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Colombia Rating Cut To Junk By S&P On Fiscal Weakness
Colombia’s long-term foreign currency sovereign credit rating was slashed by S&P to BB+ from BBB- and its long-term local currency rating was lowered to BBB- from BBB. The outlook on Colombia’s long-term ratings remains stable. The short-term foreign currency...
Hotel Properties Launches Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets continued lower with S&P and Nasdaq closing lower by 0.9% and 0.6% respectively driven by Energy and Tech stocks. Energy stocks ended lower on fears of increased Iranian oil supply which could lead to lower oil prices as the Iran nuclear deal nears...
Tata Motors Reports Loss on JLR Writedowns
Tata Motors reported a surprise consolidated quarterly net loss of INR 76bn ($1.04bn) in their Q4 results as consensus estimated a profit of INR 27bn ($380mn). The company incurred a cash write down on assets worth INR 96bn ($1.31bn) and restructuring costs of INR...
SocGen Raises $1 Billion Via AT1 at 4.75%
SocGen raised $1bn via a Perpetual non-call 5Y (PerpNC5) AT1 bond at a yield of 4.75%, 50bp inside initial guidance of 5.25% area. The bonds have expected ratings of Ba2/BB/BB+. The first call date is on May 26, 2026 until which the coupon will be fixed. If not...
Bombardier Sells Additional Bonds to Counter Covenant Breach Challenge
Planemaker Bombardier sold an additional $260mn of its 7.45% 2034s to an unidentified party, who as per Bloomberg, owns a majority of its $510mn 2034s. Bloomberg reported that this additional sale of bonds is a move to make it difficult for creditors to trigger a...
Macy’s Surprises with $100mn Profit; Ups Outlook for 2021
US retailer Macy’s reported Q1 net profits of $103mn vs. a loss of $3.6bn a year earlier with revenues jumping to $4.7bn, 56% YoY. The results were a surprise as analysts expected a loss in the quarter. Macy’s comparable sales grew 62.5% and 63.9% YoY on an owned and...
Huarong Wires Funds to Repay $300mn Bond
Embattled bad debt manager, China Huarong Asset Management has provided some relief to its creditors after it wired $300mn to pay its 3.3% 2021's due on Thursday. The company, one of the four biggest distressed asset management firms in China, was reported to...
Amazon In Talks to Buy MGM Studios for $9bn
Amazon is negotiating the potential acquisition of MGM for $9bn, a few days after Discovery and Warner Media announced their merger, reigniting the sector’s run of deals as traditional media companies seek to compete with big technology companies and online streaming....
Baidu’s 25% Rise in Revenues Boosted by Ad, Cloud
Baidu reported a 25% rise in revenues to CNY 28.1bn ($4.3bn) YoY. Revenues from Baidu Core were CNY 20.5bn ($3.1bn), up 34% YoY, online marketing revenue was CNY 16.3bn ($2.5bn), up 27% YoY and non-marketing revenue was CNY 4.2bn ($646mn), up 70% YoY, driven by cloud...
