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Biden-McCarthy Reach Debt Ceiling Deal; Macro; Rating Changes; New Issues; Talking Heads
US Treasury yields were mixed, with the 2Y and 5Y up 3-4bp while back-end yields were 1-3bp lower. US President Joe Biden and House Speaker Kevin McCarthy have reached a tentative deal to raise the debt limit for two years and avert a US debt default. Biden and...
The Week That Was (22 – 28 May, 2023)
With a massive change in market expectations of a rate hike amid continued growth and sticky inflation, treasury yields have soared. The 2Y yield was up by over 26bp last week and almost 53bp higher MTD. 10Y yields were up 10bp last week with the MTD rise at 37bp. US...
Erdogan Wins the Election in Turkey To Continue Presidential Tenure
Turkey's second round run-off elections concluded with Erdogan retaining his presidency by winning another 5Y term with more than 52% of the votes. Erdogan defeated his opposition challenger Kemal Kilicdaroglu who promised a return to orthodox, market-friendly...
R&F Properties Aiming to Benefit From Overseas Property Markets to Help Cashflows
R&F Properties is said to be trying to capitalize on the positive sentiment in overseas markets where some of its projects are located. The developer is marketing its projects in London, Australia, Malaysia and Cambodia in an effort to take advantage of buoyant...
Sino-Ocean to Amend Terms of Dollar Bonds Due June 2023
Sino-Ocean has launched a consent solicitation to extend the maturity and amend certain terms of its 6.25% dollar bonds due June 2023. The distressed developer has asked bondholders to agree to extend the maturity to 22 June 2029 from the current 22 June 2023. Also,...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields jumped across the board led by the 2Y and 5Y up the most, by 11-12bp. Robust labor market was seen to strengthen the case for a 25bp rate hike at the upcoming FOMC meeting in June. Initial jobless claims rose by 4k to 229k, well below the expected...
BCT’s Dollar Bonds Rally on Minister Saying No Plan to Curb Central Bank Independence
Dollar bonds of the Central Bank of Tunisia (BCT) rallied by over 2.5% across the curve after its Economy and Planning Minister Samir Saied said, "The independence of the central bank will remain respected as it is without any modifications". This comes after...
Unigel’s Bonds Tumble After 82% EBITDA Fall Triggers Covenant Breach Concerns
Unigel's 8.75% dollar bond due 2026 has dropped to distressed levels over the past week. The bond was trading at 91 cents on the dollar in mid-May and is currently at 49.5. Unigel is Brazil’s largest nitrogen fertilizer producer and witnessed an 82% EBITDA drop in 1Q...
HSBC Considering Exiting 12 Countries to Focus on Asia: Sources
HSBC is said to have put 12 countries on its watchlist to consider a possible exit from them. This follows its planned sales of all or part of its businesses in France, Greece, Russia and Canada thus far. HSBC makes about 78% of its profits from its Asian business and...
