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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...
UBS Reports Solid Q2 Earnings
UBS reported a 63% rise in net profits YoY to $2bn in Q2, beating expectations of $1.34bn. Pre-tax profits rose across all geographies with the CEO saying, “Momentum is on our side and our strategic choices and initiatives are paying off…We have no intention of...
Evergrande’s Project Sales Temporarily Halted; Company Wires $352mn to Repay Dollar Bonds
China Evergrande suffered a recent setback albeit temporary, after authorities in Shaoyang, Hubei province said that "sales at two of Evergrande’s projects had been halted because of a shortage of funds in presales accounts", as per FT. As the halt was only temporary,...
United Reports Sixth Consecutive Loss; Results in-line with Street
United Airlines reported Q2 operating revenues of $5.5bn, up ~70% QoQ, though it was down 52% vs. 2Q2019. On the costs side, operating expenses were down 42%. Overall, the airline reported its sixth consecutive net loss at $434mn, after a $1.4bn loss in Q1 and a...
Netflix Reports Mixed Numbers; Subscriber Growth Dips
Netflix reported an increase of 19% in its revenues YoY to $7.3bn and an increase of 36% in its operating income YoY to $1.8bn. The company reported net income of $1.35bn in Q2 vs $720mn in 2Q2020 and $1.7bn in 1Q2021. The company ended the quarter with 209mn paid...
Trading of Tsinghua Unigroup’s Bonds to be Halted amid Restructuring
The court-appointed restructuring administrator for the Tsinghua Unigroup has asked for halting trading of all existing bonds of the distressed chipmaker as the restructuring progresses as reported by Bloomberg. The creditors to the group, backed by Tsinghua...
