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Fitch Revises the Outlook on Kuwait to Negative from Stable
Fitch ratings has revised its outlook on the State of Kuwait to negative from stable while affirming its rating at AA. The lower outlook is based on the short term liquidity risk associated with reducing assets in the Arab state's state treasury fund (GRF) due to...
YPF Nudges Bondholders to Accept Revised Offer or Face Capital Loss
Argentinian energy company YPF warned of default as a creditor group rejected improved terms to its restructuring proposal for its bonds worth $6.2bn, calling it an unbalanced solution. Negotiations will extend closer to the February 12 deadline. YPF affirmed in a...
Kraft Heinz’s Bonds Jump on $3bn Sale of Planters to Hormel
American F&B major Kraft Heinz is reported to be close to selling its Planters brand to Hormel Foods for ~$3bn, as per WSJ. Sources said that the deal could be announced next week if talks do not fall apart. Kraft Heinz has been making efforts to appeal to...
Intesa & Banca Monte Bonds Rise As ex-ECB Chief Draghi Said to Become Italian PM
Former ECB President Mario Draghi has accepted a request to form a new Italian government as per the FT, thereby said to be the frontrunner for becoming Italy's next prime minister. Italian president Sergio Mattarella was due to meet Draghi on Wednesday to invite him...
CFLD’s Bonds Hammered After Downgrade to Caa1 by Moody’s and to CC by Fitch
China Fortune Land Development’s (CFLD) has been downgraded two notches to Caa1 from B2 by Moody’s and another notch to CC by Fitch. This is the second downgrade in a week by Fitch after they did a two notch downgrade to CCC last week. CFLD announced yesterday that...
Santander Reports Earnings With Its First Ever Annual Loss
Spanish banking major Banco Santander reported its first annual loss in its 163 year old history. They reported a loss of €8.771bn ($10.56bn) for 2020 as against a profit of €6.515bn ($7.84bn) in 2019. Writedowns and provisions were the primary reason attributable as...
IRFC, Pertamina Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
S&P and Nasdaq continued to climb higher, up 1.4% and 1.6% respectively. All sectors were in the green with financials and industrials rallying the most, up over 2% higher while the FAANGs continued to trade higher. According to CNN, US Senate Democrats have...
Vedanta’s Dollar Bonds Rise on Earnings Release
Vedanta Ltd., the Indian subsidiary of Vedanta Resources Ltd. (VRL) reported consolidated net profits of INR 42bn ($579mn) for the quarter ended December, a 59% rise over the corresponding quarter in the prior year. Revenues were 8% higher in the quarter on favorable...
Indian High Court Orders Hold on Future Retail-Reliance Deal, Future’s Bonds Fall
In the latest update in the Future-Reliance-Amazon saga, the Delhi High Court blocked the $3.4bn deal of Future Retail’s acquisition by Reliance Retail on Tuesday after Amazon raised objections. The deal had gotten approval from the Competition Commission of India,...
