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Serba Dinamik Gives Update On Auditor Concerns; Bonds Continue To Plummet
Serba Dinamik gave an update on the auditor concerns that were flagged on Thursday. The O&G services company said that their auditor KPMG tried to check on sales transactions, trade receivables and on site balances of materials, but received a response from only...
Agile, Mapletree Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
Both S&P and Nasdaq advanced 0.1% to conclude a fourth straight month of gains before the US closed for a long weekend to celebrate Memorial Day. Real Estate and Utilities led the gains while Media, Entertainment and Telecom dragged the indices lower. The markets...
US IG Spreads At 14Y Low
US corporate investment grade (IG) option-adjusted spreads (OAS) hit a 14Y low to 84bp over Treasuries. Spreads of both IG and high yield bonds (HY) have been moving lower and the news comes a few weeks after CCC-rated bond spreads hit a 13Y low last month. Bloomberg...
Fed Looking Into Deutsche’s Compliance Failures
The US Federal Reserve in an annual regulatory assessment noted that Deutsche Bank had not improved its risk management practices despite being under confidential agreements with the Fed. The Fed privately warned the German lender that its compliance programs are not...
Evergrande’s Bonds Continue to Trade Lower Post Caixin Report
Evergrande's dollar bonds continued to trade lower on Friday after a Caixin report stated that the CBIRC has launched a probe into the company's transactions with Shengjing Bank Co. Its dollar bonds fell 2-3% on Friday across the curve.
Huarong Wires $978mn For Maturing 3.25% Bonds Due June And Local Bond
China Huarong wired $978mn for its maturing bonds, the biggest bond payment since investor confidence in the company’s financial health fell. The asset manager said that it has wired $900mn for their 3.25% bonds due this Thursday, June 3 and another CNY 500mn ($78mn)...
China Launches $11bn in Funds For SOE Reforms
China has launched a series of new equity investment funds led by state run investment firm, China Reform Holding Corp, to help reform its State Owned Enterprises (SOEs). The state asset regulator is responsible for most of the country's SOEs except financial firms,...
Swiss Re Exits New China Life Stake For $258mn
Swiss Re may have sold its stake in Beijing-based New China Life Insurance Co. as per reports from Caixin. Swiss Re previously purchased 152.9mn shares in 2013 and then sold around half of the shares for $455mn. Records on the Hong Kong Stock Exchange show that Swiss...
Golden Wheel Launches Exchange of Dollar 2022s/2023s
Chinese developer Golden Wheel Tiandi has launched an exchange offer on two of its dollar bonds - 12.95% 2022s and 14.25% 2023s - capped at $145mn. The issuer is proposing to exchange the older bonds for new ones to be issued at par, a maturity of July 11, 2023, a...
