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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...
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...
