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Ping An Reports Higher Profits Despite $1.5bn Hit from CFLD
Ping An Insurance, China's largest insurance company reported resilient Q1 earnings late last week despite a huge impairment. The Shenzhen-based company reported an operating profit of RMB 39.12bn ($6bn) and net profit of RMB 27.22bn ($4.2bn), up 8.9% and 4.5%...
Qatar Petroleum Planning Debut $10bn Bond
State-owned Qatar Petroleum plans to raise $7-10bn of debt through its debut bond issuance to fund a part of its $29bn North Field project. The debt is likely to be raised within this quarter through 5Y, 10Y and 30Y bonds, expected to be one of the biggest issuance in...
Alpha Holdings Cut to CC/CCC by Fitch/S&P
Fitch Ratings downgraded Alpha Holding’s (AlphaCredit) long-term local and foreign currency issuer ratings to CC from B, its short-term foreign and local currency issuer ratings to C from B, and its senior unsecured notes to CC from B. This downgrade incorporates...
Sritex Applies for Debt Moratorium
Indonesian textile company Sritex applied for a moratorium in Singapore’s high court on April 21 so that it could continue negotiations with banks. The application for moratorium comes after an onshore creditor filed a petition to begin restructuring of the company....
Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
S&P and Nasdaq fell over 0.9% as equities were lower again. Market sentiment was down as US President Joe Biden eyed a tax rate as high as 43.4%, in a proposal to tax the rich as per Bloomberg. US weekly initial jobless claims dropped 39k to a 13-month low of...
Credit Suisse Reports $275 Million Q1 Loss; To Raise $1.9bn After Archegos and Greensill Impact
Credit Suisse reported its Q1 earnings with net losses of CHF 252mn ($275mn). CS said the losses reflected a “significant charge with respect to the US-based hedge fund matter in 1Q21, offsetting positive performance across wealth management and investment banking”....
More Details On Huarong’s Earnings Delay Emerge
Further details on China Huarong’s reason for its earnings delay have emerged. Sources say that Huarong’s earnings were delayed because a plan for the PBOC to buy Huarong assets through Beijing Chengfang Huida Enterprise Management Co Ltd as part of a restructuring...
Taiwan Upgraded To AA By S&P
Taiwan's long-term issuer rating has been upgraded to AA from AA- with a positive outlook by S&P prompted by the nation's effective response to the ongoing pandemic, strong net external asset position and competitive private sector enabled economic growth to...
American Airlines Reports Q1 Earnings With Net Losses of $1.3 Billion
American Airlines (AA) reported Q1 revenues of $4bn, down 53% YoY and net losses of $1.3bn, its fifth consecutive quarterly loss. Revenues were bogged down by a 39% YoY reduction in total available seat miles (ASMs), a metric that measures airlines’ carrying capacity...
