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What a night to remember at REDD's most anticipated event of the year! 🌆 Our Latin America’s High Yield & Distressed Fall Summit: Outlook for Latin American Sovereigns and Corporates in 2024 had a full house. 🏠 Thank you to everyone who joined us - we hope you reveled in the exclusive insights shared by our expert speakers. 💡 Your presence made it truly special! 🙌
On October 17th, REDD LATAM team reported that the U.S. was planning to lighten on in a matter of days. Immediate changes could include new licenses, comfort letters, and potentially removing individuals from the U.S. list of blocked persons.
One day later, the Treasury Department announced the highly expected changes. A “general license” was granted for and industry activities, valid until April 18, 2024, subject to review and potential extension based on the Maduro government's adherence to its “electoral roadmap,” per the State Department's press release. Most importantly, the US lifted the ban on secondary bond trading and allowed dealings with Minerven, Venezuela's state mining and processing company.
The market reacted quickly to the news and bonds jumped from 7-8 cents on October 18th to 13-17 on October 19th.
REDD reported that Dalian Wanda Group’s are growing as and bond have turned more wary of the conglomerate’s sustainability.
The group was forced to sell assets as some banks declined to participate in Wanda’s corporate refinancing earlier this year and sought to reduce their exposure, according to a Hong Kong-based bank .
Liquidity will be even more stretched as its shopping mall unit Zhuhai Wanda Commercial Management’s proposed initial public offering ( ) keeps getting delayed due to pending approval.
For full story: https://lnkd.in/g5C3wb8k
Please reach out to us to read our full coverage.
REDD has been ahead of the game in reporting on financial situations, so a reporter from Spain’s El Pais came to our Steven E Bodzin to help explain things to her readers.
The article is available in https://elpais.com/america/economia/2023-10-27/con-menos-sanciones-venezuela-pone-un-pie-en-wall-street.html
Excited to share that Lupin Rahman, PhD will be gracing the REDD Latin America High Yield & Distressed Fall Summit 2023 (on November 7th in New York City) with her profound insights!
With a rich career spanning 27 years in investment and a strong background in , she is a beacon of knowledge in credit investing and integration across strategies.
We are delighted to formally invite you to attend REDD's most awaited event of the year!
REDD’s Fall Summit 2023 will convene 200+ global institutional investors and advisers to hear leading experts discuss this year's important milestones and 2024 prospects for Latin America's largest economies.
Seats are limited: save your spot today and stay tuned for agenda, speakers and more!
For more information check our bio and access our webpage!
The by-invitation only Summit will be closed to the press and will not be recorded or covered in any way. Our closed-door approach encourages a candid exchange of information and experiences.
No more dog-tired Mondays, only fresh insights and a leash on the pulse of Latin America's fixed income market!
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Have a seat at the head of the table.
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Our newest episode provides a brief overview of regional headlines, including updates on Usina Coruripe Açúcar e Álcool, Suriname, EP PETROECUADOR, Costa Rica, Telecom Argentina and Unifin Inc.
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Attention board members and executives of Mexican companies!
REDD is pleased to support BIVA's strategic event this October 11th in Mexico City.
BIVA, Impact Boards EM, Nader, Hayaux & Goebel, and Chapter Zero México, have taken on the task of organizing a key event to understand the scope and trends in corporate governance in Mexico.
Panels will feature experts in corporate , , , and institutional of renowned caliber.
Corporate governance and standards in the business context are evolving and constrained by various pressures, both domestic and global. Mexico's adherence to international agreements, such as the (Conference of the Parties, United Nations Organization), implies a commitment by the signing countries to monitor, report, and control . This has resulted in a benchmark that should serve as the basis for the regulatory framework in fulfilling the commitments made.
Alam Sutera Realty’s outstanding USD 246.7m notes due 2025 rose one point to 84 bid after REDD reported on 6 October that the Indonesian property developer is evaluating a loan proposal from Bank Mandiri to partly refinance the bond.
The Indonesian state-owned lender offered a potential loan of up to USD 100m, but Alam Sutera is stlll considering its proposal as the facility may have to be amortized, according to the REDD report.
Please reach out to us to read our full coverage.
www.reddintelligence.com
Last week, REDD shared updates on the Mexican non-bank lender, Operadora de Servicios Mega, and its efforts to extend the maturity of its 2025 bond. With the sector facing challenges from numerous defaults and the upcoming presidential election, refinancing is becoming tougher.
Stay tuned for more!
REDD is proud to once more support the TMA Brasil Congress 2023. This is the benchmark event in the field of corporate restructuring and recovery, with a multidisciplinary approach.
In its 15th edition this year, the TMA Brasil Congress expects to once again bring together a select and specialized audience, including renowned professionals engaged in creating value in corporate , , or processes, featuring both Brazilian and foreign speakers.
This edition offers two hybrid event days, allowing for an in-person audience at the Hyatt Hotel and providing online access for those unable to attend in person.
In addition to online interaction tools, the Congress promotes traditional in-person , fostering an appropriate environment for discussing current topics in restructuring, , , , and other subjects, always aiming to and debate the best turnaround practices within the and perspectives of the country and the world.
For more information, visit our events page https://lnkd.in/e_mhRRVB. For detailed agenda and registration access: https://www.tmabrasil.org/
Last week, REDD reported that sources indicate Idesa is all set to sign a project finance deal in early October for its ethane terminal project. Terminal Quimica Puerto Mexico (TQPM) is being built in a joint venture with Advario and will pave the way for Braskem Idesa's Etileno XXI plant to run at full throttle.
Read more on this and other Latam corporate events at www.reddintelligence.com
If you want to be smart about Latin American debt, you need to know what’s up with debt refinancing at Inversiones Latin America Power Ltda. - ILAP, Grupo Financiero Mifel, S.A. de C.V., PEMEX, Oi Telecom Limited and Petrobras.
That means you need to listen to The REDD Eye, a weekly 3-minute update about high-yield credit in Latin America. New episodes drop every Monday morning.
Last week, we were the first to report that DTEK Energy bondholders have enlisted the expertise of legal advisor regarding the company's recent consent solicitation and tender announcement.
The amendments the company is seeking to the terms of its outstanding bonds do not sit well with some holders, especially the one which, the holders claim, would allow DTEK Energy to pay hundreds of millions of dividends to the shareholder. Stay tuned as Yulianna Vilkos continues to track this developing story, with updates being revealed throughout the week to our REDD Intelligence readers.
This week, REDD reported that China Evergrande Group is unlikely to enter onshore liquidation in the near term as Beijing prioritizes the completion of housing projects.
The Chinese developer’s headquarters have lost control over subsidiaries that own stalled projects in cities such as Wuhan and Zhengzhou, according to several onshore sources familiar with its operations.
These assets are now overseen by local governments or other state-owned enterprises (SOEs), two suppliers and two homebuyers said, adding that they could be sold or pledged as collateral for bank loans to raise funds for the construction of homes.
Please reach out to us to read our full coverage.
Rumor has it that is in talks with Mubadala to buy back the Mataripe refinery. 🇧🇷🤝🇦🇪
Stay tuned for more on this intriguing negotiation between the Brazilian oil giant and the Abu Dhabi sovereign fund, which originally acquired the refinery in 2021. 🔍
Eveline Danubrata, REDD’s Asia Managing Editor, was once again interviewed by Asia Business Report to discuss China's property turmoil which is now centered on Evergrande Group.
Access our page to discover all our ASIA coverage and stay up to date on the latest developments! No noise; only news that matter. www.reddintelligence.com
Our event "HOT TOPICS IN LATIN AMERICAN RESTRUCTURINGS" had an amazing turn out!
A big shout-out to Greenberg Traurig, LLP for hosting this fantastic panel, and a heartfelt thanks to our esteemed speakers!
They've shared invaluable insights on challenges for companies to refinance this year, the differences between US law and UK law for restructuring and how investors are positioning themselves in the existing processes of debt renegotiation.
Bravo and thank you Marc Rossell, Oscar N. Pinkas, Brian Greer, Ari Lefkovits and Jonathan Schwartz! And of course, to our LATAM Managing Editor Maria Fernanda Bl**er.
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You're not the only one relying on REDD for accurate, forward looking financial news.
Today, BBC featured insights from Eveline Danubrata, REDD Asia's Managing Editor, on China Evergrande Group's turmoil.
"The latest news will likely make it more challenging for Evergrande to pull off its restructuring," Eveline Danubrata from REDD Intelligence Asia told the BBC.
"Creditors may think twice about approving a restructuring proposal that includes a repayment plan over a long period of time if they're concerned about the company's ability to survive," Ms Danubrata said.
Full article : https://www.bbc.com/news/business-66920878
Follow our Evergrande's full coverage at www.reddintelligence.com
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We're fortunate to have brilliant minds gracing our upcoming event in London!
Ian Clark, partner at White & Case LLP law firm and one of the most preeminent lawyers in EM restructuring space, will be our keynote speaker at the ISI Global Emerging Markets annual summit.
We can't wait!
Private event: link accessible by invitation only. Attendance is limited.
Regretfully closed to the press.
The winner has been announced!
REDD is proud to sponsor the IWIRC Woman of the Year in Restructuring (Asia) Award again this year. Congratulations to Yuri Sugano, Partner in the Restructuring and Insolvency team at Nishimura & Asahi!
REDD Asia Managing Editor Eveline Danubrata announced the award winner via a video message that was shown at the IWIRC@INSOL Conference in Tokyo last week.
It is hoped that next year's WOYR(A) Award will receive even more nominations from across Asia, whether by self-nomination or otherwise. This award is a way to recognize and shine the light on the exceptional women in the restructuring and insolvency industry in Asia who have sought to advance their careers while promoting other women, despite the challenging times that we live in.
REDD released its first report on the Indian private credit market!
Our India team has published a comprehensive report on India’s private credit market, which detailed the completed transactions so far this year.
The team spoke to private credit investors, companies and other market sources to come up with the report, which showed that 28 deals totalling USD 4.3bn were inked between January – August 2023.
Oaktree Capital Management, L.P., Kotak Alternate Asset Managers Limited and Cerberus Capital Management led the private credit deals, while most of the financing went into sectors such as property, metals and mining, financial services, and pharmaceuticals.
Apart from the deal size, participants and use of proceeds, the REDD report also included pricing and other details that are difficult to find anywhere else.
Please reach out to us for access to this report.
and .
This week, our LATAM team offered details of what industry players are talking in Colombia after Canacol Energy Ltd dropped its gas production, given issues with its fields. Gas is a significant political topic both nationally and in Canacol's emerging market, Medellin.
Canacol Energy experienced a nearly 10% month-over-month drop in gas production in August, raising questions about the cause and potential implications.
An unexpected outage in gas wells and a processing facility, which seemingly began on August 8th, triggered the decline. However, Canacol Energy has provided limited public details regarding the incident. Industry experts are speculating that the issue might be "structural" in nature, potentially involving water intrusion into a gas field. The outage coincides with increased national reliance on natural gas, especially as El Nino's effects reduce hydropower generation.
Stay tuned for updates on this developing situation.
Our CEEMEA team with an incredible lead time on a major primary bond deal!
Over a month and a half ago, Merle Crichton gave us the early scoop on the government's plans to hit the bond market. Both mandate and deal were announced this week!
Here’s the sequence of reports:
Our original article on August 3st, “UAE government plans third-ever US dollar bond sale this September” , was followed up with another scoop on August 31st, “UAE government mandates banks for USD 1bn-minimum bond sale” , which added more exclusive color on the expected size and mandated banks.
Fast forward to September 18th, 2023, UAE announced and priced a new bond issuance, confirming our earlier intelligence! UAE sells USD 1.5bn 4.917% 2033 bond at par.
Kudos to our team for the foresight, and stay tuned for more market-moving insights!
REDD broke the news first!
Our Asia team reported 7 September that Vedanta Resources was set to meet in Singapore and Hong Kong from 11-15 September to discuss its management plan. The Indian told some bondholders this week that it was planning a partial exchange offer for its USD due 2024 and 2025, confirming REDD’s 11 July report.
On 11 September, REDD’s team of and laid out the potential scenarios for Vedanta’s liability management, as well as the dynamics between the company, and bondholders that could affect this exercise.
While Vedanta expressed a desire for a consensual deal, REDD pointed out that the company ultimately has the option of pursuing an “extraordinary resolution” under its English-law governed bond documents. Effectively, Vedanta would require a simple majority of two-thirds of the votes cast in order to modify terms including the bond maturity, principal and interest.
Please reach out to us to read our full coverage at www.reddintelligence.com
Mexico's government could find itself footing the bill for TV Azteca bondholders in an arbitration showdown.
Two bondholders of the Mexican TV broadcaster have initiated arbitration proceedings against the sovereign, potentially resulting in the government covering the company's debt.
To read all our LATAM coverage, access www.reddintelligence.com
In this CEEMA feature news, Giovanni Riva highlighted the development overlooked by investors that could make a difference in end-recoveries for creditors.
Fast-rising production may boost Zambia’s in the next few years, counterbalancing subdued copper output, writes Giovanni citing a recent client note by Citi. Production of nickel has recently started at Enterprise mine in the North-West of the country, potentially Africa’s largest nickel mine.
Higher mining exports would increase the odds of creditor-positive adjustments being triggered in Zambia’s agreement, related to its debt carrying capacity, as reported by REDD.
Follow REDD for more untold stories and market moving insights!!!
www.reddintelligence.com
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We are thrilled to announce the launch of our new Private Credit coverage! Why is Private Credit the talk of the town? With this asset class projected to grow to USD 2.3 trillion by 2027, we want you to get the latest information in this area ripe with opportunities. REDD continues to offer its unparalleled insights in this new feature. Our subscribers gain exclusive access to in-depth news, proprietary stories, and comprehensive data on Private Credit within Emerging Markets. Join us and stay ahead of the market! Access www.reddintelligence.com to find out how to register for a free demo. #PrivateCreditLaunch #FinancialGrowth #CreditInsights #EmergingMarkets #MarketOpportunities #REDDIntelligence #FinanceTrends #AssetManagement #InvestmentStrategies #FinancialIntelligence #StayAhead #FreeDemo #REDDCoverage #emergingmarkets #fixedincome #investments #highyieldbonds #riskassessment #distresseddebt #eventdriven #forwardlooking 📊🌍💡
REDD Talks Podcast will expand your knowledge on fixed income markets, giving you free and direct access to our editors‘ points of view and a series of forward looking interviews and roundtables with EM experts around the Globe. In this REDD Talks CEEMEA episode: MENAT private credit and distressed opportunities Asli Orbay-Graves discusses the distressed and private credit opportunities in the Middle East and Turkey with Berkay Oncel, Head of Investments for the Middle East at SC LOWY. They talk about the lessons learned from Europe’s private credit market, and explore the recent regulatory developments in the region, alongside the expectations from the market for the near future. Available at Spotify, Apple Podcasts and RSS.com
This summer, join us on REDD Talks. Coming soon. #REDDtalks #REDDintelligence #REDDintelligenceASIA #REDDintelligenceCEEMEA #REDDintelligenceLATAM #Highyield #DistressedDebt #EmergingMarkets #fixedincome #BondMarket
This summer, join us on REDD Talks. Coming soon. #REDDtalks #REDDintelligence #REDDintelligenceASIA #REDDintelligenceCEEMEA #REDDintelligenceLATAM #highyieldbonds #DistressedDebt #EmergingMarkets #fixedincome #BondMarket
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