Latin America Airline (LTM) Plans Return to US Capital Markets - Bloomberg
Latin America’s largest airline is planning a return to US capital markets after cutting nearly $4 billion of debt during a years-long restructuring.
Latam Airlines Group SA will seek to re-list its American depositary receipts on the New York Stock Exchange this year after they were suspended during the bankruptcy, Chief Financial Officer Ramiro AlfonsÃn said in a video interview. It also expects to return to international bond markets next year, he said.
The Santiago-based carrier, which emerged from Chapter 11 in November, is trying to reduce debt-to-earnings ratios even as it adds routes to its network.
“We have a good opportunity for the market to recognize and better understand the new Latam,” AlfonsÃn said. “In 2024, it’s likely we’ll start to address the question of refinancing.”
Tuesday, 14 March 2023
Blackstone to Buy Cvent in Deal Valued at $4.6 Billion - Bloomberg
Blackstone to Buy Cvent in Deal Valued at $4.6 Billion - Bloomberg
Blackstone Inc. agreed to buy event software company Cvent Holding Corp. in a deal with an enterprise value of about $4.6 billion.
Under terms of the agreement announced Tuesday morning, Cvent shareholders will receive $8.50 a share in cash, a premium of 52% to the weighted average share price over 90 days prior to Jan. 30, when media reports of a potential transaction were published. A subsidiary of the Abu Dhabi Investment Authority will be a significant minority investor in the deal, according to the filing.
Cvent, which provides software to manage live and virtual events, has been in private hands before, after Vista Equity Partners purchased the Tysons, Virginia-based company in 2016 for about $1.65 billion. Two years ago, Cvent agreed to merge with special-purpose acquisition company Dragoneer Growth Opportunities Corp. II, which gave it a public listing again.
Cvent’s shares are up 37% this year through Monday as the company benefits from renewed interest in travel and events after years of pent-up demand during the pandemic. The company has about 22,000 customers globally in the corporate, nonprofit, higher education and hospitality sectors.
“Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem,” said Cvent Chief Executive Officer Reggie Aggarwal.
As part of the the transaction, Vista, which has retained a majority shareholder of Cvent, agreed to invest a portion of its proceeds as non-convertible preferred stock in financing for the deal.
Blackstone Inc. agreed to buy event software company Cvent Holding Corp. in a deal with an enterprise value of about $4.6 billion.
Under terms of the agreement announced Tuesday morning, Cvent shareholders will receive $8.50 a share in cash, a premium of 52% to the weighted average share price over 90 days prior to Jan. 30, when media reports of a potential transaction were published. A subsidiary of the Abu Dhabi Investment Authority will be a significant minority investor in the deal, according to the filing.
Cvent, which provides software to manage live and virtual events, has been in private hands before, after Vista Equity Partners purchased the Tysons, Virginia-based company in 2016 for about $1.65 billion. Two years ago, Cvent agreed to merge with special-purpose acquisition company Dragoneer Growth Opportunities Corp. II, which gave it a public listing again.
Cvent’s shares are up 37% this year through Monday as the company benefits from renewed interest in travel and events after years of pent-up demand during the pandemic. The company has about 22,000 customers globally in the corporate, nonprofit, higher education and hospitality sectors.
“Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem,” said Cvent Chief Executive Officer Reggie Aggarwal.
As part of the the transaction, Vista, which has retained a majority shareholder of Cvent, agreed to invest a portion of its proceeds as non-convertible preferred stock in financing for the deal.
Most Gulf markets tumble on US bank's contagion fears | Reuters
Most Gulf markets tumble on US bank's contagion fears | Reuters
Most stock markets in the Gulf ended lower on Tuesday as fears of contagion risks from the failure of U.S.-based Silicon Valley Bank (SVB) dragged on financial markets.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Saudi Arabia's benchmark index (.TASI) finished 1% lower, weighed down by a 0.8% fall in Retail Urban Development Co (4322.SE) and a 1.1% decrease in Al Rajhi Bank (1120.SE).
Separately, Boeing Co (BA.N) is expected to sell nearly 80 787 Dreamliner airplanes to two Saudi Arabian airlines, Reuters reported on Monday, citing a source briefed on the matter.
Elsewhere, Saudi Basic Industries Corp (2010.SE) slipped 2.7% as the petrochemical maker went ex-dividend.
Dubai's main share index (.DFMGI) declined 1.5%, extending losses for a fifth session, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) sliding 3.6%.
In Abu Dhabi, the index (.FTFADGI) tumbled 1.8%, driven down by a 2.7% drop in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
ADNOC Gas (ADNOCGAS.AD) eased 0.4%, a day after surging more than 18% over its listing price in its market debut.
ADNOC Gas' shares closed at 2.81 dirhams ($0.7651) apiece, versus its initial public offering price of 2.37 dirhams.
The uncertainties in the U.S. banking sector and the subsequent oil declines have fuelled price corrections in the Abu Dhabi stock market, said Farah Mourad, Senior Market Analyst of XTB MENA.
"Otherwise, the market could continue to benefit from strong local fundamentals and investors' interest in local IPOs when the global turmoil dies down."
The Qatari index (.QSI) concluded 1.9% lower.
Oil prices - a key catalyst for the Gulf's financial markets - dropped more than $2 a barrel, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.5%, with top lender Commercial International Bank (COMI.CA) losing 2%.
Most stock markets in the Gulf ended lower on Tuesday as fears of contagion risks from the failure of U.S.-based Silicon Valley Bank (SVB) dragged on financial markets.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Saudi Arabia's benchmark index (.TASI) finished 1% lower, weighed down by a 0.8% fall in Retail Urban Development Co (4322.SE) and a 1.1% decrease in Al Rajhi Bank (1120.SE).
Separately, Boeing Co (BA.N) is expected to sell nearly 80 787 Dreamliner airplanes to two Saudi Arabian airlines, Reuters reported on Monday, citing a source briefed on the matter.
Elsewhere, Saudi Basic Industries Corp (2010.SE) slipped 2.7% as the petrochemical maker went ex-dividend.
Dubai's main share index (.DFMGI) declined 1.5%, extending losses for a fifth session, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) sliding 3.6%.
In Abu Dhabi, the index (.FTFADGI) tumbled 1.8%, driven down by a 2.7% drop in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
ADNOC Gas (ADNOCGAS.AD) eased 0.4%, a day after surging more than 18% over its listing price in its market debut.
ADNOC Gas' shares closed at 2.81 dirhams ($0.7651) apiece, versus its initial public offering price of 2.37 dirhams.
The uncertainties in the U.S. banking sector and the subsequent oil declines have fuelled price corrections in the Abu Dhabi stock market, said Farah Mourad, Senior Market Analyst of XTB MENA.
"Otherwise, the market could continue to benefit from strong local fundamentals and investors' interest in local IPOs when the global turmoil dies down."
The Qatari index (.QSI) concluded 1.9% lower.
Oil prices - a key catalyst for the Gulf's financial markets - dropped more than $2 a barrel, extending the previous day's slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.5%, with top lender Commercial International Bank (COMI.CA) losing 2%.
#Israel's Bank Leumi Q4 profit, interest income surge | Reuters
Israel's Bank Leumi Q4 profit, interest income surge | Reuters
Bank Leumi (LUMI.TA) reported a nearly 60% rise in net profit in the fourth quarter, helped by a sharp rise in interest rates that boosted financing income.
Leumi, Israel's largest bank by assets, said it earned a net 2.33 billion shekels ($641 million) in the quarter ended Dec. 31, compared with a profit of 1.47 billion shekels a year earlier.
Helped by aggressive Bank of Israel rate hikes to fight inflation, net interest income jumped to 3.78 billion shekels from 2.55 billion. Its provision to protect against credit losses was 313 million shekels compared with income from the provision of 83 million shekels last year.
Leumi said it would pay a dividend of 698 million shekels, or 30% of fourth quarter net profit, raising its payout from 20%.
Its Tier 1 ratio of capital to risk components, a key measure of financial strength, slipped to 11.46% from 11.5% a year earlier.
Bank Leumi (LUMI.TA) reported a nearly 60% rise in net profit in the fourth quarter, helped by a sharp rise in interest rates that boosted financing income.
Leumi, Israel's largest bank by assets, said it earned a net 2.33 billion shekels ($641 million) in the quarter ended Dec. 31, compared with a profit of 1.47 billion shekels a year earlier.
Helped by aggressive Bank of Israel rate hikes to fight inflation, net interest income jumped to 3.78 billion shekels from 2.55 billion. Its provision to protect against credit losses was 313 million shekels compared with income from the provision of 83 million shekels last year.
Leumi said it would pay a dividend of 698 million shekels, or 30% of fourth quarter net profit, raising its payout from 20%.
Its Tier 1 ratio of capital to risk components, a key measure of financial strength, slipped to 11.46% from 11.5% a year earlier.
Riyadh Air close to $35bln Boeing deal
Riyadh Air close to $35bln Boeing deal
The aircraft order, valued at $35 billion, is part of a rapid expansion by Saudi Arabia under a strategy to transform the kingdom into a transport hub and promote tourism, according to The Wall Street Journal.
According to reports, the airline is set to receive the first wide-body aircraft and launch its first international flight in early 2025.
Saudi Arabia’s Public Investment Fund (PIF) is close to a deal to order Boeing commercial jets for the fleet of a new national airline — Riyadh Air — The Wall Street Journal has reported
The aircraft order, valued at $35 billion, is part of a rapid expansion by Saudi Arabia under a strategy to transform the kingdom into a transport hub and promote tourism, the paper reported, citing people familiar with the matter.
Saudi Arabia’s Crown Prince and Prime Minister Mohammad bin Salman announced on Sunday the establishment of Riyadh Air, a wholly owned company by the PIF.
Riyadh will be the company’s operational hub and will connect the Saudi capital to over 100 destinations globally by 2030, making use of the kingdom's location between Asia, Africa and Europe, state news agency SPA said.
The aircraft order, valued at $35 billion, is part of a rapid expansion by Saudi Arabia under a strategy to transform the kingdom into a transport hub and promote tourism, according to The Wall Street Journal.
According to reports, the airline is set to receive the first wide-body aircraft and launch its first international flight in early 2025.
Saudi Arabia’s Public Investment Fund (PIF) is close to a deal to order Boeing commercial jets for the fleet of a new national airline — Riyadh Air — The Wall Street Journal has reported
The aircraft order, valued at $35 billion, is part of a rapid expansion by Saudi Arabia under a strategy to transform the kingdom into a transport hub and promote tourism, the paper reported, citing people familiar with the matter.
Saudi Arabia’s Crown Prince and Prime Minister Mohammad bin Salman announced on Sunday the establishment of Riyadh Air, a wholly owned company by the PIF.
Riyadh will be the company’s operational hub and will connect the Saudi capital to over 100 destinations globally by 2030, making use of the kingdom's location between Asia, Africa and Europe, state news agency SPA said.
Mideast Stocks: Most Gulf markets retreat on U.S. bank's contagion fears
Mideast Stocks: Most Gulf markets retreat on U.S. bank's contagion fears
Most Gulf stock markets fell in early trade on Tuesday, as fears of contagion risks from U.S.-based Silicon Valley Bank's (SVB) failure continued to drag financial markets.
U.S. inflation data due later in the day is likely to inject more volatility, even if investors see the Federal Reserve prioritising financial stability.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Saudi Arabia's benchmark index eased 0.2%, hit by a 2.2% drop in petrochemical maker Saudi Basic Industries Corp as the stock went ex-dividend, while oil behemoth Saudi Aramco was down 1.2%.
Oil prices - a key catalyst for the Gulf's financial markets - fell more than $1, extending the previous day's slide, as SVB collapse rocked financial markets and sparked fear about a fresh financial crisis.
Dubai's main share index dropped 1.2%, on course to extend losses for a fifth session, weighed down by a 1.7% decline in blue-chip developer Emaar Properties.
Emirates NBD Bank and sharia-compliant lender Dubai Islamic Bank fell 1.6% and 1.4%, respectively.
Abu Dhabi's index slipped 1%, with the United Arab Emirates' biggest lender First Abu Dhabi Bank losing 1.3%.
ADNOC Gas retreated 1.1%, a day after surging more than 18% over its listing price in its market debut.
ADNOC Gas' shares closed at 2.81 dirhams ($0.7651) apiece, versus its initial public offering price of 2.37 dirhams.
The Qatari index lost 1.1%, as almost all the stocks on the index were in negative territory including the Gulf's biggest lender Qatar National Bank, which was down 2%.
However, the Omani index bucked the trend to trade 0.5% higher.
Abraj Energy Services - the oil and gas drilling business of state energy company OQ - jumped more than 14% in its market debut.
Most Gulf stock markets fell in early trade on Tuesday, as fears of contagion risks from U.S.-based Silicon Valley Bank's (SVB) failure continued to drag financial markets.
U.S. inflation data due later in the day is likely to inject more volatility, even if investors see the Federal Reserve prioritising financial stability.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Saudi Arabia's benchmark index eased 0.2%, hit by a 2.2% drop in petrochemical maker Saudi Basic Industries Corp as the stock went ex-dividend, while oil behemoth Saudi Aramco was down 1.2%.
Oil prices - a key catalyst for the Gulf's financial markets - fell more than $1, extending the previous day's slide, as SVB collapse rocked financial markets and sparked fear about a fresh financial crisis.
Dubai's main share index dropped 1.2%, on course to extend losses for a fifth session, weighed down by a 1.7% decline in blue-chip developer Emaar Properties.
Emirates NBD Bank and sharia-compliant lender Dubai Islamic Bank fell 1.6% and 1.4%, respectively.
Abu Dhabi's index slipped 1%, with the United Arab Emirates' biggest lender First Abu Dhabi Bank losing 1.3%.
ADNOC Gas retreated 1.1%, a day after surging more than 18% over its listing price in its market debut.
ADNOC Gas' shares closed at 2.81 dirhams ($0.7651) apiece, versus its initial public offering price of 2.37 dirhams.
The Qatari index lost 1.1%, as almost all the stocks on the index were in negative territory including the Gulf's biggest lender Qatar National Bank, which was down 2%.
However, the Omani index bucked the trend to trade 0.5% higher.
Abraj Energy Services - the oil and gas drilling business of state energy company OQ - jumped more than 14% in its market debut.