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China South City, CBA Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
Risk-on sentiment boosted markets with a sea of green as the S&P closed up 2.4% and Nasdaq up 3%, their largest single-day gains since June 5. US 10Y Treasury yields eased slightly to ~1.44%. US ISM Manufacturing PMI came at 60.8 vs. expectations of 58.8, the...
Olam Earnings & Plans to List Food Ingredient Biz in London in 2022
Olam International reported a loss of S$87mn ($65.4mn) after taxes in 2H2020 while operating profits after taxes were up 90% to S$475.7mn ($357mn). The losses in the year were reported on account of a ‘prudent one-off impairment’ from Olam Palm Gabon amounting to...
Lenovo Upgraded to BBB by Fitch
Lenovo Group, the leading PC manufacturer has been upgraded by one notch to BBB from BBB- by Fitch Ratings pushing it further into the investment grade category. The rating action comes within months of all the three rating agencies upgrading Lenovo to investment...
S&P Provides Respite to YPF Investors, Upgrades YPF to CCC+ Within Days of Downgrade to SD
S&P Global Ratings has raised the issuer ratings of YPF to CCC+ from SD after having downgraded it to SD from CC on February 26. The new rating of CCC+, which is higher than its earlier CC rating before the recent downgrade, is based on the completion of the debt...
LMIRT Reports 92% Drop in DPU
Lippo Malls Indonesia Retail Trust (LMIRT) reported Q4 distribution per unit (DPU) at S$0.04 ($0.03), down 92% from a year ago. Gross rental income fell 65% and revenues fell 61% during the same period to S$13.8mn ($10.4mn) and S$27.3mn ($20.5mn) respectively. With...
Suning’s Bonds Rise on $2.3 Billion Stake Sale
Bloomberg reports that state-owned firms will pay $2.3bn for a combined 23% stake in Suning.com. The company's stock jumped 10% on the news while their CNY 4.9% bonds due 2023 jumped 4.4% to 90 while their CNY 5.5% bonds due 2021 rose 4% to 92.6. Suning’s dollar bonds...
Brazil to Hike Taxes on Banks
Brazil is planning to suspend tax on diesel fuel, announced by President Jair Bolsonaro as a move to placate trucker’s threats of a strike. However, Reuters sources said that the government plans to hike taxes on banks to offset lost revenue, raising the tax on banks’...
Dr. Peng Telecom’s Dollar Bond Falls 15% on Maturity Extension
China's Dr. Peng Telecom & Media Group announced on Monday that it has received approval from bondholders of its $257.6mn 7.55% bonds due in December this year to extend the maturity. Holders representing 87.3% of the total amount outstanding voted at the meeting,...
February 2021: 66% of Dollar Bonds Trade Lower; Investment Grade Underperforms High Yield
The month of February was a dull month for investors as 66% of dollar bonds in our universe delivered a negative price return (ex-coupon). A sharp sell-off in US Treasuries led to a ~33bp rise in yields for both the 10Y and 30Y, which ended the month at 1.42% and...
