China’s sovereign wealth fund bought exchange-traded funds on Monday, expanding its purchases beyond bank shares as authorities step up attempts to boost the country’s slumping stock market,
Bloomberg reported. China Investment Corp unit Central Huijin Investment bought an undisclosed amount of ETFs and vowed to keep increasing its holdings, the report adds citing a
statement.
The Bank of Japan today, Oct. 24, announced another unscheduled bond-purchase operation - the fifth time since it adjusted its yield-curve control program in July 2023 - in an effort to curb rising sovereign yields,
Bloomberg reported. The buying operation today is for JPY 300 billion ($2 billion) of five to 10 year bonds, and JPY 100 billion of 10 to 25 year securities, the report adds.
Hong Kong's Hang Seng Index dipped 0.6% to
17,069 as of 2:03 p.m. HKT, while the Shanghai Composite Index went up 0.78% to
2,962 as of 2:04 p.m. Beijing Time. Japan’s Nikkei 225 Index rose 0.2% to close at
31,062 while Australia's S&P/ASX200 rose 0.19% to close at
6,857.
India
Byju’s CFO Ajay Goel
has resigned and will return to
Vedanta as a CFO and a member of its key managerial personnel, according to statements from both companies today, Oct. 24. Goel had joined education technology company Byju’s from Vedanta only in April this year, but effective Oct. 30 will return to Vedanta where he was formerly acting CFO.
Goel’s return follows the resignation of Sonal Shrivastava as Vedanta’s CFO due to personal reasons, effective Oct. 24.
Meanwhile, Ranjan Pai, the Chairman of Manipal Educational and Medical Group, is willing to invest a little over $300 million in Byju’s India subsidiary - Aakash Educational Services Ltd. - with the company subsequently running independently from Byju’s,
as reported.
Pai plans to provide $200 million debt and $100 million cash to Aakash initially apart from some working capital. The deal would involve bringing in private equity investors along with Pai. Pai would acquire an around 20% stake in Aakash through the deal.
Pai is also providing short-term loans of INR 1 billion and INR 2.5 billion to Aakash Educational Services and online education services company Byju’s parent, Think and Learn Pvt Ltd., respectively.
The $200 million debt will partly replace outstanding debt of around INR 12 billion ($144.3 million) from Davidson Kempner which sits at Aakash. Davidson Kempner has initiated arbitration proceedings against Aakash, Think and Learn Pvt. Ltd. and the promoters of the company to recover dues, as
reported.
Indonesia
Indonesia garment maker
PT Pan Brothers Tbk said on Oct. 23 following its
recent downgrade from Fitch Ratings that it had informed its syndicated lenders in September of the immediate need to refinance or extend the $124 million restructured and amended RCF due Dec. 31, 2023, and that it expects lenders to provide commitments this month.
Pan Brothers said it missed a $5 million amortization payment on the RCF due Sep. 27 as it is in the process of extending or refinancing the facility. The textile maker also said it has limited working capital to buy materials, and that it will need around $75 million to $100 million in the form of offshore and onshore letters of credit.
China
The APAC ex-Japan Credit Derivatives Determinations Committee has
accepted a request to determine whether a failure-to-pay credit event has occurred on
Country Garden Holdings Co. Ltd.’s $500 million 6.15% bonds due Sept. 17, 2025. A $15.4 million coupon payment on the bonds was due Sept. 17 and has a 30-day grace period. Country Garden did not pay the coupon on Oct. 17, as
reported.
Judge Linda Chan at the Hong Kong High Court today, Oct. 25,
ordered the winding up of RZ3262019 Ltd., a holding company of
Yuzhou Group’s Chengdu project. The court granted leave to Zhou Ying Investment to withdraw its opposition to the winding-up petition against RZ. A usual winding-up order will be issued as the petitioning debt is not disputed and neither the company nor any of its creditors opposes the petition, Judge Chan said.
Gemdale Group’s CNY 2 billion ($273.8 million) 3.93% onshore bond due 2026, “21 Jin Di 01”, was indicated about 31 today, down 1.3 points, and its CNY 2.495 billion 3.91% corporate bond due 2026, “21 Jin Di 03”, was down 1.5 points to around 28, according to two buysiders.
Longfor Group’s CNY 1 billion ($136.9 million) 4.3% corporate bond due 2027 “20 Longhu 06” was indicated around 55 today, up two points, and its CNY 3 billion 3.8% corporate bond due 2027 “20 Longhu 04” was indicated about 61.5, up 3.2 points, said two buysiders.
GLP China Holdings’ CNY 1.5 billion ($205 million) 4.4% onshore bond due 2026, “21GLP07”, was indicated about 67 today, up seven points, and its CNY 1.5 billion 4.4% onshore bond due 2024, “21GLP05”, was indicated about 72 today, up seven points, said two buysiders.