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CFLD Reveals Overdue Debt of $10bn, 3x of March Report
Distressed Chinese property developer China Fortune Land Development (CFLD) reported that its overdue debt has increased by CNY 6.8bn ($1bn), citing adverse macroeconomic, industry and credit conditions, according to a notice on the Shanghai Clearing House. This...
UBS Seen Bidding For NN Group’s Asset Management Arm
UBS and German asset management firm DWS are going ahead with final bids for NN Group’s asset management arm, NN Investment Partners after Europe’s biggest insurers such as Allianz, Assicurazioni Generali and The Royal London Group have dropped out, as per Reuters....
Braskem To Buyback Up to $957mn In Bonds
Brazilian petrochemical company Braskem, via its subsidiary Braskem Netherlands Finance announced a tender offering to purchase $206.8mn of its outstanding 3.5% 2023s and $750mn of its 7.125% 2041s issued by Braskem Finance Netherlands and Braskem America Finance...
Banca Monte’s Bonds Fall ~5%
Banca Monte dei Paschi di Sienna’s bonds are down over 5%. Its longer dated 2030s are down over 5 points. Il Sole 24 Ore reports that advisers working on the plan to sell the lender may be preparing for a deal that includes more than one buyer. UniCredit may be wary...
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...
