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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...
Pemex’s Overdue Payments Pile Up as Liquidity Runs Low
Mexico’s Petroleos Mexicanos (Pemex) continues to accumulate millions of dollars in late payments to oil companies as it struggles to produce cash with its mounting debt levels and weak crude sales. As of last month, Pemex owes around $60mn to Egypt’s Cheiron...
JSW Hydro Raises $707mn via 10Y Bond at 4.125%
JSW Hydro Energy (JSWH) raised $707mn via a debut 10Y non-call 5Y (10NC5) green bond at a yield of 4.125%, 37.5bp inside initial guidance of 4.5% area. The bonds have expected ratings of Ba1/BB+, and received orders over $3bn, 4.2x issue size. Asia took 64%, EMEA 22%...
Cathay Sells $650mn 5.5Y Bond at 4.875%
Hong Kong flag carrier Cathay Pacific raised $650mn via a 5.25Y bond at a yield of 4.875%, 32.5bp inside initial guidance of 5.2% area. The bonds were unrated and received orders over $1.5bn, 2.3x issue size. Proceeds will be used for bolstering its working capital...
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%...
