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Cathay’s Granted $1bn Loan Extension
Hong Kong's embattled flag carrier Cathay Pacific welcomed the extension of the HKD 7.8bn ($1bn) bridge loan from the Hong Kong SAR Government on June 8, 2021. The airline, which is dealing with reduced business due to the ongoing pandemic, said that the decision by...
Beijing Launches Probe on Great Wall AMC Exec for Corruption
China Great Wall AMC’s VP Hu Xiaogang is being probed on suspicion of corruption according to the anti-corruption watchdog Central Commission for Discipline Inspection. China Great Wall is one among four of China’s large distressed-debt asset managers. Mr. Hu was a...
JBS Upgraded To Investment Grade Rating of BBB-
Fitch Ratings has upgraded JBS' Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to investment grade territory BBB- from BB+. JBS' guaranteed senior unsecured bonds have also been upgraded and its new benchmark senior unsecured sustainability-linked...
Mubadala Joins Consortium to Buy Aramco Pipelines Stake
Abu Dhabi state investor Mubadala announced on Tuesday that it joined a consortium led by EIG Global Energy Partners (EIG), a leading US-based investor in the global energy sector, to buy a 49% equity stake in the recently formed Aramco Oil Pipelines Co. In one of the...
Kaisa, Everbright Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets remained close to highs even as the S&P dipped slightly by 0.1%. The tech heavy Nasdaq on the other hand gained 0.5%. There seemed to be little impact of the new G7 15% global corporate tax on multinationals as Amazon was up 0.3% and Google up 0.1%. US...
Evergrande Clarifies Rumors of Bank Dealings
China Evergrande clarified news on reports from WeNews that the regulator CBIRC was examining more than CNY 100bn ($15.7bn) of transactions between the company and Shengjing Bank Co. Evergrande said in its statement on Monday that its business with the bank was in...
Judge Grants Definitive Suspension to Hydrocarbon Law That Benefited Pemex
Mexico’s reform to the Hydrocarbons Law, that was designed to benefit state-owned oil major Petróleos Mexicanos Pemex, was suspended permanently by Judge Juan Pablo Gómez Fierro. The definitive suspension, nullifying the reform proposed by President Andres Manuel...
Creditors Agree on NMC Health Restructuring
The creditors of UAE's distressed hospital operator NMC Health have agreed to the restructuring of the group that will require them to trade their debt in return for equity. The administrator of the troubled hospital provider, Alvarez & Marshal (A&M) was able...
Emirates REIT Forced To Withdraw Restructuring Proposal
Following news of Emirates REIT facing demand for better governance and transparency from its Ad Hoc Group of debt holders, the REIT's debt restructuring plan failed to pass as it did not secure the minimum of 75% votes. The debt restructuring proposal was for a...
