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US Junk Bond ETFs See Massive Outflows
Exchange-traded fund (ETF) investors are abandoning junk bonds on the back of growing inflation fears. BlackRock's iShares iBoxx High Yield Corporate Bond ETF (HYG) saw its highest daily outflow of $1.2bn since February 2020, according to Bloomberg. The total outflow...
AT&T Set to Combine Media Assets with Discovery
US telecom company AT&T Inc is heading towards closing a deal with Discovery Inc, owner of networks including HGTV and TLC, to combine its media assets such as CNN and HBO. If the deal is finalized it would mark the unwinding of AT&T's 2018 acquisition of Time...
Olam Secures $1bn Loan to Fund Olde Acquisition
Singapore based Olam International Limited announced on May 14 that it had secured a 2Y committed loan facility worth $1bn through its subsidiary Olam Holdings. The global food and agri-business leader intends to use the proceeds to finance the acquisition of Olde...
Lodha Developers Reports 31% Jump in Profits
Indian real estate player Lodha Developers reported strong earnings for the fourth quarter ended March 31 late last week. The company reported a net consolidated income of INR 26.11bn ($356.3mn), down 18% vs. the same quarter last year and a profit after tax of INR...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P rose 1.2% yesterday and Nasdaq was up 0.7%, slightly recovering losses in the prior few days. US 10Y yields had risen ~10bp to 1.70% on Wednesday in the aftermath of the inflation report, but cooled-off yesterday to 1.66%. Headline and Core CPI rose by 4.2%...
Country Garden Pulls 10Y Tranche While Proceeding With Tap
One of China’s largest property developers Country Garden (COGARD), rated Baa3/BBB-/BB+ pulled its 10Y dollar bond issuance on Wednesday whilst proceeding with a $500mn tap of its 3.125% 2025s at 3.097%. COGARD had initially marketed the 10Y tranche at a final...
Alibaba Reports First Quarterly Loss in 9 Years Post $2.8bn Fine
Chinese multinational technology company Alibaba Group Holding Limited posted a loss from operations of CNY 7.66bn ($1.17bn) after it was fined CNY 18.23bn ($2.82bn) by China's State Administration for Market Regulation pursuant to the nation's Anti-Monopoly Law....
Goodyear Tires Raises $1.45 Billion; Upgraded To BB- By S&P
Goodyear Tire & Rubbers Co. raised $1.45bn via a two-trancher. It raised $850mn via an 8Y bond at a yield of 5%, ~12.5bp inside initial guidance of 5%-5.25% area. It also raised $600mn via a 10Y bond at a yield of 5.25%, ~12.5bp inside initial guidance of...
Vedanta Ltd. Reports Rise of 43% in Profits and An All Time High EBITDA
Vedanta Ltd, subsidiary of Vedanta Resources Limited announced strong financial results for 4Q2021 and full year ended Mar 31, 2021. The 4Q revenue of the leading diversified natural resource company stood at INR 278.74bn ($3.8bn), up 24%QoQ and up 43% YoY due to...
