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Puma Energy Looks to Raise $1.1bn via Rights Issue
Singapore-based oil company Puma Energy announced on Tuesday that it will be launching a rights issue of $1.1bn with proceeds to be used to repay a 2018 term loan facility. Puma, 55.6% owned by trading house Trafigura, is in the process of restructuring and selling...
Chongqing Energy Downgraded to RD from BBB- by Fitch
Chongqing Energy's issuer default rating has been downgraded by a massive 13 notches to Restricted Default (RD) from BBB by Fitch Ratings. While the older BBB rating is two notches into investment grade territory, indicating that expectations of default risk are low...
Cathay Reports Massive $2.8bn Loss For 2020
Cathay Pacific reported a net loss of HKD 21.65bn ($2.8bn) for 2020, its worst ever on record. The airline reported a loss of HKD 9.87bn ($1.27bn) in 1H2020 and another HK$11.8bn ($1.5bn) in the second half of the year. The losses include impairment and related...
Redco Upgraded to B+ By Fitch
China’s Redco Properties’ long-term and senior unsecured ratings were upgraded by Fitch yesterday to B+ from B. The rating agency highlighted several areas which drove their action: Increased contracted sales: Attributable sales scaled to CNY 21.3bn ($3.3bn) in 2020...
BAIC, Woori Card Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
US equities rebounded on Tuesday with the S&P up 1.4% and the Nasdaq 3.7% higher. Tesla jumped 19% higher after upbeat China car sales data. US 10Y Treasury yields eased to 1.53%. European equities were more muted with the DAX and CAC up 0.4% while the FTSE was up...
Astrea VI’s Retail Tranche of A-1 Launched at 3%; Institutional & HNI Tranches Placed
Temasek's Astrea VI launched the S$250mn ($186mn) retail tranche of the Class A-1 bonds this morning. The retail bonds, which has a minimum denomination of S$2,000 and in multiples of S$1,000 thereafter, carry a coupon of 3% and have a maturity of 10Y with a mandatory...
CFLD Reports Total Overdue Debt of $3bn, Almost Double of What Was Reported in Feb
Distressed Chinese property developer China Fortune Land Development (CFLD) reported debt overdue of CNY 19.4bn ($2.98bn) including bank loans, trust loans and bonds. The number is almost double that of CNY 11.1bn ($1.7bn) that they reported on February 26. CFLD is...
Vodafone Lines Up Vantage Towers IPO; Stands to Raise €2.8bn
British telecom major Vodafone has set the price range for its tower company Vantage Towers’ IPO between €22.50 to €29 ($26.70-$34.50) a share. This could mark an equity value between €11.4bn ($13.5bn) and €14.7bn ($17.5bn) which combined with their debt of €2.1bn...
Frontier Comm’s Bonds Inch Up 5-6% on Earnings
American distressed telecom company Frontier Communication reported quarterly earnings on Tuesday. They reported net losses of $50mn in Q4 vs. a loss of $162mn in the same quarter in 2019. Revenues in the quarter were at $1.69bn, down 13% YoY. They said that the net...
