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Aldar and Emaar Reports Strong Sales
UAE property developers Aldar and Emaar reported strong sales numbers as the UAE property market gathers steam. Abu Dhabi’s Aldar said that investors snapped up all 480 residential units in the Noya Viva expansion on Yas Island within 48 hours, generating AED 1bn...
Army General Luna Joins Petrobras Board Before Taking The Helm as CEO
Joaquim Silva e Luna, a military general close to Brazilian President Jair Bolsonaro, will take control of the state-owned oil giant Petroleo Brasileiro SA (Petrobras). Luna was named to the board of directors of Petrobras, a step prior to being appointed as CEO, in...
Rabobank Raises €750mn via PerpNC7.66 at 3.1%
Dutch lender Rabobank raised €750mn via Perpetual non-call 7.66Y Additional Tier 1 (AT1) bonds at a yield of 3.1%, 323.4bp over Mid Swaps and 40bp inside initial guidance of 3.5% area. The AT1s are expected to be rated Baa3/BBB vs. Rabobank's rating of Aa3/A+/A+. If...
Tencent, JD.com, Meituan and 31 Others Hauled in For Meeting With Chinese Regulators
In a meeting organized jointly by Chinese Cyberspace and tax authorities, the regulators warned 34 big technology companies that it would be tightening scrutiny and advised them to follow the country's regulations and rectify their anti-competitive practices within a...
YPF Energia Downgraded To SD From CCC- On Debt Exchange
S&P downgraded Argentinian power company YPF Energia Electrica to SD from CCC- on account of their debt exchange. S&P said they consider the debt exchange as a de-facto restructuring since it does not provide sufficient compensation for the extension of tenors...
Macro; Rating Changes; New Bond Issuances; Talking Heads; Top Gainers & Losers
S&P ended flat while Nasdaq was down 0.4% as markets traded in a narrow range. US 10Y Treasury yields were 4bp wider at 1.69%. US March CPI is due today and analysts are interested in seeing how much the increased producer prices in March may feed through the...
Evergrande and R&F The Only Major Developers in Breach of Three-Red-Lines
Bloomberg in a study of Chinese real estate developers’ three red-lines metrics saw that almost half of China’s 66 major property developers met all the requirements as of end-December 2020 . Of the three red lines, namely cash to short-term debt, net-debt to equity,...
Li & Fung Downgraded to BBB-
Supply-chain company Li & Fung and its senior unsecured bonds were downgraded to BBB- from BBB by S&P while its perps were downgraded to BB from BB+. The outlook was stable. With shrinking EBITDA and lower cash balances, S&P expects leverage to be high -...
United Airlines Lining Up $9bn Debt Sale
United Airlines announced it will raise $9bn through a combination of loans and bonds. Part of the borrowing will go towards paying-off $520mn that the airline borrowed from the federal government program last year as airlines suffered due to the pandemic. Proceeds...
