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Revlon’s Bonds Jump After $130mn Term Loan Reworking Its Debt Load
Debt laden cosmetics maker Revlon’s bonds jumped over 5 points this week with the company reworking its debt load and balance sheet. Revlon secured a $130mn term loan with SLR Credit Solutions underwriting the loan from lender MidCap Financial. Proceeds will be used...
China Southern Power Grid In Talks For 10% Stake in TAQA Worth $4bn
Chinese state owned China Southern Power Grid Co. is in early talks to acquire a 10% stake worth ~$4.2bn in Abu Dhabi's flagship Abu Dhabi National Energy Co (TAQA - Arabic for energy). The transaction, if cleared, would be the biggest overseas acquisition by a...
BondEvalue raises US$6 million in Series A round led by MassMutual Ventures and Citigroup
MEDIA RELEASE Latest investments bring total raised to US$10 million BondEvalue expands operations into Mexico Singapore, 9 June 2021 – Singapore-based fintech BondEvalue has raised US$6 million in its Series A round of fund raising, with MassMutual Ventures Southeast...
Aramco, AgBank Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets gained marginally to remain within point blank range of the all-time highs. S&P remained largely unchanged and Nasdaq gained 0.3%. Consumer Discretionary and Energy sectors led the gains, up 1% and 0.9% respectively. The US Commerce Department data...
HSBC Senior Debt Downgraded To A3
Moody’s downgraded HSBC Holdings’ senior bond ratings to A3 from A2. They also downgraded the Baseline Credit Assessment (BCA) to a3 from a2, subordinated debt rating to Baa1 from A3, the non-cumulative preferred stock rating of Perps issued by HSBC Capital Funding...
Oman Raises $1.75bn Via 9Y Sukuk At 4.875%
Oman raised $1.75bn via a 9Y sukuk at a yield of 4.875%, a strong ~56.25bp inside initial guidance of 5.375-5.5% area. The sukuk were unrated and allocations were not available at the time of writing. Oman is rated Ba3/B+/BB-. The new sukuk were priced ~5bp tighter to...
Regulators Ask Creditors to Stress Test Evergrande Exposure
China’s regulators have asked major creditors to conduct a fresh round of stress tests on their exposure to property developer Evergrande. Led by the Financial Stability and Development Committee, banks including ICBC and China Minsheng Banking have been asked to...
GE Increases Tender Offer Buyback Size To $7bn From $4.9bn
US multinational conglomerate, General Electric Company (GE) announced the pricing for its debt tender offers in which it increased the size of buyback of its notes by up to $4.62bn. With the pricing of its debt tender offers, it expects to repurchase upto $7bn of its...
BBVA to Slash Workforce & Branches in Spain; To Save €250mn from 2022
Spanish lender BBVA announced plans to lay off about 3,000 employees, ~13% of its workforce in Spain, and close 480 branches "to ensure the competitiveness and sustainability of future employment in the entity given the current context of profound transformation of...
