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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were largely flat yesterday across the curve and the peak fed funds rate moved 3bp higher to 4.96% for the May meeting. CME maximum probabilities are now slightly skewed towards a 52% probability of a 25bp rate hike in May vs. a 40% chance a day...
Fitch Warns of Possible Contagion Risks For Two Out of Eight Rated Adani Entities
Rating agency Fitch warned of governance weaknesses at the sponsor level of Adani group companies whereby its unrestricted entities like Adani Transmission (rated BBB-) and Adani Ports and SEZ (rated BBB-) are exposed to higher "contagion risks" despite stable...
Muthoot Launches Tender Offer for 4.4% 2023s
Muthoot Finance has announced a tender offer to purchase up to $225mn of its $550m 4.4% bonds due September 2023. The bonds were issued in March 2020 and are rated BB/BB+. Bondholders who tender their notes before the early deadline of April 10 will receive $1,000 per...
Ecuador’s Dollar Bonds Down Over 1 Point on Fears of Ousting President
Ecuador's dollar bonds were lower by more than 1 point across the curve on fears that President Guillermo Lasso may face an impeachment trial. Lasso is considered a market-friendly leader and analysts say that a new left-leaning administration is likely to cause a...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were largely flat yesterday across the curve and the peak fed funds rate was unchanged for the May meeting. CME probabilities are showing a 41% probability of a 25bp rate cut in September with a status quo expected in the May, June and July...
Sino-Ocean’s Bonds Rally on Payment of Deferred Perp’s Coupon
Dollar bonds of Sino-Ocean rallied across the curve after the developer told Bloomberg that it repaid its USD 6.876% Perp's coupon payment that it had chosen to defer on March 21. It said that the company values creditors’ opinions and the coupon amount was small,...
Adani Said to Have Approached Pimco, BlackRock, Blackstone for $1bn Private Bond Placement
Adani Group is said to have reached out to major asset managers Pimco, BlackRock and Blackstone for a potential $1bn two-tranche private placement of bonds, as per sources. They said that it was part of Adani Group's global roadshows that in US cities like New York,...
Netflix Upgraded to IG Status of Baa3
Netflix was upgraded to Baa3 from Ba1 by Moody's into investment grade territory on expectations that it will stay as the leading direct-to-consumer subscription-video-on-demand (SVOD) single Tier-1 platform in the world. This is despite an increasingly competitive...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields moved higher yesterday with the 2Y yield jumping up by 14bp. The peak fed funds rate was only 1bp lower to 4.93% for the May meeting. Markets are trying to reassess when the Fed's first rate cut would be this year. While CME maximum probabilities...
