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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P rose 1.2% yesterday and Nasdaq was up 0.7%, slightly recovering losses in the prior few days. US 10Y yields had risen ~10bp to 1.70% on Wednesday in the aftermath of the inflation report, but cooled-off yesterday to 1.66%. Headline and Core CPI rose by 4.2%...
Country Garden Pulls 10Y Tranche While Proceeding With Tap
One of China’s largest property developers Country Garden (COGARD), rated Baa3/BBB-/BB+ pulled its 10Y dollar bond issuance on Wednesday whilst proceeding with a $500mn tap of its 3.125% 2025s at 3.097%. COGARD had initially marketed the 10Y tranche at a final...
Alibaba Reports First Quarterly Loss in 9 Years Post $2.8bn Fine
Chinese multinational technology company Alibaba Group Holding Limited posted a loss from operations of CNY 7.66bn ($1.17bn) after it was fined CNY 18.23bn ($2.82bn) by China's State Administration for Market Regulation pursuant to the nation's Anti-Monopoly Law....
Goodyear Tires Raises $1.45 Billion; Upgraded To BB- By S&P
Goodyear Tire & Rubbers Co. raised $1.45bn via a two-trancher. It raised $850mn via an 8Y bond at a yield of 5%, ~12.5bp inside initial guidance of 5%-5.25% area. It also raised $600mn via a 10Y bond at a yield of 5.25%, ~12.5bp inside initial guidance of...
Vedanta Ltd. Reports Rise of 43% in Profits and An All Time High EBITDA
Vedanta Ltd, subsidiary of Vedanta Resources Limited announced strong financial results for 4Q2021 and full year ended Mar 31, 2021. The 4Q revenue of the leading diversified natural resource company stood at INR 278.74bn ($3.8bn), up 24%QoQ and up 43% YoY due to...
Huarong Says It Is Prepared To Pay Debt; No Change in State Support
China Huarong said that their liquidity position was “fine” and that they made “proper arrangement” and “adequate preparation” for future bond payments. In a response to Bloomberg, Huarong also said that “At present, there is no factual basis to indicate any change in...
Credito Real’s Bonds Drop on Loan Book Concerns, Audit and S&P’s Downgrade To BB-
Credito Real’s bonds fell amid concerns over its loan book, heading towards its worst loss in two weeks. The company’s audited 2020 statements reported that 45% of its loan portfolio was made up of accrued interest. Credito Real’s total interest amounted to almost...
ABN Amro Reports Q1 Net Loss After Money Laundering Fine
Dutch bank ABN Amro reported a net loss of €54mn ($66mn). The losses were mainly on account of accepting a settlement offer of €480mn ($580mn) from the Dutch Public Prosecution Service as the outcome of an anti-money laundering (AML) investigation. ABN said that...
Petrobras Reports $220mn Profits In Q1
Brazil’s oil company Petrobras reported a net profit of $220.2mn in 1Q2021, partially reversing its losses of $9.16mn a year earlier. The company recorded that profits were down 98.1% compared to its record 4Q2020 profits of $11.3bn. Petrobras attributed the positive...