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US Steel Union Rejects Nippon Takeover Support
US Steel's union, 'The United Steelworkers (USW)' opposed Nippon Steel's draft agreement to gain support for its takeover of the American steelmaker. Despite Nippon's commitments that included not laying off employees through September 2026 and defending US Steel...
Geely Auto Downgraded to HY Status of Ba1 by Moody’s
Geely Automobiles was downgraded by a notch to HY-status of Ba1 from Baa3 by Moody's. The rating agency also downgraded Geely's senior unsecured debt rating to Ba1. The downgrade reflects low profit margins which Moody's does not expect to recover over the next 12-18...
WeWork Restructures 90% of Its Real Estate Portfolio
WeWork has completed restructuring 90% of its real estate portfolio, as per its press release. The company will be exiting 150 locations and has an agreement with landlords to rewrite leases on another 150 locations, through which it will save $8bn in future rent. The...
Frontier Markets’ Dollar Bonds Lead Sovereign Gainers in Q1
The first quarter of 2024 saw sovereign dollar bonds of several frontier and risky emerging markets top the gainers list. A common theme observed was that most of these nations were either close to striking or struck deals with the IMF during the quarter for their...
Treasuries Sell-Off on Stronger Than Expected ISM Manufacturing
US Treasuries sold-off across the curve by 8-10bp on Monday after a stronger than expected US ISM Manufacturing PMI print. The reading for March came at 50.3, its first expansionary print in 18 months, higher than expectations of 48.4 and February's 47.8. Looking at...
Rakuten Considering Business Reorganization; Launches $1.25bn Bond
Rakuten Group is considering a reorganization of its fintech businesses into one group to strengthen collaboration and customer acquisition across areas. As per the press release, Rakuten Group and Rakuten Bank have entered into an MOU, set to take effect in October....
China Oil & Gas Results Delayed As Auditor Seeks More Information
China Oil & Gas' annual results have been delayed as its auditor PwC has sought more information from the company for audit purposes, according to the press release by the company. PwC has requested an appraisal report by a third-party agency on the company's...
Sri Lanka Considering Dollar Bond Exchange
Sri Lanka is working on a debt restructuring proposal wherein its existing dollar debt will be replaced by new securities. According to the statement by the Finance Ministry, banks have been invited to submit their proposals for the transaction. Last week, it was...
Wanda Sells 60% of Mall Unit for $8.3bn
Chinese property developer Dalian Wanda has sold a 60% stake in its mall unit to a group of investors including PAG, CITIC Capital, Abu Dhabi Investment Authority, Mubadala and Ares Management. Proceeds from the stake sale amount to $8.3bn, providing a sizeable boost...