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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...
HNA’s 2021s Drop ~35 Points to 21 Cents on The Dollar
HNA’s 2021s saw a massive drop of 35 cents to trade at 21 cents on the dollar. The reason for the drop is unclear but HNA’s bonds had been trading at near distressed levels since a $10bn embezzlement came to light with creditors seeking restructuring. A few weeks...
Jiangsu Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets snapped a two-day rising streak as investors weighed the risks of possible inflation and a rise in Covid-19 cases around the world. S&P and Nasdaq fell by 0.3% and 0.4% respectively led by the technology and communication stocks. Apple was down...
AT&T Announces WarnerMedia, Discovery Deal; To Slash Debt by $43bn
In a press release yesterday, AT&T and Discovery announced a definitive agreement to form a new global entertainment company by combining "WarnerMedia’s premium entertainment, sports and news assets with Discovery's leading nonfiction and international...
Road King Sells 70% of Flats on Offer in Third Bumper Sales Weekend
Hong Kong based real estate developer Road King Infrastructure (RKI) is set to have its third consecutive weekend of bumper sales, having sold over 70% of the units on offer this past weekend. RKI, rated Ba3/BB-, sold 120 units out of the 168 units on offer at its...
