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Cash Strapped Zambia to Takeover Copper Mine From Glencore, Funded by $1.5 Billion Debt
Zambia's state owned mining investment arm ZCCM-Investment Holdings is set to buy Glencore's stake in Mopani Copper Mines for $1.5bn. Glencore revealed through a press release that its subsidiary Carlisa Investments Corp., in which it holds an 81.2% stake, has signed...
MGM Resorts Pulls Out of Deal to Acquire Entain
Las Vegas based casino operator MGM Resorts announced on Tuesday that it was pulling out of a deal to acquire UK's sports betting company Entain. Entain is the owner of Ladbrokes. MGM said that after careful consideration, it decided not to submit a revised proposal...
Chile Raises $4.25bn via Dual Currency ESG Offering
Chile raised $4.25bn via sustainability-linked bonds (SLBs) in a dual currency offering. It raised $750mn via a tap of its 2.55% green 2032s sold at a yield of 1.962%, or T+87bp, 33bp inside initial guidance of T+120bp area. It also raised $1.5bn via a 40Y social bond...
LMIRT Raises $212 Million via Rights Issue; Chances of Coupon Resumption on SGD Perps Brighten
Lippo Malls Indonesia Retail Trust (LMIRT) announced the completion of its rights issue through which it will raise ~$S281mn ($212mn). The rights issue was 53.84% subscribed with the balance 46.16%, which were not validly accepted, allotted to satisfy excess...
2020 Bond Market Roundup – 67% of Dollar Bonds Higher; Top Gainers & Losers; Largest Deals and more
2020 was an eventful year to say the least. In terms of the bond market, it was a cheerful year as bond prices rallied and yields fell to record lows. Of all the dollar bonds in our universe, 67% delivered a positive price return (ex-coupon). Investment grade rated...
Kaisa, BOC Aviation Launch $ Bonds; Macro; New Bond Issues; Rating Changes; Talking Heads: Gainers & Losers
US equity and bond markets were shut for Martin Luther King Day on Monday while European equities traded in a narrow range with DAX up 0.4%, CAC up 0.1% while FTSE fell 0.2%. US 10Y and 30Y Treasury yields are 3bp higher today. Italian PM Giuseppe Conte won a...
Delhi International Airport Downgraded to BB by Fitch
Delhi International Airport Limited (DIAL) had been downgraded by Fitch to BB from BB+ while maintaining a negative outlook. The downgrade of India's largest airport comes on the back of low traffic volume in 2020 due to the pandemic and a prolonged recovery back to...
Only 6.3% of Rated Chinese Developers Comply With 3 Red Lines Limits – S&P
According to rating agency S&P’s analysis, only 6.3% of Chinese property developers currently comply with the three-red lines drawn by authorities. This would imply that the developers cannot borrow more money from banks or financial institutions if existing debts...
Total Acquires 20% Stake in Adani Green for $2.5 Billion
French oil major Total SE announced on Monday that it has acquired a 20% stake in Indian renewable energy company Adani Green in a $2.5bn deal. The deal will give Total a 50% stake in Adani's 2.35GW portfolio of solar assets and a seat on the company's board. Patrick...
