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May 2023: Bond Rally Stalls With 79% of Dollar Bonds in the Red
The month of May saw a reversal in fortunes for bond markets after a cheerful first quarter and its extended run in April. 79% of dollar bonds in our universe ended May in the red (ex-coupon) as compared to 81% that ended April in the green. Of this, Investment Grade...
Fed Speakers Hint at Rate Pause in June; Macro; Rating Changes; New Issues; Talking Heads
US Treasury yields were marginally lower by 2-3bp across the curve. Fed Governor and Vice-Chair Philip Jefferson hinted that the Fed may skip a rate hike at the June meeting and his remarks were also echoed by Philadelphia Fed President Patrick Harker (scroll below to...
Vedanta Repays May and June Debts; Secures $200mn Loan from Trafigura
Vedanta Resources has repaid all its bonds and loans due in May and June. it redeemed its $500m 7.125% dollar bonds that matured yesterday. Besides, on May 23, it also repaid its $800m of loan facilities taken in April to StanChart. Separately, Vedanta is also said to...
Tata Motors Launches Tender Offer to Buy Back Up to Half of its $250mn 5.75% 2024s
Tata Motors launched a tender offer to buy back a maximum of $125mn of its outstanding $250mn 5.75% 2024s at a price of 100.5. The notes are currently trading at 99.25, yielding 6.31% and thus the buyback price is at a slight premium to its market price. It said that...
BCT’s Offshore Bonds Rally As World Bank Moves to Restore Tunisia Aid Program
Dollar and Euro denominated bonds of the Central Bank of Tunisia (BCT) rallied by 2-4% across the curve. This comes after the World Bank and the Tunisian government agreed on a new partnership framework which will go up to the multilateral lender's board for approval....
Dalian Wanda Downgraded to BB- by Fitch
Dalian Wanda Commercial Management Group was downgraded to BB- from BB+ by Fitch. Similarly, Wanda Commercial Properties (Hong Kong) saw its senior unsecured rating and dollar bonds' issue ratings cut to B+ from BB. Looming uncertainty over the completion of their...
Hong Kong Launches $ Green Deal; Macro; Rating Changes; New Issues; Gainers and Losers
2Y and 5Y Treasury yields fell 11-13bp at close of the first US trading session this week, reacting to positive news on the debt ceiling limit that came during the long weekend. The US House Rules Committee, which controls the floor debate, voted 7-6 to advance the...
Turkey’s Dollar Bonds Rally On Erdogan’s Free Gas Pledge and Cabinet Hopefuls
Turkey's dollar bonds rallied by 1.0-1.5 points across the curve following two headlines that seem to have caught the market's attention. First, the nation's official statistics office TurkStat noted that Turkey could post its first negative MoM inflation print in...
Vedanta Receives $250mn Loan from Glencore
In a positive surprise, Vedanta Resources received a $250mn loan from natural resources major Glencore International. As part of the transaction, a 4.4% stake in Vedanta Resources' listed Indian subsidiary Vedanta Ltd was pledged. Vedanta Resources will use the loan's...
