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Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields jumped across the board led by the 2Y and 5Y up the most, by 11-12bp. Robust labor market was seen to strengthen the case for a 25bp rate hike at the upcoming FOMC meeting in June. Initial jobless claims rose by 4k to 229k, well below the expected...
BCT’s Dollar Bonds Rally on Minister Saying No Plan to Curb Central Bank Independence
Dollar bonds of the Central Bank of Tunisia (BCT) rallied by over 2.5% across the curve after its Economy and Planning Minister Samir Saied said, "The independence of the central bank will remain respected as it is without any modifications". This comes after...
Unigel’s Bonds Tumble After 82% EBITDA Fall Triggers Covenant Breach Concerns
Unigel's 8.75% dollar bond due 2026 has dropped to distressed levels over the past week. The bond was trading at 91 cents on the dollar in mid-May and is currently at 49.5. Unigel is Brazil’s largest nitrogen fertilizer producer and witnessed an 82% EBITDA drop in 1Q...
HSBC Considering Exiting 12 Countries to Focus on Asia: Sources
HSBC is said to have put 12 countries on its watchlist to consider a possible exit from them. This follows its planned sales of all or part of its businesses in France, Greece, Russia and Canada thus far. HSBC makes about 78% of its profits from its Asian business and...
Lufthansa to Take 41% Stake in ITA Airways for €325mn
Lufthansa has secured a deal to take a 41% minority stake in Italian carrier ITA Airways for €325mn. Lufthansa CEO Carsten Spohr said, "Today's agreement will lead to a win-win situation for Italy, ITA Airways and Lufthansa Group... will invigorate competition in the...
Debt Ceiling Impasse Continues; Macro; Rating Changes; New Issues; Gainers and Losers
US Treasury yields jumped across the board led by the 2Y up the most, by 11bp. With a lack of clear progress in US debt ceiling talks, uncertainty on the ability to reach a deal within the June deadline has only increased. Short-dated T-Bills mainly maturing June 1...
Turkey Asked Banks to Buy Dollar Bonds to Limit Borrowing Costs: Sources
Turkey's central bank had reportedly asked its local banks to by the nation's dollar bonds across maturities to keep borrowing costs stable and also prevent a spike in its CDS, as per sources. Turkey’s 5Y CDS dropped as by 20bp to 669bp, the biggest drop since May 12,...
USA’s AAA Ratings Placed On Rating Watch Negative by Fitch
USA's sovereign rating of AAA has been placed on 'Rating Watch Negative' by Fitch. It said that the debt ceiling brinksmanship "signal downside risks to U.S. creditworthiness". While it expects a resolution to the debt limit before the x-date, risks continue to linger...
Vanke and Poly Lead Chinese Developers’ Share Sale Program Under 3 Arrows Plan
China Vanke, Poly Developments & Holdings and China Merchants Shekou Industrial Zone Holdings lead the Chinese property market for new A-share issuances under Beijing's 'three-arrows' plan. The three-arrows policy is an initiative by the government to provide...
