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DP World in Talks to Acquire Cargo Services Far East
DP World is said to be in talks to acquire Hong Kong-based Cargo Services Far East Ltd at a valuation of around $800mn, sources note. They said that DP World is working with a financial adviser on a potential offer and is trying to expand its presence in Asia. Cargo...
UBS Raises $3.5bn Via Dual AT1 Bonds at 9.25%
UBS raised $3.5bn via a dual-trancher AT1 issuance, its first since Credit Suisse's historic AT1 write-down. The deal was met with strong demand, receiving combined orders of more than $36bn, over 10x issue size. - It raised $1.75bn via a PerpNC5 AT1 bond at a yield...
Turkey Prices 5Y Sukuk at 8.51%; Brent Goes Below $80
US Treasury yields softened again on Wednesday, down 4-8bp with Brent crude going below the $80/bbl mark and a mixed 10Y auction. The US Treasury's $40bn auction for 10Y notes saw mixed metrics, with a high yield rate of 4.519% with analysts noting that the auction...
Ping An Refutes Reports of COGARD Acquisition
Country Garden (COGARD) will not see Ping An take a controlling stake in it, the insurer said, as it refuted initial reports that it was planning to acquire the distressed developer. Ping An said that it has not received any suggestions or requests from any government...
Vedanta Said To Be Plan $2.5bn Stake Sale for Debt Repayment
Vedanta Resources is in the midst of finalizing a $2.5bn fundraising plan for debt repayments, as per sources. They noted that the company plans to achieve this using a combination of instruments like issuing preference shares and taking a loan. It is also looking to...
Julius Baer’s Bonds Trade Weaker on Rumors of Signa Exposure
Julius Baer's bonds traded weaker by 1-1.5 points and its shares continue to be under pressure on alleged rumors of exposure to Signa Holding GmBH. Signa, founded by Rene Banko that co-owns New York’s Chrysler Building is said to be facing a financial crunch as a...
SocGen Prices PerpNC5.5 AT1 Bond at 10%
SocGen raised $1.25bn via a PerpNC5.5 AT1 bond at a yield of 10%, 50bp inside initial guidance of 10.5% area. The junior subordinated notes are rated Ba2/BB/BB+. The coupons are fixed until the first reset date of 14 May 2029, and if not called, the coupons reset to...
Primary Market See Wave of New Issuances
US Treasury yields softened slightly, down 3-6bp. Fed officials including Lorrie Logan, Austan Goolsbee, Christopher Waller continued to emphasize that bringing inflation fully down to the 2% goal is their main focus (scroll down to Talking Heads). They broadly...
Central Plaza’s Dollar Bonds Rally By 9 Points
Central Plaza's dollar bonds have jumped by over 9 points this week. While there was no specific news observed regarding the company, this comes at a time when China has indicated increased support to companies. In a high-level financial meeting in late-October, China...
