Can Petra Diamonds avoid restructuring?
Top highlights of the week driven by REDD's recognised team of journalists and analysts.
Highlights of the week:
REDD CEEMEA: Can Petra Diamonds avoid restructuring?
Petra needs to refinance the USD 252m 9.75% bonds due 2026 by next June, otherwise it risks breaching the 12-month forward liquidity covenant on its ZAR 450m drawn revolving credit facility.
CEEMEA’s senior corporate analyst Nikolas Stefanou, CFA looks into the company’s liquidity situation as diamond prices remain week, constraining cashflow generation and Petra’s ability to deleverage.
Based on our latest research report, a restructuring or liability management transaction is the most likely outcome for the company.
REDD LATAM: Ex-IMF official Alejandro Werner: Argentina can't maintain a 2% monthly crawling peg.
Alejandro Werner sees Javier Milei’s strong belief in the need to cut public spending and maintain fiscal discipline as the main asset of his economic program. But the former director of the IMF’s Western Hemisphere department thinks the government needs to pursue more consistent policies and correct course on key issues such as the peso’s crawling peg.
Check out our exclusive interview with Alejandro Werner, former official at the International Monetary Fund. In a Q&A session with Sebastián Lacunza , Werner offered his insights on Argentina's economic changes and currency depreciation.
REDD ASIA: Citi is buyer of USD 120m Vedanta Limited INR-denominated NCDs
REDD ASIA broke news on 12 July that Citigroup subscribed to INR 10bn (USD 120m) in non-convertible debentures (NCDs) issued by Vedanta Limited with an indicative pricing of 10.42%. The deal not only widened Vedanta’s creditor base but also made a high-profile splash for Citi in India’s NCD market.
Hours later REDD also reported exclusively that Vedanta had approached an onshore bank for a INR 30bn (USD 360m) loan on behalf of its steel unit.
Vedanta is one of the most-watched names across private and public debt markets onshore and offshore, and REDD has consistently been at the forefront of coverage on this name. REDD taps onshore and offshore sources across geographies and time zones to deliver such scoops to our clients.
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