The Evergrande Saga – In Timelines & Charts
China Evergrande has been making the headlines globally as concerns over its financial position grow, with tremors being felt across financial markets all over the world. The company is the most indebted property developer in the world and has liabilities/debt of over...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Wall Street ended higher again as the S&P and Nasdaq closed 1.2% and 1% higher with clear signs of a risk-on sentiment. US 10Y Treasury sold-off with yields rising sharply by 12bp to 1.43%. Energy led the sectoral gains, up 3.4% followed by Financials,...
Evergrande Asked by China to Avoid Near-term Default; No Update on Dollar Bond Coupon
Beijing regulators have issued instructions to Evergrande telling the developer to focus on completing unfinished properties, repaying individual investors and avoiding a near-term default on dollar bonds as per Bloomberg sources. They are said to have told Evergrande...
Fantasia’s Dollar Bonds Continue to Slide
Dollar bonds of Evergrande's peer fell again with some bonds of Fantasia down over 10% and those of Greenland Holdings' fell about 2-4% as concerns grow over Chinese developers' financial position.
Turkish Central Bank Surprises with Rate Cut by 100bp; Dollar Bonds Fall, Lira at Record Low
The Turkish central bank in a surprise move cut interest rates by 100bp to 18% on Thursday against widely expected forecasts of maintaining rates at 19%. The Turkish lira fell 1.5% following the rate cut to 8.8 lira to the dollar. Its dollar bonds were not spared,...
Deutsche Bank Upgraded to BBB+ by Fitch
Fitch upgraded Deutsche Bank to BBB+ from BBB with a positive outlook reflecting "good progress and increasingly manageable challenges arising from the restructuring initiated in 2019". They see higher chances of a successful execution of the last phase of the bank's...
Sinic Downgraded by Three Notches to Caa2 by Moody’s
Sinic Holdings was downgraded to three notches to Caa2 from B2 by Moody's and is on review for further downgrade. "The downgrade reflects Sinic's materially weakening liquidity profile given its rapidly deteriorated funding access and maturing offshore debt over the...
Trafigura Announces Results of Tender Offer
Trafigura announced that it will accept purchasing validly tendered securities under its tender offer launched on September 13, 2021 for its $800mn 6.875% Perp. Trafigura will purchase the securities in for cash to the tune of $320.821mn in principal. The maximum...
Argentina Taps Complex Ways to Cover Fiscal Expenses
Argentina is raising money through currency conversions, bond sales, debt paydowns and new borrowings in a move to cover fiscal expenses following the IMF’s decision to grant the country $4.3bn of special drawing rights (SDRs). The moves by President Alberto...
