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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P climbed 0.7% and Nasdaq was 0.2% higher. Macro data came in positive with US GDP printing a 6.4% annualized increase in 1Q2021, beating forecasts of a 6.1% rise. Initial jobless claims for the prior week fell by 13k to 553k. US 10Y Treasury yields pushed...
StanChart’s Profits Up 2x to $1bn
Standard Chartered reported its 1Q2021 results with net profits more than doubling to $1.1bn vs. $517mn a year ago. Like its peers, profits were helped by a sharp reduction in credit impairments of $20mn vs. $936mn YoY. Wealth Management reported a record $641mn...
China’s State-Owned Lenders Report Earnings In Line with Estimates
China’s large state-owned banks reported earnings in-line with estimates: China Construction Bank (CCB) led profit growth, up 2.8% YoY, reporting a net income of CNY 83.1bn ($12.9bn). Impairment losses rose to CNY 52.3bn ($8.1bn). The lender reported an NPL ratio of...
Future Retail Completes Onshore Restructuring; S&P Downgrades Issuer Level Rating
Future Retail announced the implementation of a one-time restructuring plan by its onshore lenders on debt of ~INR 102bn ($1.4bn). The restructuring was approved under the resolution framework for COVID-related stress provided by the RBI and involves extending their...
Credito Real Eases Investor Concerns Stating “No Systemic Issue”
Mexican non-bank lender Credito Real’s non-performing loans increased due to a single poorly performing loan, and does not represent a wider systematic issue, according to Credito Real CEO Carlos Ochoa. Ochoa reassured that the non-banker lender does not suffer from...
DBS Reports Solid Q1 Numbers
Singapore lender DBS reported quarterly net profits of over S$2bn ($1.5bn) for the first time in its history, up 72% YoY, citing strong business momentum and stabilizing asset quality. NIMs were unchanged at 1.49% and net fee income rose 15% YoY to S$953mn ($719mn)...
E-House’s 2023s Jump on News of Alibaba Transferring Tmall Haofang
Alibaba Group Holding is set to increase its stake in E-House to 22.6% from 8.3% through a HKD 2.4bn ($309mn) deal as it looks at expanding its online real estate sales platform into one of the country's largest property agencies. With the deal, Alibaba will become...
Amazon Smashes Estimates with Over $100bn in Sales & $8bn in Profits
American tech giant Amazon reported solid earnings on Thursday with revenues breaching $100bn for the second consecutive quarter at $108.5bn, up 44% YoY on the back of increased online shopping globally. Net income for the quarter came in at $8.1bn, over 3x of last...
Investors Price Colombia’s Debt at Junk Levels Despite Its IG Rating
Investors are pricing Colombia's dollar bonds at junk levels as they expect the government to fail to raise sufficient taxes to maintain its investment grade credit rating, as per Bloomberg. Their international bonds were among the biggest losers in Latin America...
