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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-....
Delta Reports $1.2bn Q1 Loss
Delta Airlines reported another poor quarter with losses of $1.18bn and revenues of $4.15bn. It's earnings release compared all Q1 2021 numbers to Q1 2019. Revenues were down 65% vs. the same quarter in 2019. Cash burn averaged $11mn/day in Q1 but turned positive in...
JP Morgan Sells $13bn of Bonds; Largest Issuance by a Bank Ever
JPMorgan Chase & Co. (JPM) sold $13bn worth of bonds on Thursday, the largest ever bond issuance by a bank. JPM capitalized on its best ever quarter with strong Q1 earnings released a day prior and the current low interest rate environment to beef up its balance...
Tencent Raises $4.15bn via Four Trancher
Tencent raised $4.15bn via a four-part offering, details of which are in the table: The bonds have expected ratings of A1/A+/A+, in-line with the issuer and received orders over $20bn, ~5x issue size. Bloomberg had initially reported that Tencent might hold-off their...
Sri Lanka’s Dollar Bonds Trend Up 10-15% Over a Month
Sri Lankan dollar bonds have been on the rise, rallying about 10-15% over the last one month. This is likely on the back of a series of good news beginning with China approving a CNY 10bn ($1.5bn) loan to Sri Lanka via a 3Y currency swap. Next, news that an expected...
GE Wins Legal Dispute with UK Tax Authorities on $1bn of Unpaid Taxes
General Electric won a crucial legal dispute with the UK tax authority for alleged fraudulent tax underpaying amounting $1bn. In 2018, HM Revenue & Customs requested the UK High Court to annul a 2005 tax agreement with GE on the basis that the company failed to...
Netflix Upgraded by Two Notches to Ba1 Inching Closer to IG Status
Moody's has upgraded Netflix's corporate family rating (CFR) and unsecured debt rating by two notches to Ba1 from Ba3 while maintaining a positive outlook. The new rating, which is just one notch short of the investment grade, comes on the back of the company's...
