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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Thursday was a spike in the long-end of the US Treasury curve, leading to a 15bp bear steepening in the 2s10s. 10Y yields jumped 15bp to 3.71% and the 30Y was up 12bp to 3.65% while the 2Y was flat. This comes after the 2s10s curve bear flattened by 16bp in the...
Turkey Announces Surprise 100bp Rate Cuts
Turkey's central bank, the CBRT cut its policy rate by 100bp, to 12% from 13%. This was its second consecutive surprise move after its 100bp August rate cut. Bloomberg notes that yesterday's rate cut size was only anticipated by 5 of 22 analysts surveyed. The lira hit...
Credit Suisse Plans to Raise More Capital and Plans Splitting IB Business: Sources
Credit Suisse is planning to raise fresh capital from investors, approaching them for the fourth time in roughly seven years, as per Reuters sources. Details on how much would be raised were not available yet. The sources noted that several scenarios were under...
NatWest Senior Unsecured Ratings Upgraded to A3
UK-based lender NatWest Group’s senior unsecured bond ratings were upgraded to A3 from Baa1 with a stable outlook by Moody’s. The rating agency expects NatWest Group's profitability to improve in the next two years from a low base, with higher revenues despite...
China Money Pours Into Offshore Debt via Southbound Connect
Chinese investors are buying of offshore bonds in recent months, as global yields have risen while the yuan has weakened, Bloomberg reported. Offshore debt holding via the Southbound Bond Connect trading link between mainland China and Hong Kong has tripled in three...
Russia-Ukraine Crisis: Impact on Bonds & CDS Spreads
Timeline and Latest Updates September 23, 2022: Russia’s state-owned gas producer Gazprom raised its 2022 investment program by RUB 222bn ($3.6bn) to RUB 2tn ($33.4bn). Capital expenditures increased by RUB 319.1bn ($5.2bn) to RUB 1.75tn ($28bn) due to additional...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The US Federal Reserve hiked its benchmark interest rate by 75bp, with the Fed Funds target range now at 3.00-3.25%. While the rate hike was in-line with market expectations, the new dot plot indicate a more hawkish stance compared to the previous dot plot as of 15...
FOMC Hikes Rates by 75bp, New Dots Suggest End-2022 Rates at 4.4%
FOMC Statement and Summary of Economic Projections (SEP) details: Hiked its benchmark interest rate by 75bp with the fed funds target range now at 3.00-3.25% Recent indicators point to modest growth in spending and production End-2022 median dots now at 4.4% vs. 3.4%...
CFLD’s Restructuring Plan Faces Creditors’ Opposition
China Fortune Land Development's (CFLD) debt restructuring plan for its offshore bonds has been met with resistance from its creditors. Advisers of an ad-hoc bondholder group of CFLD's dollar bonds have planned a conference call for all creditors later today where...
