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China Exchanges Tighten Guidelines For Bond Issuances
The Shenzhen and Shanghai exchanges published guidelines to tighten the approval of bonds issued on the exchanges by corporates and non-bank issuers. Focus points particularly include corporate governance and disclosure of financial information. For example, if...
Peking Uni Founder Group Weighing Up to 70% Haircut for Bondholders
Distressed Peking University Founder Group (PUFG), backed by state-owned Peking University, is said to be considering a debt restructuring plan that would involve a 70% haircut for unsecured creditors, as per people familiar with the matter reported by Bloomberg. The...
Credito Real’s Dollar Bonds Plummet On Revising NPLs By 82%
Mexican non-bank lender Credito Real’s dollar bonds plummeted 7-9% after it adjusted its 2020 annual statements to show an 82% increase in its non-performing loan (NPL) portfolio relative to what was disclosed in its original February filing. Credito Real had...
Quarterly Earnings: Lloyds Profits up 19x; Santander’s Profits up 5x; Deutsche Bank Profits At 7Y High
Lloyds reported pre-tax profits of £1.9bn ($2.6bn) in Q1 vs £100mn ($139mn) in the same period last year while revenues fell 7% YoY to £3.7bn ($5.1bn). Profits were boosted with a reduction in provisions with the bank reporting a net impairment credit of £323mn...
Beijing Ent, BIM Land Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Gainers & Losers
S&P ended flat while Nasdaq fell 0.3% with Tesla dropping 4.5% despite strong earnings. US 10Y Treasury yields were 5bp higher to 1.62% even after a decent 7Y Treasury auction ahead of the FOMC meeting scheduled for later today. European equities were modestly...
CCC Spreads At 13Y Low; Dips Below 500bp
Risk premiums as measured by Option Adjusted Spreads (OAS) for CCC-rated US bonds have fallen to 13 year lows of ~493bp. Bloomberg’s data shows that a fall below 500bp has been seen only twice in the last two decades – most recently in 2007 before the global financial...
ICBC to the Rescue for Huarong to Meet SGD Bond Repayment
Chinese state-owned banking major Industrial & Commercial Bank of China's (ICBC) Singapore branch came to the rescue of distressed asset manager China Huarong Asset Management Co. with the former granting a S$600mn ($452mn) loan to the latter to repay its SGD 3.2%...
GE’s Revenues & Profits Slump on Strained Aviation Unit
GE reported total revenues of $17.1bn, down 12% YoY with non-GAAP EPS at 3 cents a share vs 2 cents in the same period last year. GE noted that GE Power’s orders fell 12% to $3.6bn while Aviation revenues plunged 28% to ~$5bn on the back of the grounding of Boeing’s...
Unifin’s Reports Earnings; Announces Completion of Exchange Offer for 2023s and 2025s
Mexican financial company Unifin Financiera reported Q1 net profits of MXN 307mn ($15.3mn), down 26% YoY with interest income down 3.6% YoY to MXN 2.82bn ($140mn). Overall loan growth was 3.3% higher to MXN 65.4bn ($3.3bn) with its non-performing loan ratio at 4.9%....