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Huarong’s Bonds Slip After Delay in Earnings Release, Share Trading Halt
China Huarong Asset Management saw its dollar bonds fall this morning after a trading halt on its shares on Thursday trading over delays in publishing annual results before March 31. Interim President of the company, Wang Wenjie said auditors needed more time to...
CapitaLand Bondholders Not Happy with Reorganization
While shareholders of CapitaLand cheered its proposed reorganization plans announced on March 22, its bondholders are not happy. As per the plan, a new listed entity called CapitaLand Investment Management (CLIM) will be created that will hold its stakes in REITs,...
Hertz to Go with Proposal from New PE Group Led by Centerbridge, Warburg for Exit from Bankruptcy
American car rental company Hertz is likely to accept the latest proposal from a private equity (PE) group led by Centerbridge Partners, Warburg Pincus and Dundon Capital Partners for its exit out of bankruptcy. This comes after the new group made its rival proposal...
Shanghai Stock Exchange Increases Oversight on Bond Sales
China's main exchange for corporate bond trading, Shanghai Stock Exchange (SSE) is increasing its scrutiny on bond sales. As part of the reforms of its capital markets, the activities will include on-site inspections on select bond issuances with an aim to protect...
Kenya Set to Get $2.3bn via 3Y IMF Funding Plan
The IMF approved a $2.3bn 3Y financing plan for African sovereign Kenya to aid the country amid the impact of the pandemic, urging the reduction of debt vulnerabilities. The funding programme called Extended Credit Facility and Extended Fund Facility will see an...
Sritex Hires Helios Capital for Restructuring
Indonesian textile and garment producer Sri Rejeki Isman (Sritex) has hired Helios Capital and Assegaf Hamzah & Partners to facilitate its debt restructuring. The clothing firm has been struggling with its debt and its rating downgraded to B- from BB- by Fitch...
Quarter End Update: 74% Dollar Bonds Trade Lower in Q1; HY Outperforms IG
The first quarter of 2021 was a gloomy one for investors as 74% of dollar bonds in our universe delivered a negative price return (ex-coupon). The month of March saw a continuation of February's disappointing run in bond markets with 82% of dollar bonds delivering...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P closed 0.4% higher and Nasdaq was 1.5% higher. US 10Y Treasury yields were stable at 1.73%. ADP private job additions jumped by 517k led by a reviving leisure and hospitality industry. Markets are also watching President Biden’s request to the Congress to pass...
Evergrande Cuts Borrowings by 10% to $109 Billion
China Evergrande reported results yesterday with revenues up 6.2% YoY ending December 2020 to CNY 507.25bn ($77.3bn). Net profits came at CNY 31.40bn ($4.8bn) for the period, down 6.4% YoY and gross margins fell to 24%, its lowest since 2004. Contracted sales during...
