Kaisa’s Dollar Bonds Recover as the Developer Plans Partial Buyback
Chinese developer Kaisa Group said in a statement to Bloomberg News, that it plans to repurchase part of its 6.5% dollar bond due December 7, 2021 to bolster market confidence. The company said it wired some funds from onshore to Hong Kong for the planned early...
Sharjah Islamic Bank’s 9M Profit Jumps 30%
UAE-based lender Sharjah Islamic Bank reported strong Q3 earnings on Saturday with net profits for the nine-months ending September rising 29.6% to AED 458mn ($125mn). Operating profits also grew by 29.3% to AED 652.9mn ($177.8mn). Net income from financing and...
Ecopetrol to Cut Government’s Stake in the Company
Colombia’s state-owned oil company Ecopetrol received approval from Superfinanciera, a financial regulator to carry out a share sale on the local stock exchange to lower the government's stake in the company. Ecopetrol could sell up to 4.3mn shares to lower the...
Over $30bn Eroded From Chinese Developers’ Dollar Bonds Since Mid-August
As the turmoil unfolds in the Chinese real estate sector, developers' dollar bonds have seen an erosion of over $30bn in notional value since mid-August. In the animated chart below, we have plotted prices of Chinese developers' bonds in our universe on August 16,...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Wall Street saw a sharp jump higher with the S&P and Nasdaq up 1.7% each, with bank earnings coming stronger than forecasts (scroll below for details). All sectors ended in the green led by Materials and IT, up 2.4% and 2.3% respectively. US 10Y Treasury yields...
US Banks Citi, BofA, Morgan Stanley Report Strong Earnings
US banking majors reported earnings yesterday: Citigroup reported net income for the 3Q2021 of $4.6bn, up 48% YoY, driven by a lower credit costs, partially offset by the lower revenues and higher expense. Cost of credit was at -$192mn (a net benefit) vs. incurring...
Erdogan Fires Three Monetary Policy Members who were Vary of Low Rates
Turkish President Erdogan fired two Deputy Governors, Semih Tumen and Ugur Namik Kucuk, and another monetary policy member Abdullah Yavas after meeting central bank chief Sahap Kavcioglu. Bloomberg reports that the three members were opposed to his calls for lower...
ESR REIT & ARA Logos Plan $1bn Merger
Singapore-based ESR-REIT and ARA Logos Logistics Trust have proposed a S$1.4bn ($1bn) merger that involves ESR acquiring all of ARA Logos' units in exchange for cash and new units. The transaction will be effected by way of a trust scheme of arrangement with a new...
Bolsonaro Inclined to Privatize Petrobras; Company Receives $1.5bn Offering for Oil Field
Brazilian President Jair Bolsonaro is now inclined to privatize Brazilian oil company Petroleo Brasileiro (Petrobras). The President added that he would discuss the idea with economic advisors in order to make a final decision and the decision comes after declaring he...
