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SBI Posts Strong Q1 Results
State Bank of India (SBI) posted a strong 80% YoY jump in net profits to INR 64.5bn ($885mn) in the quarter ended March. Profits were helped by a drop in contingencies and provisions to INR 110.5bn ($1.5bn) vs. INR 134.9bn ($1.9bn) in the same period last year. Net...
UniCredit To Skip Coupon on CASHES Bond
A spokesman of UniCredit said on Friday that the bank would not be paying coupons on their euro-denominated convertible and subordinated hybrid equity-linked note known as CASHES (ISIN: XS0413650218) after the Italian lender posted a €2.79bn ($3.4bn) loss in 2020....
Dalian Wanda Exits AMC Entertainment
Chinese conglomerate Dalian Wanda Group Co. has exited its investment in American movie theatre operator AMC Entertainment Holdings Inc., as per a filing on Friday. The Wang Jianlin-led company, which acquired AMC in 2012 for $2.6bn, has slashed its stake to a mere...
Marfrig Ups Stake in BRF As Top Shareholder
Brazil’s beef producer Marfrig Global Foods SA bought a 24% stake in the world's largest poultry exporter BRF SA for about $800mn, becoming its major shareholder, with the aim of diversifying its investments. This comes after the two companies failed at merger talks...
Garuda Considers Restructuring and Halving Fleet
In the wake of the pandemic, Garuda Indonesia is planning a restructure of its full-service airline fleet that could see the airline slashing its fleet to 70 aircraft from the existing 142. The airline is presently operating only 41 aircraft since most of its fleet...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets broke the three day falling streak led by Tech stocks. S&P ended higher by 1% and Nasdaq was up by 1.8%. Tesla gained 4.1%, Apple rose 2.1% and Nvidia was up 3.9%. US 10Y Treasury yields fell ~3bp to 1.63% on the back of weaker than expected US Philly...
Emirates NBD Raises $750mn Via AT1 at 4.25%
Emirates NBD raised $750mn via a Perpetual non-call 6Y (PerpNC6) AT1 bond at a yield of 4.25%, 25bp inside initial guidance of 4.5%. The bonds received orders over $1.7bn, 2.3x issue size. The coupons are fixed until the first reset date of May 27, 2027 and if not...
WeWork’s Losses Widen Almost 4x to $2.1bn on Lockdowns/WFH
Co-working company WeWork reported a massive Q1 loss of $2.1bn, up almost 4x from a loss of $556mn in Q1 2020. A big chunk of this loss, $500mn was attributable to the settlement with its ousted co-founder Adam Neumann, as per a person close to the company, reported...
Huarong Bonds Continue To Drop Even As It Repays $300mn Dollar Bond
Most of Huarong’s bonds have dropped below their recent lows even as the company repaid its $300mn 3.3% bond due Thursday. The repayment was widely expected as the company wired funds for the redemption a few days back, but another week of delay in its results and...
