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Rolls Royce Reports Record £4bn Loss
Rolls-Royce (RR) reported earnings showing a £4bn ($5.6bn) underlying loss before tax for 2020, worse than expectations of a £3.1bn ($4.3bn) loss. Underlying revenues fell 24% to £11.8bn ($16.5bn). The losses included a £1.7bn ($2.4bn) underlying finance charge...
Jiayuan Buys Back $61mn of 13.75% 2022s
Jiayuan International Group bought back $61.538mn of its 13.75% senior notes due 2022 after some bondholders exercised their put options. The outstanding amount of the 2022s will fall to $145.207mn once the repurchased bonds are cancelled. The Chinese property...
Mexican Court Orders Hold on AMLO’s Electricity Law That Favors CFE
A reform bill of Mexico’s electricity market put forward by President Andrés Manuel López Obrador (AMLO) has been suspended by a court just two days after it became law. Mexico’s Zuma, France’s EDF and Spain's Naturgy had sought injunctions against the bill, which was...
Feud Emerges Between Singapore’s CDL & Its China Unit
A feud has emerged between Singapore's City Developments Ltd (CDL) and its Chinese unit Chongqing Sincere Yanchuang Industrial Co. after the latter missed a local currency bond payment due on Tuesday. After the missed payment, Sincere put up a statement on its website...
PTTGC Launches $ Bond; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
US equities continued to recover with the S&P 0.6% higher while Nasdaq was flat. US 10Y Treasury yields were steady at 1.53% with core CPI up 0.1% MoM and 1.3% YoY, slightly lower than January’s reading. The US House approved the $1.9tn relief package clearing the...
American Raises $10 Billion via Debt; Largest Ever by an Airline
American Airlines raised a record $10bn via a bond and leveraged loan offering on Wednesday, setting the record for the largest debt package by an airline, beating Delta's $9bn debt issuance in September last year. American's deal was upsized by $2.5bn from...
Pemex Bonds Inch Up on $667mn Savings on Odebrecht Contract
Mexico successfully renegotiated the ethanol contract that was found onerous with Braskem Idesa, a subsidiary of Braskem that is in turn controlled (50.1% voting shares) by Brazilian construction giant Odebrecht. The new contract will generate savings of $667mn for...
Sri Lanka’s Dollar Bonds Rise on Currency Swap Deal with China
Sri Lanka announced on Wednesday that China has approved a $1.5bn currency swap deal, that as per State Minister of Money & Capital Market Ajith Nivard Cabraal will allow the country to weather "present difficulties". The island nation's sovereign dollar bonds...
GE Closes Deal $30bn Deal with AerCap; Proposes Reverse Stock Split
General Electric (GE) announced its $30bn deal with AerCap where the former’s leasing company GECAS would be acquired by the latter. The confirmation comes after WSJ reported earlier this week that a deal was nearing, though the structuring details were not known. As...
