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US Steel Upgraded to B3 by Moody’s
United States Steel Corporation has been upgraded to B3 from Caa1 by Moody's based on improved financials and completion of integration with Big River Steel under the "Best of Both" strategy. The rating agency has also upgraded its senior unsecured debt rating to Caa1...
Carnival Reports $2bn Q1 Loss; Says Pent Up Demand Leading to Strong Bookings
Carnival Corporation reported its Q1 2021 results yesterday. It showed a net loss of $2bn vs $781mn in losses during the same period last year. Carnival said they expect net losses in Q2 and the full year. The cruise operator ended Q1 with $11.5bn in cash and...
Brazil Auctions 22 Airports to Raise ~$600 Million
Brazil raised $593.11mn via a privatized auction of 22 airports, with the two largest blocks of airports won by the Brazilian infrastructure company CCR, as part of the government's push towards privatization. Out of the fifteen airports, nine in southern Brazil, will...
Mexico To Repurchase $701 Million of Bonds
Mexico agreed to repurchase $701mn in outstanding 2023s and 2040s, financed by the proceeds from Tuesday’s $2.5bn new 20Y bond issue at a yield of 4.285%, or T+205. In the buyback, Mexico seeks to repurchase $158mn in 6.75% 2034s and $143mn in 4% 2023s. Mexico also...
Kenya to Raise $12.4bn Offshore by June 2022 as Per IMF
The IMF said in a report that African nation Kenya is likely to borrow $12.4bn by June 2022 via offshore sources. This includes $7.3bn via eurodollar bonds, $4.8bn via concessionary borrowing and $282mn semi-concessional loans, as reported by Bloomberg. This comes...
UOB, Singtel, Redco Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
Both S&P and Nasdaq ended modestly lower by ~0.1%. US 10Y Treasury yields slipped 3bp to 1.66%. The IMF raised its global growth forecast for 2021 from 5.5% to 6% citing an improved economic outlook. In Europe, the DAX and CAC rose 0.7% and 0.5% to new closing...
Tata Steel Upgraded to BB- by S&P
S&P Ratings upgraded Tata Steel and its subsidiary Abja to BB- from B+ with a stable outlook. The rating agency cited operating momentum led deleveraging as primary factors for the rating action. S&P expects adjusted debt levels to fall ~30% by March 2023 from...
Credit Suisse Reveals Massive $4.7 Billion Loss from Archegos Fiasco
Credit Suisse (CS) revealed a massive $4.7bn writedown tied to the Archegos Capital fiasco. With this, the bank also let go of at least seven senior executives, traders and risk managers. This would see the bank report an estimated first quarter loss of ~$960mn after...
Investors Continue to Dump Huarong Bonds on Reports of Restructuring
Tuesday marked another grim day for China Huarong's dollar bonds as investors continued to sell amid reports of a financial restructuring coming up at one of China's largest asset managers. As per Bloomberg, the company had submitted "financial restructuring,...
