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Stay updated with transparent two-way bond prices and yields, free of commissions, from the interbank bond market. Also track data on actual bond trades as reported to FINRA TRACE
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BondEvalue emerged as the 2017 Asia-Pacific champion of the IBM Watson Build Competition. The award was given to BondEvalue for successful implementation of an artificial intelligence-based fixed income news engine.
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Regulated by the Monetary Authority of Singapore as a Recognised Market Operator (“RMO”)
Regulated by the Monetary Authority of Singapore as a Recognised Market Operator (“RMO”)
Bond Market News
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped yet another day with the S&P and Nasdaq down 1.1% and 1.3% as risk-off sentiment continued to weigh on markets. Most sectors were in the red with Consumer Discretionary, Materials and IT down 1.3-1.9%. US 10Y Treasury yields eased 8bp to...
Oman to Refinance Loan and Increase Size to $3-4bn
Oman is said to be in talks to refinance a $2.2bn loan it took in February 2021 and aims to increase the size to $3-4bn, as per two sources. Oman initially sought to raise up to $1bn with last year's loan but more than doubled its size due to strong appetite from...
Sunac Downgraded to BB-; Evergrande Creditors Threaten Legal Action
China Sunac was downgraded to BB- from BB by Fitch, reflecting its decreasing financial flexibility amid high capital-market volatility. Sunac has RMB 12.3bn ($1.9bn) of onshore bonds maturing or becoming puttable by end-2022 and $600mn of offshore bonds due both in...
Country Garden Raises ~$500mn via HKD Convertible Bond
Country Garden (COGARD) raised HKD 3.9bn ($500mn) via a 4.95% convertible bond due 2026, guaranteed by Smart International Insight Ltd. COGARD (BB+/Baa3/BBB-), is among the few IG-rated developers in China and Bloomberg reports that it has has become a proxy for...
American Airlines Q4 Loss Narrows to $931mn; Warns of Mounting Costs
American Airlines reported improving Q4 results on Thursday with revenues of $9.4bn, 17% lower vs. Q4 2019 but more than double Q4 2020 levels. Net loss for the quarter ended December came in at $931mn vs. $2.18bn in Q4 2020 and a profit of $414mn in Q4 2019. On an...
Future Retail Said to Miss Dollar Bond Coupon along with Local Debt Payment
India's Future Retail is said to miss payment on INR 35bn ($471mn) of past-due debt before the grace period expires, along with a $14mn dollar bond coupon, as per sources. The rupee denominated debt payment was missed on December 31, 2021 triggering a 30-day grace...
ESR Completes ARA Asset Management Takeover
ESR Cayman completed its 100% acquisition of ARA Asset Management for $5.2bn, less than three months after its shareholders approved the deal. Following the acquisition, ESR is now the world’s third-largest listed real estate investment manager with gross AUM of...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped again with the S&P and Nasdaq down 1% and 1.2%. The latter is down 10% from its November 2021 high. Most sectors were in the red with Consumer Discretionary, Financials and IT down 1.4-1.8%. US 10Y Treasury yields eased 3bp to 1.85%....
China Property Bonds Rally on Talks of Easing Rules to Allow Use Escrow Funds
Dollar bonds of Chinese property developers rallied on Wednesday after Reuters reported "China is drafting nationwide rules to make it easier for property developers to access pre-sale funds held in escrow accounts", citing four sources. Chinese developers are...
Aoyuan Signals Default, Will Not Pay Dollar Bonds
China Aoyuan said that it will not make payments on four dollar bonds, triggering a cross-default on all other offshore debt of the company, in a filing with the HKEX late on Wednesday. Aoyuan said that the decision to not pay was on account of "careful consideration...
BofA and Morgan Stanley Report Earnings Beat
Bank of America (BofA) reported Q4 2021 earnings that topped estimates. EPS came at $0.82 vs. $0.76 forecasted with net profits of $7bn, up 28% YoY. Revenues rose 10% YoY to $22.17bn. BofA released $851mn in reserves with provision for credit losses improving by...
United Beats on Q4 Earnings; Warns of Higher Costs in Q1
American carrier United Airlines reported stronger than expected earnings for Q4 ended December with revenues coming in at $8.19bn, above estimates of $7.96bn but 25% below Q4 2019 levels. Net loss for the airline narrowed to $646mn vs. a loss of $1.9bn in Q4 2020 and...
HY Index on the Verge of its Biggest Monthly Fall Since the Pandemic
The Bloomberg US Corporate HY Bond Index is already down 1.23% this month, its largest monthly fall since March 2020 when the pandemic began. At the current fall, this would see the index headed for its worst January performance in six years with US Treasury yields...
FWD Raises $200mn via pre-IPO Funding
Hong Kong insurer FWD raised $200mn in funding ahead of its planned Hong Kong IPO, as per two sources. The sources said that the funds were raised via a private placement with ORIX Corp and Huatai Securities Co. being two new investors. FWD has now raised $1.6bn in...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped sharply after the long weekend with the S&P and Nasdaq down 1.8% and 2.6% on Tuesday. Barring Energy that was up 0.4%, all other sectors were in the red led by IT and Financials down 2.3-2.5%. US 10Y Treasury yields rose a further 4bp to...
Goldman Misses Earnings Estimates with Higher Expenses
Goldman Sachs reported its Q4 2021 earnings with mixed results - EPS came at $10.81/share, missing the $11.76 estimate with earnings of $3.94bn, down 13% YoY. Revenues however climbed 8% YoY to $12.6bn vs. estimates of $12.1bn. Its operating expenses jumped 23% due to...
Ford Sees $8.2bn Gain from Rivian Investment
Ford Motors gave a guidance for its Q4 results saying that it includes an $8.2bn gain on its investment in Rivian Automotive Inc., an American electric vehicle automaker and automotive technology company. Rivian debuted in public markets with a $12bn IPO in 2021 and a...
Agile Downgraded by Moody’s to B1; DaFa Flags Warns of Non-Payment on Dollar Bond
Moody's cut Chinese property developer Agile's corporate family rating to B1 from Ba2 and its senior unsecured rating to B2 from Ba3. This comes just a day after S&P downgraded Agile to B+ from BB-. Similar to most of the recent rating actions on Chinese...
UniCredit to Cut APAC Banking Services Presence
UniCredit said that it would stop basic banking services to APAC units of its European clients in an effort to streamline its international presence and operations besides cutting costs. It would close down its Tokyo, Shanghai and Singapore branches and only maintain...
Olam Launches Consent Solicitation and Exchange Offer
Olam International launched a consent solicitation and exchange offer regarding its SGD and USD denominated bonds following the completion of a corporate reorganization. The bonds in question are the following: (i) $300mn 4.375% bonds due 2023 (ii) S$500mn 6% bonds...
About Us
BondEvalue is a Singapore-based fintech that specializes in bond market technology. The company operates the BondbloX Bond Exchange (BBX), the world’s first fractional bond exchange. Regulated as a Recognised Market Operator by the Monetary Authority of Singapore, BBX transforms the bond market globally by enabling investors to conduct electronic bond trading of fractional bonds (“BondbloX”) via partner banks and brokers.
BondEvalue also runs a global information services business that provides bond market news and data to bond investors.
Our vision is to have over 25 million people in Asia invest in bonds in the next five years. This is no small ambition but we are hopeful as we have seen millions of people going online for their everyday transactions in the past six months of the pandemic.
Rahul Banerjee – Founder & CEO