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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...
Kaisa, TAQA, TSMC Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P fell 0.5% and Nasdaq was down 1% as equities slipped across the board. Tesla shares were down 3.4% after a fatal crash involving one of its autonomous cars. US10Y Treasury yields firmed 5bp to 1.61%. European equities also fell with DAX down 0.6% and FTSE down...
Huarong’s Dollar Bonds Rally; Long Tenor Up ~30%, Short Tenor Up 10-15%
China Huarong’s dollar bonds rallied for a second day after the regulator publicly announced that the company has adequate liquidity. Huarong’s 2.875% Perp rallied the most by 32% to 80.25 and its 4% Perp rallied over 31% to 79.25. Shorter tenor bonds maturing between...
Future Retail’s Board Approves Bank Debt Restructuring
Future Retail’s board has agreed to a debt resolution plan on restructuring its secured bank debt and three rupee bonds as per a filing with the BSE. “The debt burden has become disproportionate relative to the cashflow generated by the company owing to the multiple...
United Offers Guidance on Metrics Needed to Breakeven
United Airlines (UAL) announced its Q1 earnings on Monday as news of new virus variants and rollout of vaccines continue to make headlines. The airlines reported a decline of 66% in operating revenue to $3.2bn vs. Q1 2019 and a net loss of $1.4bn and an adjusted net...
