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Credit

BACHF

CILJF

SIOLY

SWRAY

Three Hong Kong-based companies made significant announcements. Sino-Ocean Group Holding Limited (OTC:SIOLY) requested another week to make a bond interest payment, which could negatively impact its parent company, China Life Insurance Co Ltd (OTC:CILJF). Bank of China Limited (OTC:BACHF) issued a prospectus for a $1.6 billion medium term note, indicating a potentially stronger outlook. Swire Pacific Limited (OTC:SWRAY) issued a prospectus for a $5 billion medium term note offering, which could strengthen its position against struggling rivals.

Portfolio Pulse from Daniel Harrison

October 19, 2023 | 3:20 pm

BABA

KWEB

Alibaba Group Holding Limited (BABA) and KraneShares CSI China Internet ETF (KWEB) stocks are trading lower due to China's escalating property crisis and concerns about a potential debt default by Country Garden Holdings. The US's AI technology embargo on China and the intensifying Israel-Gaza conflict are also negatively impacting market sentiment. Country Garden has not updated investors on its debt servicing status, and a $15.4 million coupon on a $500 million bond remains unaddressed. Meanwhile, home prices in China continue to decline.

Portfolio Pulse from Anusuya Lahiri

October 19, 2023 | 2:30 pm

KEY

KeyCorp (NYSE:KEY) reported Q3 FY23 revenues of $1.566 billion, down 17.0% Y/Y, in line with consensus. Net interest income was down 23.3% Y/Y to $923 million. Consumer Bank revenue fell 9.8% Y/Y and Commercial Bank was down 10% Y/Y. EPS was 29 cents, beating the street view of 27 cents. Provision for credit losses fell 25.7% Y/Y to $81 million. The CET 1 ratio exceeded its targeted capital range, expanding 50 basis points Q/Q to 9.8%. Average loan rose 2.8% Y/Y to $117.6 billion. Nonperforming loans stood at $455 million, accounting for 0.39% of period-end portfolio loans. Average deposits rose 0.4% Y/Y to $144.8 billion.

Portfolio Pulse from Lekha Gupta

October 19, 2023 | 2:10 pm

IRDM

Iridium Communications Inc (NASDAQ:IRDM) shares are trading lower by around 6% after the company reported Q3 FY23 results. The company reported revenue growth of 7% Y/Y to $197.6 million, missing the consensus of $200.09 million. The company registered a quarterly EPS loss of $(0.01) in Q3, missing the street view of EPS of $0.03. The net loss was primarily due to costs incurred related to the refinancing of Iridium's credit facility in Q3. The company revised its outlook for total service revenue growth to 10% and OEBITDA of $460 million-$465 million.

Portfolio Pulse from Lekha Gupta

October 19, 2023 | 2:10 pm

TFC

Truist Financial Corporation's Q3 revenues fell 2.7% YoY to $5.73 billion, beating the consensus of $5.7 billion. Adjusted EPS was 84 cents, beating the consensus of 82 cents. The company's provision for credit losses was $497 million, up from $234 million in Q3 2022. Truist's CET1 ratio was 9.9% as of Sept. 30. The company is focusing on core clients and paying down higher-cost borrowings to improve its net interest margin. A $750 million cost savings program is underway.

Portfolio Pulse from Nabaparna Bhattacharya

October 19, 2023 | 2:03 pm

LCGMF

MODD

TGEN

Insiders at Tecogen Inc. (OTC:TGEN), Modular Medical, Inc. (NASDAQ:MODD), and Lion Copper and Gold Corp. (OTC:LCGMF) have recently made notable purchases of their companies' stocks. Tecogen's director acquired 25,000 shares following the signing of a $1.5 million Credit Agreement. JEB Partners, L.P. acquired 33,000 shares of Modular Medical after the company announced a partnership with Phillips-Medisize. Lion Copper and Gold's 10% owner bought 150,000 shares as the company's stock gained 17% year-to-date.

Portfolio Pulse from Lisa Levin

October 19, 2023 | 12:52 pm

IPX

IperionX Limited (NASDAQ:IPX) has received a Letter of Interest from the Export-Import Bank of the United States (EXIM Bank) for a provisional sum of $11.5 million in equipment finance for the development of its Titanium Production Facility in Virginia. The funding will be used for key production assets including industrial furnaces and comminution equipment. The facility is expected to start production in 2024 and will be scaled to produce 1,125 metric tons of titanium per annum.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 12:37 pm

TUSK

Mammoth Energy Services has entered into a new revolving credit facility agreement and a new term loan agreement on October 16, 2023. The new five-year revolving credit facility with Fifth Third Bank provides for revolving commitments of up to $75 million. The new five-year term loan agreement with Wexford Capital LP, an affiliate of Mammoth, provides for term commitments of $45 million.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 12:15 pm

SMTC

Semtech Corporation has announced a private placement offering of $250 million in aggregate principal amount of convertible senior notes due 2028.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 11:09 am

ENOV

Enovis has announced a private offering of $400M principal amount of convertible senior notes due 2028.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 10:56 am