NongHyup Bank Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets posted strong gains on Friday with the S&P and Nasdaq up 3% and 3.3%. Sectoral gains were led by Materials and Communication Services, which rose over 3.9% each. US 10Y Treasury yields were 6bp higher at 3.16%. European markets also ended higher...
The Week That Was (20th-26th June, 2022)
US primary market issuances rose to $10.4bn vs. $957mn in the week prior. IG issuances were at $10.4bn in contrast to no deals happening in the week prior while there were no HY issuances compared to $957mn the previous week. The IG space was led by NextEra Energy...
Russia-Ukraine Crisis: Impact on Bonds & CDS Spreads
Timeline and Latest Updates June 27, 2022: Russia defaulted on its offshore debt for the first time since 1918 as the grace period on $100mn of coupons on its dollar bonds expired. Russia's Finance Minister Anton Siluanov said, "Anyone can declare whatever they...
Reliance Said to be in Talks to Raise Up to $8bn for Boots
Indian conglomerate Reliance Industries Ltd (RIL) is said to be in talks with international banks to raise around $8bn to fund the acquisition of UK pharmacy & chemist chain Boots, as reported by Mint. These banks include Deutsche Bank AG, Barclays Bank Plc,...
Chinese Bank Consortium Lends Pakistan $2.3bn to Stave off FX Crisis
Chinese state banks have pledged $2.3bn to the State Bank of Pakistan to save the country from potentially defaulting on its outstanding international debt, amid declining confidence in its repayment ability. According to FT, the Chinese loan will help increase...
Sunac Set to Miss Instalment Payment on Extended Local Bond
In a statement on Friday evening, Sunac China came out saying that they might miss an RMB 400mn ($59.8mn) installment payment on its RMB 4bn ($598mn) onshore bond. It cited its inability to gather sufficient funds amid liquidity issues arising from China’s pandemic...
Carnival Forecasts Profits in Upcoming Quarter
Cruise operator Carnival Corp reported its Q2 earnings with revenues of $2.4bn, increasing by ~50% vs Q1, but below projections for $2.76bn. Its adjusted net loss was at $1.9bn vs. a net loss of $2.1bn during the same period last year. Q2 Occupancy was at 69%, vs. 54%...
IMF Approves $1bn Disbursement for Ecuador
IMF approved $1bn in immediate disbursements for Ecuador under its 27-month Extended Fund Facility (EFF) after concluding its fourth and fifth reviews last week. These funds will be used for budget support. For the past two weeks, protests by indigenous groups have...
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...
