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Bond Market Blog
eHi, Wipro, Gajah Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US markets pulled back slightly a day after reaching record level with the FOMC meeting got underway. S&P and NASDAQ were down 0.2% and 0.7% respectively. Tech weighed down on the indices, down 0.6% while Energy was up 2.1% providing support. Tesla was down 3%...
Evergrande Bonds Inch Lower On Reports of Cutting Stake in Shengjing Bank
Caixin’s WeNews reported that the local government of Liaoning province is discussing diluting Evergrande’s stake in Shengjiang Bank. Evergrande and Shengjing Bank did not comment on the news. Evergrande is the lender’s largest shareholder and Shengjing Bank holds a...
Fantasia’s Dollar Bonds Weaken
Another Chinese developer Fantasia saw its dollar bonds fall by over 2.5% on Tuesday and continue to move lower this morning. While the reason for the fall is not clear, Bloomberg Intelligence says that the fall may be triggered by weakness in Evergrande. Fantasia...
UOB Raises S$600mn Via PerpNC7 AT1 At 2.55%
Singapore-based lender UOB raised S$600mn via a PerpNC7 AT1 bond at a yield of 2.55%, 30bp inside initial guidance of 2.85% area. The bonds have expected ratings of Baa1/BBB-/BBB+. If not called, the coupon resets at the end of the seventh year, June 22, 2028 to the...
Mapletree Industrial Trust Raises S$310mn Via Preferential Offering
Singapore based Mapletree Industrial Trust (MIT) raised S$310.4mn ($234mn) via a non-renounceable preferential offering. About 117.6mn new units were issued at S$2.64/unit. In addition to raising S$512.9mn ($385mn) from a private placement last month, combined gross...
Transocean Planning to Raise $400mn via Share Sale to Repay Debt
Transocean, an offshore drilling services provider, plans to sell new shares to reduce its debt and raise additional cash. Its shares have gained 75% to $4/share due to the meme-stock frenzy and oil prices rising 40% since last October. According to a filing on...
Royal Caribbean Raises $650mn in Junk Bonds
Cruise operator Royal Caribbean Group raised $650mn via 5Y bonds at a yield of 4.25%, unchanged from initial guidance. The bonds have been rated B by S&P. Proceeds of the deal will be used to fund the redemption of its ~$620mn 7.25% 2025s issued by Silversea...
Emirates Airlines Posts Loss of $5.5bn; First Annual Loss in 30 Years
Emirates Group came out with its earnings for FY2021 ended March 31 on Tuesday in which it reported its first annual loss in over 30 years caused due to the drop in passenger traffic as a fallout of the pandemic. The group incurred a loss of AED 22.1bn ($6.0bn) vs. a...
ONGC to Raise $525mn To Redeem Bonds Next Month
ONGC Videsh, the international subsidiary of the Indian natural gas and oil corporation ONGC, is planning to raise $525mn in foreign currency loans from domestic and international lenders to repay bonds maturing next month, according to sources. They also claimed ONGC...
EU Blocks Big Banks From Syndicating Its Bond Sale
The European Union has blocked 10 big banks from participating in the €20bn ($24.25bn) bond sale due to past transgression in the EU's antitrust rules. The temporary blockage of banks which include JP Morgan Chase, Citibank, Bank of America, and Barclays would remain...
El Salvador’s Bonds Continue To Fall on Crypto-conversion
El Salvador’s small bitcoin transfers soared four-fold the past month compared to last year, however, the spread of the country’s bonds widened as concerns over the newly introduced law grow. Transfers of bitcoin from the United States to El Salvador still represent a...
DIB, Aoyuan, ANZ, Macquarie Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P closed higher by 0.2% while Nasdaq moved up 0.7% to continue making new highs. Tech once again traded higher, up 1% while Materials and Financials (down 1.3% and 1%) weighed down on the indices. Apple was up 2.5%, Facebook 1.7%, Amazon 1.1% and Alphabet and...
Adani Group’s Bonds and Stocks Drop on ET Reports of FPI Account Freeze
Adani Group’s bonds and stock fell on Monday after a report from the Economic Times (ET) said that the accounts of three foreign funds holding shares in its group companies were frozen by the National Securities Depository Ltd (NSDL). The three foreign funds in...
Turkey Hires for Dollar 5Y Sukuk; Signs $3.6bn Swap Deal with China
Turkey has hired bankers for a 5Y dollar Sukuk according to a document seen by Reuters. The banks hired are Dubai Islamic Bank, Emirates NBD Capital, HSBC and Standard Chartered. Separately, Turkish President Erdoğan said that Turkey's central bank agreed to increase...
DP World Considering Stake Sale of Jebel Ali Free-zone
DP World is contemplating allowing international investors an opportunity to buy into the Jebel Ali Free Zone (Jafza), one of the world’s largest free zones, to minimise its debt. According to sources, the state-owned logistics firm is working with advisors to sell a...
Banca Monte Bonds Plummet On Uncertainty Over Sale
Banca Monte dei Paschi di Sienna’s bonds tumbled 6-7% on Monday on uncertainty over finding a buyer for the world’s oldest bank. Reports last year suggested that UniCredit would acquire the bank but no details on any buyers have emerged yet. Some Italian newspapers...
Modernland Realty Gets Approval For Debt Restructuring
Distressed Indonesian property developer Modernland Realty got a nod from its bondholders for a restructuring according to Bloomberg. Under the restructuring deal, the property firm will replace its 10.75% 2021s and 6.95% 2024s with new bonds with maturities in 2025...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
Wall Street ended the week on another high. S&P expanded its gains to squeeze out another record on Friday as it closed 0.2% higher while Nasdaq also gained 0.4%. Strategists say that the inflation witnessed in the US over the past two months is transitionary....
US IG CDS Spreads Go Below 50bp, Lowest Since Feb 2020
US Investment Grade (IG) Credit Default Swap (CDS) spreads fell to its lowest since February 2020. CDS spreads are a broad measure of credit risk and for the investment grade universe in the US, these are measured by Markit’s CDX IG index. The CDX IG index fell below...
DIAL Downgraded to B1 by Moody’s
Delhi International Airport Ltd. (DIAL) was downgraded by Moody’s to B1 from Ba3. Moody's also downgraded DIAL's Baseline Credit Assessment (BCA) to b1 from ba3 and Cliffton Ltd.’s senior secured bond rating to B1 from Ba3. The outlook is negative. The rationale...