Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended higher on Thursday with the S&P and Nasdaq up 0.2% each. Sectoral gains were led by Energy, up 2.5% and IT gaining 0.5%. US 10Y Treasury yields were 3bp higher at 2.90%. European markets were in the green – DAX, CAC and FTSE rose 0.5%, 0.5%...
Turkey Cuts Interest Rates by 100bp to 13% Despite 80% Inflation
Turkey cut its benchmark interest rate by 100bp to 13% yesterday, despite annual inflation at levels of near 80%. Most analysts expected a status-quo at the rate-setting meeting and thus were taken by surprise. The Turkish central bank said that it expects the...
Egypt’s Long-dated Dollar Bonds Rise Over 4% Following Status-Quo at Policy Meeting
Longer-dated dollar bonds of Egypt rose by over 4% yesterday, just a day after their central bank governor Tarek Amer resigned. He resigned one-day prior to Egypt's interest rate setting meeting where most economists expected the third rate hike of 2022 to combat...
Sino-Ocean Downgraded to BB+ from BBB-
Fitch has downgraded Chinese real estate company Sino-Ocean from BBB- to BB+. The rating agency expects the company's leverage, measured by net debt/net property assets, to remain above 50% for the next two years. The Chinese property sector is under heavy financial...
Country Garden Warns of 70% Drop in Profits
Chinese property developer Country Garden (COGARD) said that it expects a 70% net profit dip to RMB 4.5-5.0bn ($660-740mn) in 1H 2022. Last year, the company posted a profit of RMB 15.2bn ($2.2bn) in 1H 2021. A tough business environment, financial stress in the real...
DP World Posts Record Profits
Dubai’s DP World reported net profits of $884mn, a 51% YoY jump in 1H 2022 on stronger revenue growth and focus on high-margin cargo. Revenues grew 60% YoY to $7.9bn on the back of acquisitions and strong performance of feedering services (transshipment of goods from...
Unifin Downgraded to RD by Fitch
Unifin Financiera was downgraded to RD from C by Fitch due to its uncured payment defaults on some of its credit facilities. As Unifin has not filed for bankruptcy or entered liquidation or any other formal winding-up process, the RD rating was considered appropriate...
Sri Lanka To Default on Dollar Bonds. Track Sri Lanka Bonds & News
Sri Lanka has announced suspension of payments on its $51bn external debt calling it a "last resort" emergency measure, pending restructuring. Market participants consider the move as tantamount to default. Its creditors, including foreign governments, are free to...
Russia-Ukraine Crisis: Impact on Bonds & CDS Spreads
Timeline and Latest Updates August 18, 2022: European banks have restarted the trading of Russian bonds by their clients after the US Treasury's nod in July for investors to wind down positions. The US Treasury’s Office of Foreign Assets Control (OFAC) opened a...
