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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries rallied across the curve again yesterday continuing the move post the Fed's dovish rate hike. With the peak Fed funds rate at 4.90% for the May meeting, markets are pricing in a status quo in May and June, and a 53% chance of a 25bp rate cut in July....
Vedanta Denies Rumors on Stake Sale; Indian Subsidiary Mulls Interim Dividend
Vedanta Ltd., the Indian subsidiary of Vedanta Resources quashed rumors about its stake sale saying it was "untrue and baseless". This comes after a report said that the company was pondering about a stake sale in Vedanta Ltd. as a last-resort option with a...
Commerzbank Upgraded to A- on Strong Bail-In Debt Buffer
Commerzbank was upgraded to A- from BBB+ by S&P due to its "substantial and sustainable buffer of bail-in-able debt instruments". S&P says this will provide additional protection to senior creditors in case of a resolution. Its additional loss-absorbing...
Casino Guichard’s Bonds Drop Post Downgrade to Caa1
Casino Guichard's bonds were down by over 4 points across the curve after its downgrade to Caa1 from B3 by Moody's. The downgrade came on the back of continued market share losses, a reduction in French retail margins in 2022 and weak liquidity. Moody's said that...
Egypt-World Bank Agree On $7bn 5-Year Partnership
Egypt and the World Bank have entered into a new $7bn partnership for 2023-2027 after the latter said it had approved the agreement. The focus is to boost private sector jobs, provide better health and education services, and adapt to climate change. Egypt has been...
Treasuries Rally Post 25bp Fed Hike; MapleTree Launches S$ 7Y Green Bond
US Treasuries saw a sharp rally across the curve following the Fed's decision to hike rates by 25bp to a target range of 475-500bp, alongside a dovish dot plot. The US 2Y yield fell over 25bp and the 10Y yield was down 14bp, with the entire curve back below 4%. In...
UBS to Buyback €2.75bn of Bonds Issued Pre-CS Deal; Seeks Termination of CSFB Deal
UBS came out with an offer to buyback €2.75bn ($3bn) of its bonds that were issued prior to its acquisition of Credit Suisse in an effort to allay fears over the risks of the deal. It made the offer for holders to tender the notes for cash at their respective re-offer...
Evergrande Unveils Offshore Debt Restructuring Details
China Evergrande has unveiled details of its offshore debt restructuring. As part of the process, it provided two options for creditors to choose from: Option 1: Replace existing debt with new bonds and extend the maturity by 10-12 years Option 2: (a) Replace existing...
Huarong Dollar Bonds Slip on Moody’s Review for Downgrade
Dollar bonds of China Huarong AMC fell by ~1 point after Moody's placed its Baa2 ratings under review for downgrade. This comes after the company warned of a loss of RMB 27.6bn ($4bn) for 2022 citing erosion in fair values of some of its equity assets and credit...
