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Genting Singapore’s Profits Down 26% to S$34mn
Genting Singapore reported a 26% drop in Q1 profits to S$34.5mn ($26mn) with revenues falling 32% to S$277.9mn ($209.5mn). Gaming revenues, which contributes the bulk of the group’s revenues slipped 19% and non-gaming was down 56% with the impact of the pandemic felt...
Andrade Gutierrez’s Bonds Jump on CCR Stake Sale
Brazil’s infrastructure company CCR, controlled by the conglomerate construction group Andrade Gutierrez, Mover and Soares Penido, is expected to introduce changes to its shareholder structure as the aftermath of the Lava Jato corruption probe continues to affect the...
Redco Launches $ Tap; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P was up 0.8% and Nasdaq was higher by 0.4% as both indices staged a late rally. US jobless claims for the prior week fell 92k to 498k, the first sub 500k print since the pandemic broke-out. Markets now await the non-farm payrolls (NFP) data today with...
Santander Raises $1.9bn via Dollar & Euro Perpetuals
Banco Santander raised $1bn via a non-cumulative Perpetual non-call 6Y (PerpNC6) preferred Tier 1s at a yield of 4.75%, 25bp inside initial guidance of 5% area. The issuance has expected ratings of Ba1 and are callable from (including) November 12, 2026 to (including)...
GM Beats Estimates With $3bn Profit; Bonds Inch Up
General Motors (GM) reported strong Q1 earnings with revenues of $32.5bn, almost unchanged vs. the same period last year while net profits stood at $3bn compared to $294mn last year. The net income and EBIT margins saw a significant improvement at 9.3% and 13.6% in...
Lebanon Staring at Severe Power Cuts Amid Cash Crunch
Lebanon is staring at total power cuts as it may not be in a position to pay for fuel required for power generation. Even though the country's parliament has given a go-ahead to a $200mn emergency loan to fund the fuel imports, there is a delay due to a review by a...
Huarong Says It Wired Funds for Coupons on 5 Offshore Bonds
Huarong said that it has wired funds to pay coupons on five offshore bonds due today. The state-owned bad-debt manager’s latest move is considered an effort to reduce concerns on its financial health. The bonds include their 4% Perps, up 0.2 to trade at 67.9. Huarong...
OCBC Profits Up 2x at S$1.5bn
OCBC reported net profits at a high of S$1.5bn ($1.1bn), up 115% over 1Q2020 numbers. Profits were helped by a 66% YoY increase in Banking operations and a 59% YoY increase in Wealth Management to S$1.13bn ($850mn) and S$1.21bn ($910mn). Net interest income stayed...
Gol Raises $300mn via Tap of 2026s
Brazil’s airline Gol raised $300mn via a tap of its bonds due 2026, increasing the sale size from the initially planned $200mn. The 2026 bonds were originally issued in a $200mn private placement in December last year. The tap was priced at par after initial price...
