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Deja Vu for Turkish Investors; Erdogan Fires Central Bank Chief Post Hike
Yet again, the Turkey Central Bank chief Naci Agbal was fired by President Erdogan on Saturday. He was appointed in November last year to restore the credibility of the institution and raise confidence in markets. Agbal hiked rates last week by 200bp to 19% to...
Aramco Reports 44% Fall In Profits; Declares $75bn Dividend and Capex Cut in 2021
Saudi Aramco reported its financial results with a 44% fall in net profits to SAR 183.76 ($49bn) for the year 2020. Reuters reports that the fall in Aramco’s profits compares with the Saudi government’s 30.7% decline in oil revenues last year as the company continued...
Tsinghua Unigroup Bondholders Demand Freeze on Offshore Assets
Offshore bondholders of China's Tsinghua Unigroup, the chipmaker that defaulted on local bonds last year, are seeking a freeze on the company's foreign assets to prevent the sale of those assets to prioritize payments to local bondholders. The company’s default on CNY...
CapitaLand Announces Corporate Restructuring to “Sharpen Business Value” and “Unlock Shareholder Value”; Requests Trading Halt
Singapore-based real estate major CapitaLand announced a corporate restructuring plan this morning via an exchange release, soon after it requested for a trading halt on its stock and its units CapitaLand Integrated Commercial Trust, CapitaLand China Trust, Ascott...
L Brands Upgraded To BB- from B+ By S&P
American fashion retailer L Brands' credit rating was upgraded by S&P to BB- from B+. The credit rating agency stated that L Brands plans to repay around $1bn of debt, and that its earnings guidance have been raised for the first quarter of 2021 with higher-than...
Zambia’s Opposition Leader to Seek Deal with IMF; 20% Haircut on Debt
Zambia’s main opposition leader said that creditors would have to face losses while negotiating a debt restructuring, given that the African nation would not be able to secure an IMF bailout before elections in August. The opposition leader said that a 20%...
Macro; Rating Changes; New Bonds Commentary; Talking Heads; Top Gainers & Losers
US equities fell yesterday with the S&P down 1.5% while the tech heavy Nasdaq slipped over 3%. Apple, Amazon and Netflix fell over 3.4%. The only sector in the green was financials, up 0.6%. The fall in equities came after the 10Y Treasury yield shot to 1.75% and...
Mexico to Absorb Pemex’s Debt Payments of $6bn This Year
Mexico’s government will take over this year's regular debt payment for the heavily-indebted state-owned oil company Petroleos Mexicanos (Pemex). These “debt-amortization payments” are said to total over $6bn in 2021, with Pemex reporting a financial debt of $113.2bn...
DIAL Pays Up for Orphan-SPV Structure $450mn 4.6Y Bond at 6.25%
Cliffton/Delhi International Airport raised $450mn via a 4Y7M green bond at a yield of 6.25%, 25bp inside initial guidance of 6.5% area. The secured bonds have expected ratings of Ba3/BB, and received orders over $1.28bn, 2.8x issue size. Asia took 36% of the bonds,...
