SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Tata Motors reported a surprise consolidated quarterly net loss of INR 76bn ($1.04bn) in their Q4 results as consensus estimated a profit of INR 27bn ($380mn). The company incurred a cash write down on assets worth INR 96bn ($1.31bn) and restructuring costs of INR 54bn ($738mn) with overall exceptional loss related to JLR at ~INR 150bn ($2.05bn). Its Indian business saw revenues grow 106% while JLR revenues grew 20.5% YoY. As per the company, its Indian business said they achieved cost savings of INR 93bn ($1.27bn) during the year. JLR ended with strong liquidity of £6.7bn ($9.5bn) with £4.8bn ($6.8bn) in cash and £1.9bn ($2.7bn) in undrawn facilities.

Tata Motors’ dollar bonds were flat with its 5.875% 2025s at 106.9, yielding 4%. JLR bonds were slightly higher with its USD 5.875% 2028s up 0.1 to 101.7, yielding 5.6%

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