The Complete Guide To Contingent Convertible Or CoCo Bonds
Contingent Convertible Bonds, also known as CoCos have become very popular over the last decade. In this piece, we try to address several frequently asked questions on this topic and talk about different features observed in these bonds. What Are CoCo Bonds?...
Tencent, Times, CCB Launch Bonds; Macro; Rating Changes; Talking Heads; Top Gainers & Losers
S&P and Nasdaq slipped 0.4% and 1% respectively after moving higher intra-day as the earnings season is underway with banking majors Goldman, JP Morgan and Wells Fargo reporting strong numbers. US 10Y Treasury yields were 1bp higher. Meanwhile in Europe, DAX was...
Sea of Red for Huarong’s $ Bonds With Most Trading in The 60s
Distressed asset manager China Huarong Asset Management Company (CHAMC) saw some of its dollar bonds plummet to new lows, dominating the top losers list on Wednesday. The acceleration in the sell-off now sees most of their bonds trading in the 60s from around par a...
Goldman, JPM and Wells Smash Estimates With Solid Q1
JPMorgan kicked-off the US financials Q1 earnings season reporting revenues of $32.3bn, up 14% vs. the same period last year. Net income came in at $14.3bn, up 5x YoY predominantly driven by credit reserve releases of $5.2bn compared to credit reserve builds of $6.8bn...
Dell to Spinoff VMWare, To Use Cash to Pare Debt, Placed on Rating Watch Positive
American computer maker Dell Technologies Inc announced on Wednesday that it will be spinning-off its stake in cloud computing company VMware in a bid to raise cash to pare down debt. As part of the transaction, VMware will pay a special dividend of $11.5-12bn to...
Ronshine’s Dollar Bonds Slip on Change in Onshore Auditor
Ronshine China’s dollar bonds fell after one of its units announced a change of its onshore auditor in a filing, according to Bloomberg. The unit in question was Rongxin Fujian Investment Group. Ronshine’s 6.75% 2024s fell 3 points to 89.5 cents on the dollar,...
NMC Files Lawsuit Against DIB
Payouts to the debt holders of UAE's largest healthcare provider, NMC could be put on hold after the company filed a lawsuit against Dubai Islamic Bank (DIB) to place securities claimed by DIB under its administrator Alvarez & Marshal (A&M). NMC's operating...
Moody’s Warns of a Yestar Default, Lowers Credit Rating to Caa1
Moody's has sounded alarm bells by downgrading Yestar Healthcare Holdings' corporate family holding (CFR) and senior unsecured rating to Caa1 from B3 while maintaining a negative outlook. Yestar had indicated concerns on the negotiation with its lenders and bond...
Avianca Planning $1.8bn Debt Sale
Colombian carrier Avianca Holdings SA seeks to raise $1.8bn to repay debt and provide new financing in a move to exit from bankruptcy reorganization that the company was forced into as a result of the pandemic’s travel collapse. Seabury Securities LLC has been...
