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Tencent Profits Rise 65% Led By Gaming
Chinese tech major Tencent beat estimates after it reported a rise of 65% in Q1 profits buoyed by a growth in its gaming and fintech units. The company reported a profit of CNY 47.8bn ($7.4bn), ~40% higher than expectations. Revenues rose 25% to CNY 135bn ($21bn). The...
Fosun Retail Unit Sets Up $6.4bn Company to Invest in Airlines
Fosun’s retail unit Shanghai Yuyuan Tourist Mart Group is setting up a $6.4bn company that would invest in airlines. The retail company would spend ~$1.6bn to establish the new company Yuyuan Aviation Industry Limited Partnership with the rest of the capital...
Mapletree Industrial Trust Raises $620mn via Private Placement to Fund $1.3Bn Acquisition
Singapore-based REIT Mapletree Industrial Trust (MIT) has completed a private placement of 190.3mn new units at a price of S$2.696/unit, MIT's manager announced this morning. The transaction was priced at a 2.3% discount to the volume weighted average price (VWAP) of...
Russia Raises €1.5 Billion via Two-Trancher
Russia raised €1.5bn ($1.83bn) via a dual trancher. It raised: €1bn ($1.2bn) via a 15Y bond at a yield of 2.65%, 22.5bp inside initial guidance of 2.875% area €500mn ($611mn) tap of its 1.125% 2027s issued last year, priced at 98.5, yielding 1.367% The notes received...
Lufthansa Suspends Coupon Payment on Hybrid 2075s
Lufthansa Group’s executive board decided to suspend future coupon payments on its hybrid €500mn 4.39% 2075s that were issued in 2015. The company said that the suspension of coupons “does not result in the forfeiture of the entitlement to the coupon payments” and...
El Salvador Bonds Fall Despite Progress In Talks With IMF
El Salvador’s bonds fell across the curve despite progress with the IMF in negotiating a potential IMF support program of over $1bn. The notes tumbled after the US published a list of corrupt politicians in Central America, which included a close assistant of...
Macro; Rating Changes; New Issues; Rating Changes; Talking Heads; Top Gainers & Losers
US markets continued to fall for the third straight day, with S&P ending lower by 0.3% and Nasdaq marginally lower by 0.03%. While the markets opened with a sell-off, they cut losses before close led by chip-stocks with AMD up 2.4%, TSMC and Qualcomm up 1.4%. The...
Tata Steel Upgraded To BB By Fitch After Robust Q4 Results
Indian steel major Tata Steel Limited (TSL) has been upgraded to BB from BB- with a stable outlook by Fitch Ratings. The rating agency has also raised the rating of its $1bn 5.95% 2024s issued through TSL's subsidiary, ABJA Investments to BB from BB- while assigning a...
Lloyds Bank Downgraded To A By Fitch
Lloyds Banking Group (LBG) saw its Issuer Default Rating (IDR) and senior debt ratings downgraded to A from A+ by Fitch. Fitch said that the “downgrade of LBG's IDR and senior debt to the level of its Viability Rating (VR), and of the Tier 2 debt, reflects our...
