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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...
Abu Dhabi Plans To Sell $4bn Stake In TAQA
Abu Dhabi is considering the sale of ~10% of its state-owned utility Abu Dhabi National Energy Co., as it continues efforts to attract foreign capital by selling stakes in some of its flagship assets. TAQA (Arabic for Energy) is one of Abu Dhabi's flagship companies...
Aramco to Refinance $10bn Revolving Loans
Saudi Arabian Oil Company (Saudi Aramco) is likely to refinance its $10bn revolving debt raised in 2015. The 2015 debt of the largest oil company in the world includes both onshore and offshore 5Y loans in addition to two annually renewable 1Y loans also divided...
DP World Reports Strong Volume Growth of 10% in Q1
DP World has reported a strong start to 2021 in all the three regions serviced by it. The gross container terminal volumes increased 10.2% in 1Q YoY on a reported basis and 9.6% on a like-for-like-basis. The bulk of the growth came from the terminals in India and...
Evergrande To Sell Onshore Bonds Worth $1.3bn to Pay Debts Due
China Evergrande plans to sell onshore bonds worth CNY 8.2bn ($1.3bn) to repay upcoming debts. The bonds will be issued by subsidiary Hengda Real Estate with a 5Y maturity and proceeds from the sale will be used to meet an early repayment request due on May 6 made by...
