Qantas sells $370 mln of bonds to boost liquidity, replace maturing debt
SYDNEY, Sept 1(Reuters) – Qantas Airways Ltd said on Tuesday it had issued A$500 million ($369.90 million) of unsecured bonds with a coupon of 5.25% to help strengthen liquidity and replace maturing debt as it deals with a plunge in demand due to the coronavirus pandemic.
The airline said in a statement that the 10-year issue was oversubscribed. The coupon rate is higher than its last pre-pandemic issuance of a A$425 million, 10-year bond with a coupon of 2.95% in November. ($1 = 1.3517 Australian dollars) (Reporting by Jamie Freed; additional reporting by Wayne Cole; Editing by Kim Coghill)
Indonesia reports 2,775 new coronavirus cases, 88 deaths
JAKARTA (REUTERS) – Indonesia reported 2,775 new coronavirus cases on Tuesday (Aug 1), taking its total tally to 177,571, data from the country’s Covid-19 taskforce showed.
The South-east Asian country also added 88 new deaths on Tuesday, taking the total number to 7,505, the highest coronavirus death toll in South-east Asia.
Bharti Infratel shares jump over 5% after proceeding with Indus Towers merger
Bharti Infratel on Tuesday said its board has decided to proceed with the scheme for merger with Indus Towers, and that the cash consideration chosen by Vodafone Idea for its 11.15% stake in Indus Towers is expected to be about ₹4,000 crore
Shares of Bharti Infratel on Tuesday jumped over 5% in early trade after the company said its board has decided to proceed with the scheme for merger with Indus Towers.
The stock gained 4.91% to ₹208 on the BSE.
At the NSE, it rose by 5.16% to ₹208.80.
Bharti Infratel on Tuesday said its board has decided to proceed with the scheme for merger with Indus Towers, and that the cash consideration chosen by Vodafone Idea for its 11.15% stake in Indus Towers is expected to be about ₹4,000 crore.
The company said its board, in a meeting held on August 31, 2020, took note of the status of scheme of arrangement between Indus Towers and Bharti Infratel and the related agreements.
“After deliberations, the board has decided to authorise the chairman to proceed with the scheme and to comply with other procedural requirements for completion of the merger including approaching NCLT (National Company Law Tribunal) to make the scheme effective subject to certain procedural condition precedents,” it said in a regulatory filing.
Bharti Airtel will hold 36.7% stake in the merged entity, Vodafone UK (28.2%), Providence Equity Partners (3.2%) with public holding (31.6%), according to a source.
U.S. Treasury yields move higher ahead of consumer spending data
- There will be manufacturing Purchasing Managers' Index (PMI) at 9:45 a.m. ET, construction spending at 10 a.m. ET and the Dallas Fed Services numbers at 10:30 a.m. ET.
U.S. government debt prices were lower Tuesday morning as markets entered their first trading day of the month.
At around 2:25 a.m. ET, the yield on the benchmark 10-year Treasury note rose to 0.7081%, while the yield on the 30-year Treasury bond jumped to 1.4832%. Yields move inversely to prices.
Investors are monitoring coronavirus' news, but also possible moves to monetary policy, after the U.S. Federal Reserve said last week it was willing to let inflation surpass the 2% threshold for some time as it worked to revamp the economy.
There will be manufacturing Purchasing Managers' Index (PMI) at 9:45 a.m. ET, construction spending at 10 a.m. ET and the Dallas Fed Services numbers at 10:30 a.m. ET.
Furthermore, Federal Reserve Governor Lael Brainard will speak at 10 p.m. ET at an event.
There are no Treasury auctions scheduled.
Turkey detains senior Islamic State figure, minister says
ISTANBUL (Reuters) – Turkish police have arrested the Islamic State militant group’s top figure in Turkey, Interior Minister Suleyman Soylu said on Tuesday.
Soylu said on Twitter “important plans” had been seized along with the militant. No further details were immediately given.
Dunelm Group Issues Trading Update – Quick Facts
Dunelm Group plc (DNLM.L) reported that the Group’s sales have been strong in the last two months. Total year over year sales growth was up 59% in July, partly as a result of pent up demand following the store closure period and the timing of Summer Sale, and up 24% in August.
The Group stated that whilst the year to date performance has been materially ahead of its initial expectations, it is very difficult to provide any meaningful guidance on the future outlook.
South African state arms firm at risk of bankruptcy protection, govt says
JOHANNESBURG, Sept 1 (Reuters) – South African state arms firm Denel faces the risk of being placed under a local form of bankruptcy protection called business rescue or even liquidation, the National Treasury said on Tuesday.
Denel, which makes military equipment for South Africa’s armed forces and clients around the world, has struggled to pay salaries this year amid a liquidity crisis aggravated by the coronavirus crisis.
National Treasury said in a presentation to parliament that Denel was forecast to have had a negative equity position of 3.3 billion rand ($196.7 million) as of March 2020.
Knaus Tabbert Plans To Expand Its Shareholder Base With IPO – Quick Facts
Knaus Tabbert AG said it aims to list the company’s shares in the Prime Standard on the Frankfurt Stock Exchange. The offering will include existing shares from the holdings of the current shareholders HTP Investments 1 BV, Catalina Capital Partners B.V. and Palatium Beteiligungsgesellschaft mbH as well as newly issued shares resulting from a capital increase with expected proceeds of approximately 20 million euros. After the IPO, the target free float is expected to be approximately 50 percent. The offering is expected to consist of a public offering in Germany and private placements in certain jurisdictions outside Germany.
Knaus Tabbert AG is a manufacturer of leisure vehicles in Europe. The company is headquartered in Jandelsbrunn, Germany.
Knaus Tabbert AG intends to use the expected proceeds to accelerate the expansion of production facilities, in particular for van conversions in Hungary starting in autumn
2021 and related investments. Also, the company plans to continue executing its
corporate strategy, including with the potential establishment of a new brand.