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Huarong Says It Is Prepared To Pay Debt; No Change in State Support
China Huarong said that their liquidity position was “fine” and that they made “proper arrangement” and “adequate preparation” for future bond payments. In a response to Bloomberg, Huarong also said that “At present, there is no factual basis to indicate any change in...
Credito Real’s Bonds Drop on Loan Book Concerns, Audit and S&P’s Downgrade To BB-
Credito Real’s bonds fell amid concerns over its loan book, heading towards its worst loss in two weeks. The company’s audited 2020 statements reported that 45% of its loan portfolio was made up of accrued interest. Credito Real’s total interest amounted to almost...
ABN Amro Reports Q1 Net Loss After Money Laundering Fine
Dutch bank ABN Amro reported a net loss of €54mn ($66mn). The losses were mainly on account of accepting a settlement offer of €480mn ($580mn) from the Dutch Public Prosecution Service as the outcome of an anti-money laundering (AML) investigation. ABN said that...
Petrobras Reports $220mn Profits In Q1
Brazil’s oil company Petrobras reported a net profit of $220.2mn in 1Q2021, partially reversing its losses of $9.16mn a year earlier. The company recorded that profits were down 98.1% compared to its record 4Q2020 profits of $11.3bn. Petrobras attributed the positive...
Walt Disney Improves Profits; Subscriptions Miss Estimates
Entertainment giant Walt Disney Co. reported a total revenue of $15.6bn for its fiscal quarter ending April 3, 2021, down 13% from the prior-year quarter $18bn, and missing estimates of $15.9bn. Its diluted earnings per share from continuing operations rose to $0.50,...
China Railway Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P slid 0.9% yesterday while Nasdaq ended 0.1% down after it managed to erase an early decline of 2.6% with dip buying. Energy, financials and industrials led the index lower. Tesla continued its slide and closed 1.9% lower as its April sales in China dipped; its...
Sri Lanka’s Dollar Bonds Rise on $500mn Subsidized Loan from South Korea
Sri Lanka said on Tuesday that it has secured a $500mn loan from South Korea. The government said that South Korea agreed to provide the loan at a concessional interest rate of 0.15%-0.20%, repayable over 40 years with a 10Y grace period. This comes a month after a...
Fantasia’s Bonds Slump; Co. Says It Plans to Use “Ample Cash” to Buyback Bonds
Fantasia Holdings' dollar bonds slumped 2-4% yesterday. While the reason for the fall is unclear, the Chinese property developer told Bloomberg that they are “closely monitoring the market” and plan to buyback bonds “with its ample cash”. “The company’s financial...
China’s Bond Defaults Set to Hit CNY 100bn at Record Pace
Bloomberg reports that Chinese companies have so far this year failed to make payments on CNY 99.8bn ($15.5bn) of onshore bonds. This is set to be the fourth consecutive year that the second-largest economy hits the CNY 100bn of defaulted debt mark. However, the...