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UAE Announces $8.2bn Stimulus Targeted at Industrials
UAE is planning to provide a stimulus of $8.2bn to its industrial sector. According to Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates (UAE), and ruler of the Emirate of Dubai, the Emirates Development Bank (EDB)...
Reliance Extends Deadline for Deal with Future to September
Reliance Retail Ventures (RRVL) has extended the deadline by six months to complete its $3.4bn deal with the Future Retail. RRVL revised the timeline for the ‘long stop date’ (Term of the Day, explained below) to September 30 2021 from March 31 2021. The deal which...
Argentina Gets $330 Million from World Bank
Argentina said that it has received $300mn worth of loans from the World Bank; $250mn for the public healthcare system and $80mn for digital services. The debts are repayable over 32Y with grace periods of 7Y and have a floating interest rate. Martín Guzmán, the...
GameStop Ratings Placed On CreditWatch Positive By S&P On Planned Equity Sale
Rating agency S&P Global has placed the B- rating of GameStop Corp on CreditWatch Positive after it announced a secondary equity offering of ~3.5 mn shares. Gamestop aims to cash in on the increase in its share prices after the Reddit-driven rally in its shares...
Geo Coal Hits Coal Reserves Target; Mandatory Buyback of 8% 2022s No Longer Required
Geo Coal, the Indonesian coal miner said that it hit the minimum requirement of 84mn tonnes of regulatory-compliant coal reserves that it had to meet. It stated that its two qualified mines in Indonesia, SDJ and TBR produced 4.9mn tonnes and 7.7mn tonnes respectively...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
The S&P crossed the 4,000 mark ending 1.2% higher and Nasdaq 1.8% higher on Thursday. US 10Y Treasury yields were stable at 1.73%. US Non-farm payrolls smashed expectations of 660k, coming in at a massive 916k. Markets are also watching President Biden’s request...
LQD ETF Sees Worst Month Ever With Outflows of $3.6bn in March
The iShares iBoxx $ IG Corporate Bond ETF aka LQD saw its worst ever month of outflows with investors pulling $3.6bn out of the fund. The ETF, which holds 2,420 securities and has an effective duration of 9.44 years, is highly sensitive to changes in benchmark...
ESG Issuance Grows 3x in Q1 to Record $360bn
ESG bond issuance set a quarterly record of $270bn, over 4x higher than $65.6bn in Q1 2020 and 50% higher than the previous record of $180bn in Q4 2020. In combination with ESG loans, total ESG issuance stood at $360bn for the quarter ended March. IFR notes that of...
Oman Secures $1.56bn from Sovereign Wealth Fund
The Sultanate of Oman borrowed $1.56bn from its sovereign fund, Oman Investment Authority and $4.6bn from other sources (external and internal) to partly finance its 2021 budget, the finance ministry said in its March fiscal performance report. The total borrowing of...
