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Unigroup Reported to Sell Stake in Unisplendour to Pay Debt
Tsinghua Unigroup is reported to be selling its stake in Unisplendour, a cloud computing firm of which it holds 46.5%. Reuters cited sources that Alibaba and several Chinese state-backed firms are planning to bid for the stake. Unigroup is planning to use proceeds...
Sichuan Languang Downgraded to D by S&P
Sichuan Languang has been downgraded to D by S&P after it missed the payment of its onshore CNY 900mn ($139mn) 7.5% 2021s that matured on Sunday. Including the interest and the principal, the developer failed to repay ~CNY 968mn ($149.5mn) on the medium-term...
COGARD, Sunac Launch $ Bonds; Macro; New Issues; Rating Changes; Talking Heads; Top Gainers & Losers
US Markets carved out another day of gains ahead of the earnings from the major US banks. S&P, up 0.4%, continued its record breading streak and Nasdaq, up 0.2%, inched closer to its record high. Most sectors gained with Financials, Real Estate and Communication...
Huarong Vows Internal Control and Compliance; May Publish 2020 Results by end-August
China Huarong said in a filing that it is making efforts to build a mechanism wherein increased internal control and compliance is in tune with the regulator CBIRC’s requirement for better compliance management among financial institutions in China. Whilst not giving...
Sri Lanka’s Bond Move Higher; Central Bank Plans to Acquire $650-700mn from Forex Surrenders
Sri Lanka’s dollar bonds moved higher by ~3% on Monday, stemming some of its losses in the prior weeks. Director of Economic Research in Sri Lanka’s central bank, Chandranath Amasekara said that the central bank was planning to acquire up to $600-$700mn a year from...
SPH REIT DPU Up 13%; Recovery seen in Revenues
SPH REIT’s Q3 results saw its Distribution Per Unit (DPU) rise by 11.3% QoQ to 1.38 cents/unit, reaching pre-Covid levels, equal to the first quarter of FY2020. The company saw a recovery in revenues to S$209.6mn ($155mn), up 22.2% YoY helped by improvement across all...
Sichuan Languang Defaults on Onshore Bond; Plans Dollar Bond Talks
Chinese property developer Sichuan Languang has joined the list of defaulted Chinese developers after it failed to repay its local CNY 900mn ($139mn) 7.5% 2021s that matured on Sunday. The default comes after the company failed to raise capital for the repayment and...
Argentina Advances IMF Talks; Breakthrough Unlikely
Argentina is in talks with the IMF in Venice to discuss the $45bn debt it owes to the Fund, however, a breakthrough to revamp the debt is not expected. Officials including Economy Minister Martin Guzman took part in the meeting of the G20 finance ministers and...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US Markets ended the week in positive territory with the S&P up 1.1% creating another record and Nasdaq up 1%, just shy of its record high. Sectors across reversed to end in the green. Financials, up 2.9% led the gains followed by Energy and Materials up 2%. US...
