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Maldives Raises $200mn via 5Y Sukuk at 10.5%
Maldives raised $200mn via a 5Y Sukuk at a yield of 10.5%, unchanged from initial guidance of 10.5% area. The bonds have expected ratings of B3 and received orders over $370mn, 1.9x issue size. The bonds carry a coupon of 9.875% and will be issued off a $1bn trust...
Vale’s Legal Battle With Billionaire Over Iron Ore JV Worsens
The legal disputes between Brazil's Vale and Beny Steinmetz over a failed iron ore joint venture in Guinea has taken a new dimension as Steinmetz claims that Vale concealed from its shareholders the risks involved in the Simandou development deal. As part of the...
Gatwick Marketing Junk GBP 5Y Bond at 4.74-5.00%
London's Gatwick Airport launched a new junk bond offering denominated in sterling on Monday. Gatwick is looking to raise £400mn via a 5Y bond at a yield of 4.75-5.00%, as per Bloomberg. One of Europe's busiest airport, Gatwick plans to use proceeds from the bond...
Maldives, Nickel Mines Launch $ Bonds; Macro; Rating Changes; New Bond Issuances; Talking Heads; Top Gainers & Losers
Friday saw the S&P advancing almost 1.7% and the Nasdaq up 1.2%. Financials rose 1.8% with the Fed saying it would lift restrictions on bank dividends and share buybacks in June. The US 10Y Treasury yield advanced 3bp to 1.66%. Oil and related stocks continued to...
Yuzhou’s Dollar Bonds Take Another Beating With Some Losing As Much As 20%
Chinese real estate developer Yuzhou Group gave further details on its profit decline in an earnings guidance investor call on Friday. They said net income in 2020 would be about CNY 117mn ($18mn), vs. CNY 3.61bn ($550mn) in 2019, a drop of almost 96%. Further,...
WeWork to Go Public via Merger with SPAC BowX with a Valuation of $9bn
WeWork announced that it plans to go public via a merger with SPAC BowX Acquisition raising $1.3bn and valuing the company at $9bn. WeWork said it aims for the deal to be closed by the third quarter. WeWork will receive $800mn from institutional investors Starwood...
Mexico’s AMLO Proposing New Energy Bill In Another Effort to Restore Pemex to Glory
Mexico president Andres Manuel Lopez Obrador (AMLO) sent a bill on Friday to the Mexican Congress, which allows the suspension of permits to private hydrocarbon companies on account of national security, significantly favoring the state oil company Pemex. Considering...
Allianz Weighing Counter Offer for Hartford Post Chubb’s $23bn Offer
German insurer Allianz is weighing a counter offer for acquiring US-based insurer Hartford Financial Services Group after Swiss insurance company Chubb made an offer of $23bn. As per sources with knowledge of the matter, Allianz sees Hartford as "one of the remaining...
SocGen Looking to Sell Lyxor to Amundi or State Street
French banking major Société Générale (Socgen) is said to be in talks with asset managers Amundi and State Street to sell its fund business Lyxor, as per sources. The two frontrunners emerged after Germany's DWS and US firm Northern Trust dropped out. Amundi and State...
