuzhou’s Dollar Bonds Trend Higher On Continued Buybacks
Yuzhou Group’s dollar bonds have been trending higher since the firm started buying back its dollar bonds a week earlier. Yuzhou’s bonds had been moving lower since the beginning of June with concerns on Evergrande spilling over to peers. Prior to that in March,...
Lippo Malls Indonesia Retail Trust Downgraded to B+ by Fitch
Lippo Malls Indonesia Retail Trust (LMIRT) has been downgraded to B+ from BB- with a negative outlook by Fitch Ratings as the LMIRT malls across Java, Bali and Medan have been forced to shut temporarily due to Covid-19 restrictions. Along with the Issuer Default...
Fitch says US ESG Disclosure Law would help Increase ESG Issuance
Fitch in an update noted that US corporate issuance of green, sustainability and sustainability-linked bonds/loans could accelerate if the ESG Disclosure Simplification Act of 2021 becomes a law. The Act was a legislation passed by the US House in June focusing on...
Delta Air Lines Reports First Profit Since 2019
Delta Air Lines reported a net income of $652mn, or $1.02 per share in the three months to June 30. Delta reported a fall in adjusted operating revenue of 49% YoY to $6.35bn, marking an improvement from the 60.4% slump in Q1 and surpassing analysts predictions of...
KT Corp Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US Markets retreated from their early gains even after strong Q2 earnings from banking majors JPMorgan and Goldman Sachs (details below). S&P and Nasdaq were down ~0.4% with the fall spearheaded by Boeing's 4.2% drop after the FAA reported a manufacturing quality...
