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Alpha Holdings Cut to Caa2 by Moody’s; Dollar Bonds Plummet on Derivatives Error
Mexican non-bank lender Alpha Holding SA’s bonds slipped after it acknowledged $200mn of derivatives error in its 2018 and 2019 financial statements. The company announced that it expects an impairment of most of the $206mn reported as accounts receivable and other...
Malaysia, Sino-Ocean, BOC Launch Bonds; Macro; Rating Changes; Talking Heads; Top Gainers & Losers
S&P fell 0.7% and Nasdaq was down 0.9% as equities continued to fall for a second day. Netflix shares were down 9% after-market after reporting a slowdown in subscribers. US10Y Treasury yields fell 5bp to 1.57%. European equities fared worse with DAX down 1.6%...
Emirates NBD Reports Higher Profits on Lower Provisioning
Dubai’s banking major Emirates NBD reported a jump in net profits by 12% YoY and 76% QoQ to AED 2.32bn ($630mn). Total income stood at AED 6.16bn ($1.7bn), up 25% QoQ and 10% YoY. Emirates NBD mentioned that all business units delivered higher income as compared to...
Huarong International Says It Had a Profitable Q1; Bonds Lower as Restructuring Concerns Remain
Confusing signals on China Huarong Asset Management Company (CHAMC) continue to plague its bonds days after the regulator CBIRC announced that the company has adequate liquidity. China Huarong International Holdings, its offshore financing arm said it returned to...
DBS Picks Up 13% Stake In Shenzhen Bank for $800 Million
Singapore's largest lender DBS bought a 13% stake in Shenzhen Rural Commercial Bank (SZRCB) for S$1.08bn ($800mn), marking its biggest acquisition in China yet. The acquisition is part of its acceleration plans in China’s Greater Bay Area and comes after Beijing eased...
Knighthead & Certares Sweeten Hertz Offer for a Second Time
Hertz received for the second time an improved offer from Knighthead Capital Management and Certares Management as the bidding war escalates after the investment firms raised their bid to fund the US car rental firm’s exit from bankruptcy, valuing Hertz Global at...
Netflix Reports Strong Earnings; Misses on Q1 Subscriber Growth
Netflix reported a revenue growth of 24% YoY to $7.1bn and net income of $1.7bn, up ~2.4x YoY, beating analyst estimates. While operating profits and margins reached all-time highs of $1.96bn and 27.4%, paid memberships came in at 208mn, up 14% YoY but below their...
TAQA Raises $1.5 Billion via Two-trancher
State-owned Abu Dhabi National Energy Company (TAQA) raised $1.5bn via a two-tranche bond issuance priced on Tuesday. It raised: $750mn 7Y bonds at a yield of 2.03%, 80bp over Treasuries and 30bp inside initial guidance of T+110bp area $750mn 30Y formosa at a yield of...
Korea’s Naver Plans Dollar Bonds & IPO
South Korea's Naver Corporation, which runs an online search engine, plans to go global, looking at issuing more dollar denominated debt and a possible IPO listing in the US. Naver had issued its debut dollar bond of $500mn just last month and is now considering...
