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ESR Cayman and GIC to Buy Aussie Portfolio from Blackstone for $3 Billion
Hong Kong-listed ESR Cayman announced via an exchange filing that it has entered into an agreement, along with sovereign wealth fund GIC, to buy an Australian property portfolio for A$3.8bn ($2.9bn) from asset manager Blackstone. Bidco, which is 80% owned by GIC...
Trafigura to Buy Puma Energy Stake for $600 Million
Trafigura, Sonangol and Puma Energy Holdings signed a series of strategic transactions last Friday, as per which: Trafigura will be buying Sonangal's entire 31.78% shareholding in Puma Energy for $600mn Sonangal, Angola's state-owned oil company, will be buying Puma's...
BofA Smashes Bank Issuance Record Raising $15 Billion via Six-Trancher
Bank of America raised $15bn via a six-part offering, overtaking JPMorgan’s $13bn issuance just a day prior to set the record for the largest bank bond issuance ever. Two of the six tranches, the 0.976% 2025s and 0.98% 2027s are floaters linked to the SOFR. The SEC...
Morgan Stanley Doubles Profit; Reports $900 Million Archegos Loss
Morgan Stanley (MS) reported Q1 net income of $4.1bn, more than double the $1.7bn it reported in Q1 2020. Net revenues came in at $15.7bn vs. $9.8bn a year ago. Provisions for credit losses were at $(98)mn vs. $407mn end-March 2020 reflecting a release in the...
Hertz Receives Improved Offer from Knighthead & Certares to Fund Bankruptcy Exit
Knighthead Capital Management and Certares Management valued Hertz Global at $6.2bn, raising their bid to fund the US car rental firm’s exit from bankruptcy. The investment firms Knighthead and Certares have offered to take control of Hertz, with existing...
Sritex to Pause Dollar Loan Payments Amid Restructuring
Troubled Indonesian textile company Sritex has paused payments on its dollar loan, preparing for a debt restructuring. Sritex said it intends to maintain the pause in payments until it submits its restructuring plan to lenders. Sources say that the company expects to...
Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
Equities rallied again with S&P up 1.1% and Nasdaq up 1.3%. US macro data surprised to the upside - retail sales in March exploded 9.8% higher, the highest in 10 months and jobless claims for the prior week fell 193k to 576k. Despite the strong macro data, US 10Y...
Citi & Bank of America Report Strong Numbers
Citigroup reported Q1 net income of $7.9bn, up 216% and revenues of $19.3bn, down 6.8% vs. Q1 2020. Similar to peers, earnings were aided as it released $3.9bn in loan-loss reserves in the quarter. Unlike its peers, Markets and Securities Services revenues of $6.7bn...
United Raises $4 Billion via Two-Trancher
United Airlines raised $4bn via a two-trancher: $2bn via a 5Y bond at a yield of 4.375%, ~30bp inside initial guidance of 4.625%-4.75% $2bn via a 8Y bond at a yield of 4.625%, ~31.25bp inside initial guidance of 4.875%-5% The bonds have expected ratings of Ba1/BB-....
