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Washington Prime to File For Bankruptcy
Washington Prime Group (WPG), one of the biggest retail real estate companies in the US could seek bankruptcy protection under Chapter 11 of the US Bankruptcy Code this week based on the result of its forbearance agreement with its creditors later today. This would...
Bayfront Launches Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P hit another record high despite the higher consumer price index (CPI) numbers for May. The S&P was up 0.5% and tech heavy Nasdaq was up 0.8%. Healthcare, Real Estate and IT found favor with investors, up 1.7%, 1% and 0.8% respectively, compared to...
Evergrande’s Bonds Plunge 5-8% On Increased Financial Risks
China Evergrande’s dollar bonds slipped 5-8% on Thursday as concerns grow over its financial position taking the total drop to more than 15% since the beginning of this month. Evergrande is the world’s most indebted property developer with $305bn in liabilities...
Deutsche Bank Warns of €300mn Profit Hit
Deutsche Bank warned of a €300mn ($366mn) hit to its 2021 profits after a court ruling held that past increases of current account fees were unlawful. This is Deutsche’s second warning on its financial guidance after it said that it would miss its 2021 cost-cutting...
Garuda Sukuk Falls Over 30 Points To Near Pandemic Lows
Garuda's USD 5.95% 2023 Sukuk crashed over 30 cents to trade at 41.4 cents on the dollar on Thursday. The Indonesian airline has been troubled by liquidity concerns and disclosed early termination of plane leases and unpaid salaries. Last week, Garuda sought...
Trafigura Reports Record 1H2021 Profits of $2.1bn
SIngapore/Swiss commodity major Trafigura reported record net profits of $2.1bn for 1H2021 ending March, a four-fold increase from $500mn in the same period last year. Group revenues were at $98.4bn, up 19% YoY given higher commodity prices and increased trading...
Amazon Upgraded To AA as S&P Joins Fitch
Global e-commerce giant Amazon has been upgraded to AA from AA- by S&P Global, which said that it "expects Seattle-based e-commerce and cloud computing company Amazon.com Inc. to sustain strong revenue and profit growth in the coming years, based on its solid...
El Salvador’s Bonds Fall on Crypto Push
El Salvador adopted Bitcoin as a legal tender, causing concerns by the International Monetary Fund (IMF) over various risks and regulatory challenges. “Adoption of Bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very...
Wipro Gets Approval For Upto $750mn Debut Dollar Bond Issuance
Wipro, an Indian multinational firm, has announced plans for a debut dollar bond sale of $750mn through its subsidiary, Wipro IT Services LLC. Proceeds of the dollar-denominated bonds will be allocated for refinancing current debt, general corporate purposes and other...
