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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...
Boeing’s Deliveries Slump on Electrical Problem
Boeing continues to struggle with sales of its best selling Boeing 737 aircraft. The planemaker could only sell four 737 Max jets in April as electrical problems have re-grounded a part of the fleet. The Max took to the skies only in November last year after it was...
YPF Reports $25mn Loss in Q1
Argentina’s oil company YPF reported 1Q2021 losses of $25mn despite higher revenues of $2.64bn, up 16.6% QoQ, but below the $2.8bn forecast. In 2020, YPF reported losses of $1.098bn. YPF said that revenues improved due to a general increase in volumes and prices of...
L Brands Reports Strong Preliminary Numbers; Plans Spin-Off of Victoria’s Secret
L Brands’ board approved a plan to separate the company into two independent, public companies: Bath & Body Works and Victoria’s Secret. This would lead to a spin-off its Victoria’s Secret brand rather than a sale. The spin-offs are expected to be completed by...
UK Govt Sells 5% Stake in NatWest for £1.1bn
The UK government sold a £1.1bn ($1.5bn) stake in NatWest Group, which had received an injection of over $63bn during the 2008 financial crisis. The Treasury sold 580mn NatWest shares to undisclosed institutional investors at 190p per share via an accelerated book...
12 New Deals Incl. COGARD, Fosun, Studio City; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
Wall Street closed lower on Monday as investors veered away from growth stocks on possible inflation fears. S&P ended 1% lower yesterday after setting a new record on Friday while Nasdaq saw a drop of 2.5%. The drop was on the back of a selloff in tech stocks led...
Amazon Sets Records for Lowest Yield/Spread with Jumbo $18.5bn Bond Deal
Amazon raised a record $18.5bn via an eight-part bond offering priced on Monday. The bonds have expected ratings of A1/AA- with the issuer rating upgraded to A1 from A2 on Monday by Moody’s. The offering received orders of almost $50bn, ~2.7x issue size. The 2Y...
