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Shangri-La Asia Reports $460mn Loss for 2020
Hotel Group Shangri-La Asia reported a net loss of $460.2mn in 2020 as compared to net profits of $152.5mn in 2019. Revenues fell ~58% to $1.03bn impacted by the pandemic with its weighted average occupancy rate falling to 33% for 2020 vs. 68% in 2019. For example,...
Car Inc Launches $ Bond; Macro; Rating Changes; New Bond Issuances; Talking Heads; Top Gainers & Losers
US stocks have had a volatile week so far with the S&P advancing 0.5% yesterday while the Nasdaq was up 0.1%. US Treasuries were flat despite a soft 7Y auction. US initial jobless claims for the prior week came at 684k, falling 97k, below forecasts of 730k....
Country Garden, R&F and Kaisa Trim Debt Pile as Per 2020 Results
Chinese real estate developers Country Garden, R&F Properties and Kaisa Group have reduced debt as per their latest results. Country Garden cut debt by CNY 43.1bn ($6.6bn) to CNY 326.5bn ($49.9bn) last year, according to its annual results. They reported a net...
Credit Suisse Clients Could Lose $3bn on Greensill Funds
Credit Suisse estimates that clients could lose up to $3bn from the frozen funds linked to Greensill Capital, the collapsed specialist finance firm, more than the bank's total net income of $2.9bn in 2020. $10bn worth of finance funds, marketed as low-risk products...
MGM Raises $750mn via 5.8NC2.8 Bond at 4.75%, 5.7x Covered
MGM China Holdings raised $750mn via a 5.8 non-call 2.8Y (5.8NC2.8) bond at a yield of 4.75%, 37.5bp inside initial guidance of 5.125% area. The bonds have expected ratings of Ba3/B+ and received orders over $4.3bn, 5.7x issue size. There is a change of control put...
Tesla Upgraded to Ba3; Now Three Notches Below IG
Moody’s upgraded Tesla to Ba3 from B2 and changed the outlook to positive from stable. With this rating upgrade, Tesla is now three notches below investment grade. They also upgraded Tesla’s senior unsecured rating to B1 from B3. The broad parameters focused on...
Power Construction Corp of China’s $500mn Perp 5x Covered
Power Construction Corporation of China raised $500mn via a Perpetual non-call 5Y (perpNC5) bond at a yield of 3.08%, 47bp inside initial guidance of 3.55% area. The bonds have an expected rating of BBB and received orders over $2.4bn, 4.8x issue size. Asia bought 89%...
US Junk Bond Issuance for The Quarter at Record $140bn
The recent flurry of new bond issues by US high yield issuers has led to a record issuance volume of $149bn for the quarter with a few days remaining until quarter-end. This beats the previous quarterly junk bond issuance volume of $128bn in Q2 last year when...
Haitong’s Bond Investment Advisory Suspended for 12 Months
Chinese securities firm Haitong Securities' bond investment advisory business has been suspended for 12 months. The China Securities Regulatory Commission (CSRC) announced its decision late on Wednesday, citing a lack of effective risk control. The review by the CSRC...
