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Kaisa Completes Exchange & Tender of 9.375% 2024s
Kaisa Group completed an exchange and tender offer for its $3bn 9.375% bonds due June 2024. $1.58bn in principal, or 51.78% of the outstanding bonds were validly tendered. Up to $500m (maximum acceptance level) of notes validly tendered will be exchanged for new 11.7%...
Keppel Unit Secures Petrobras Contract Worth $2.5bn
Singapore based Keppel Offshore and Marine through its subsidiary Keppel Shipyard has secured a contract worth $2.3bn from Brazil's state-owned oil company Petroleo Brasileiro SA (Petrobras) for the delivery of a floating production storage and offloading vessel...
Iraq to Buy Exxon’s Stake in Oilfield for $350mn
Iraq is set to acquire the share of one of Iraq's biggest oil fields, West Qurna 1 from ExxonMobil for $350mn. The US-based energy giant had been looking to sell its 32.7% stake in the oilfield, which is a shift in its 2019 stance when it was considering an injection...
9 New $ Deals Incl. Agile, KWG, CIFI, JSW Hydro; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P ended up 0.7%, setting a new record while Nasdaq closed 0.9% higher with tech stocks rallying. US non-farm payrolls (Term of the Day, explained below) for April rose by just 266k vs. a forecast of 978k, and significantly lower to March's reading of 770k. US...
Credit Agricole Follows Peers with Solid Earnings
French lender Credit Agricole reported a net income rise of 64% YoY €1.05bn ($1.27bn), helped by a significant decrease in provisioning to €384mn ($467mn) down 38% YoY. Group level net income stood at €1.75bn ($2.1bn), up 93% YoY. Their capital markets and investment...
Emaar Malls Posts 3x Growth in Profit QoQ
Emaar Malls reported net profits of AED 318mn ($87mn) for 1Q2021, up 169% vs. 4Q2020. Emaar’s e-commerce fashion and lifestyle platform Namshi saw revenues of AED 258mn ($70mn) helped by growth in Saudi Arabia, Kuwait and other GCC countries. Occupancy levels across...
Hedge Funds Load Up on Record Junk Bond Short Positions
Hedge funds’ short positions on junk bonds have hit its highest level since 2008 with data from IHS Markit showing ~$55bn of global high yield (HY) bonds being shorted, up from $35bn at the start of the year. Bloomberg adds that rich valuations, willingness of bond...
Piraeus Bank Upgraded to CCC+
Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of Athens headquartered Piraeus Bank to CCC+ from CCC based on improving asset quality and capital encumbrances from unreserved impaired loans. The long-term senior preferred debt rating has also...
Tullow Oil Raises $1.8bn via New Bond
African oil company Tullow Oil raised $1.8bn via a 5Y bond, priced on Friday at a yield of 10.25%. The bonds received combined orders of over $4.2bn, ~2.3x issue size. JP Morgan, Standard Chartered Bank, DNB ASA, ING Bank, Standard Bank were the bookrunners. Tullow...
