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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...
Softbank to Sell Solar Assets Worth $3.5bn to Adani
Adani Group’s renewables arm plans to acquire SoftBank’s energy unit at a valuation of $3.5bn. “The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their...
Emirates REIT Creditors Block Exchange Offer
Reuters sources report that a group of creditors plan to oppose terms of an exchange offer by Emirates REIT. Emirates REIT on Tuesday offered to exchange $400mn of its 5.125% sukuk due 2022 for secured ones with the new ones maturing in 2024 alongside coupon deferral...
Fantasia Launches Exchange Offer
Chinese property developer Fantasia Holding Group has launched a tender offer of up to $100mn for its $500mn 7.375% 2021s. According to IFR, Fantasia is offering cash of $1,000 for every $1,000 in principal amount, plus accrued and unpaid interest for its bonds due in...
Singapore Airlines Posts Second Consecutive Annual Loss At S$4.3 Billion
Singapore Airlines (SIA) posted their second consecutive annual loss at S$4.3bn ($3.2bn), significantly wider than the S$212mn ($159mn) loss last financial year. The company suffered a S$1.7bn ($1.3bn) non- impairment charge on 45 surplus aircrafts. Group revenues...
Qantas Guides For Profits On Rebound In Domestic Travel
Australia's flag carrier Qantas Airways Ltd. said in a statement that a boom in domestic holiday travel has given hopes to a recovery for the airline, which has been struggling like its global peers on the back of pandemic-related travel restrictions. CEO Alan Joyce...
