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12 New Deals Incl. COGARD, Fosun, Studio City; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
Wall Street closed lower on Monday as investors veered away from growth stocks on possible inflation fears. S&P ended 1% lower yesterday after setting a new record on Friday while Nasdaq saw a drop of 2.5%. The drop was on the back of a selloff in tech stocks led...
Amazon Sets Records for Lowest Yield/Spread with Jumbo $18.5bn Bond Deal
Amazon raised a record $18.5bn via an eight-part bond offering priced on Monday. The bonds have expected ratings of A1/AA- with the issuer rating upgraded to A1 from A2 on Monday by Moody’s. The offering received orders of almost $50bn, ~2.7x issue size. The 2Y...
Pemex’s Overdue Payments Pile Up as Liquidity Runs Low
Mexico’s Petroleos Mexicanos (Pemex) continues to accumulate millions of dollars in late payments to oil companies as it struggles to produce cash with its mounting debt levels and weak crude sales. As of last month, Pemex owes around $60mn to Egypt’s Cheiron...
JSW Hydro Raises $707mn via 10Y Bond at 4.125%
JSW Hydro Energy (JSWH) raised $707mn via a debut 10Y non-call 5Y (10NC5) green bond at a yield of 4.125%, 37.5bp inside initial guidance of 4.5% area. The bonds have expected ratings of Ba1/BB+, and received orders over $3bn, 4.2x issue size. Asia took 64%, EMEA 22%...
Cathay Sells $650mn 5.5Y Bond at 4.875%
Hong Kong flag carrier Cathay Pacific raised $650mn via a 5.25Y bond at a yield of 4.875%, 32.5bp inside initial guidance of 5.2% area. The bonds were unrated and received orders over $1.5bn, 2.3x issue size. Proceeds will be used for bolstering its working capital...
Kaisa Completes Exchange & Tender of 9.375% 2024s
Kaisa Group completed an exchange and tender offer for its $3bn 9.375% bonds due June 2024. $1.58bn in principal, or 51.78% of the outstanding bonds were validly tendered. Up to $500m (maximum acceptance level) of notes validly tendered will be exchanged for new 11.7%...
Keppel Unit Secures Petrobras Contract Worth $2.5bn
Singapore based Keppel Offshore and Marine through its subsidiary Keppel Shipyard has secured a contract worth $2.3bn from Brazil's state-owned oil company Petroleo Brasileiro SA (Petrobras) for the delivery of a floating production storage and offloading vessel...
Iraq to Buy Exxon’s Stake in Oilfield for $350mn
Iraq is set to acquire the share of one of Iraq's biggest oil fields, West Qurna 1 from ExxonMobil for $350mn. The US-based energy giant had been looking to sell its 32.7% stake in the oilfield, which is a shift in its 2019 stance when it was considering an injection...
9 New $ Deals Incl. Agile, KWG, CIFI, JSW Hydro; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P ended up 0.7%, setting a new record while Nasdaq closed 0.9% higher with tech stocks rallying. US non-farm payrolls (Term of the Day, explained below) for April rose by just 266k vs. a forecast of 978k, and significantly lower to March's reading of 770k. US...