Allianz Reports €1.9bn in Provisions for Fund Fiasco
Allianz has set aside €1.9bn in provisions during Q1 2022 regarding its Structured Alpha Funds. The insurer said that the amount set aside was a fair estimate of its remaining financial exposure with regard to 'compensation payments to investors' and 'payments under...
Vodafone in Talks to Merge UK arm with CK Hutchison’s Three UK
UK-based telecom giant Vodafone is in talks to merge its UK operations with Three UK, owned by Hong Kong’s CK Hutchinson as per FT reports. FT said that Europe’s largest activist fund Cevian Capital put pressure on Vodafone to simplify its portfolio and enhance its...
Future Group’s Sale of Insurance Business Helps Banks Recover Some Money
Future Enterprises Ltd (FEL) has sold a 25% stake in its general insurance joint venture (JV), Future Generali India Insurance Co Ltd (FGIICL) to its JV partner, Generali Participations Netherlands N.V. for consideration of INR 12.66bn ($160mn). On receipt of key...
CapitaLand Investment Revenues up 16%
CapitaLand Investment (CLI) reported a 16% YoY growth in revenue to S$598mn (429mn) for Q1 2022, driven by strong growth in fee-related earnings (FRE) from its fund and lodging management businesses. FRE for the fund management business increased 28% to S$132mn...
Gol-Avianca Strike Deal; LATAM Airlines Creditors Support Reorg Plan
Brazil's Gol and Colombia's Avianca said that they struck a deal to combine into a single holding company called Abra Group, as part of consolidation efforts. Abra Group will be jointly controlled by Avianca and Gol’s main shareholders. However, both airlines will...
Ecuador’s Dollar Bonds Rise as it Reaches IMF Agreement for $1bn Program
Ecuador and the IMF reached a staff-level agreement regarding the economic policies required to conclude reviews of its 27-month Extended Fund Facility arrangement-supported program. Once the review is complete, Ecuador will have access to financing worth ~$1bn, which...
4 New $ Deals Launched; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a slight recovery yesterday with the S&P and Nasdaq closing a 0.3% and 1% higher respectively after the week began with a massive risk-off sentiment. Sectoral gains were led by IT, up 1.6% and Energy up ~1%. European markets closed in the...
Sunac’s Grace Period Approaches End; COGARD’s Dollar Bonds Drop 3-5 Points
Sunac China's grace period to make a $29.5mn dollar bond coupon payment ends today on May 11, 2022. The bond in question is its 7.25% 2023s that currently trade at distressed levels of 23 cents on the dollar. As per the bond's prospectus, a failure to make the coupon...
Vedanta to Withdraw Arbitration on Hindustan Zinc; Zambia to End Vedanta Legal Tussle
Indian metals & mining giant Vedanta Ltd. will apply to withdraw the arbitration on buying the Government of India’s stake in Hindustan Zinc which was filed in 2009. Hindustan Zinc's promotor is Vedanta, which holds 64.92% and the Government of India has a 29.5%...
