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IRFC Pulls Dollar Bond Sale
Indian state-owned corporate Indian Railway Finance Corp (IRFC) announced last night that it will be postponing its proposed dollar 5Y/10.5Y bond issuance. As per IFR, the management decided to postpone the issuance on subdued interest from investors and said that it...
EM Sovereign Dollar Bonds Fall
The longer dated bonds of the some emerging market sovereigns slipped by 1.5-3 points on Monday. This comes at a time when Treasury yields have been on a climb on increasing inflation expectations, rising from 0.93% at the start of the year to the current levels of...
Shandong Sanxing & Yida China Win Approval for Restructuring/Amending Terms
Chinese corn oil maker Shandong Sanxing, said that it had won support from bondholders of its overdue dollar bonds to swap them for cash and new bonds. They said that holders of 82% of the 7.99% 2021s that matured in January had agreed to its amended restructuring...
Astrea VI, IRFC Launch New Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
Equities saw a volatile day on Friday but ended higher with the S&P up ~2% and Nasdaq up 1.6%. US 10Y Treasury yields shot up to 1.62%, breaching last week’s high after non-farm payrolls came at 379k for February, almost double the forecasts. The 10Y yield later...
GE Planning Sale of Air Leasing Biz to AerCap for $30bn
General Electric (GE) neared a deal to sell its aircraft leasing business to AerCap for more than $30bn as per WSJ sources though details of the structuring are not known. Irish aircraft leasing company AerCap would see it combine with GE Capital Aviation Services...
Sri Lanka Relying on Cap Controls & China Over IMF
The Sri Lanka sovereign has imposed some capital controls and import restrictions to partly end reliance on the IMF. The nation has about $3.7bn of foreign debt maturing this year and has been tapping non-debt avenues to build its FX reserve buffer. They have already...
YPF Reports Q4 Profit of $539mn; Announces Plan to Raise $2.7bn for Capex
Argentina’s state-owned oil producer YPF reported Q4 net profits of $539mn and a loss of ~$1.1bn for the full year. Revenues decreased by 32% YoY on the back of a decrease in fuels’ sales during the year. Demand for refined products dropped, driving a volume decrease...
Abu Dhabi State-Backed Fund, PE Firm Eyeing NMC’s Hospital Business Worth $1bn
Abu Dhabi state-owned fund ADQ and private equity firm CVC Capital Partners among others are eyeing distressed NMC Health's core hospital business, as per Reuters. As per sources, NMC could fetch about $1bn from the sale of its business across UAE and Oman. Khaleej...
Kenya Downgraded to B By S&P on Growing Fiscal Deficit and External Debt
Kenya's rating has been lowered to B (stable) from B+ by S&P, pushing it further into junk territory. This comes on the back of the pandemic, which resulted in the nation's real GDP growth dropping to 0.2% in 2020 from ~5.6% in the last 5 years. Even though the...
