by Amruth Sundarkumar | Jun 17, 2021 | Financial News
US markets fell after the Fed revealed that it expects interest rates to rise earlier than expected (details below). S&P and Nasdaq were down 0.5% and 0.2% respectively. All sectors with the exception of Consumer Discretionary were in the red. Materials, Consumer...
by Amruth Sundarkumar | Jun 17, 2021 | U.S. Federal Reserve Bank
The FOMC took a hawkish tilt in Wednesday’s monetary policy meeting. The Fed brought forward its path of interest rate hikes. The latest dot plot (Term of the day, explained below) saw the median signaling at least two rate hikes in 2023, as compared to its March...
by Amruth Sundarkumar | Jun 17, 2021 | China, Investment Grade Bonds
Caixin Media’s WeNews states that China Huarong has begun disposing seven units, of which one operates in non-performing asset trading and one is a local asset-management company, with a combined CNY 700bn ($109bn) in assets as part of a restructuring. Caixin reports...
by Amruth Sundarkumar | Jun 17, 2021 | China, Distressed / Defaulted Bonds
Bloomberg reported that developer Shenzhen Parkland acquired 100% of China Fortune Land’s (CFLD) Shenzhen unit, which had a registered capital of CNY 100mn ($16mn). CFLD recently revealed overdue debt of $10bn, 3x that of their reported March numbers....
by Amruth Sundarkumar | Jun 17, 2021 | High Yield Bonds, Hong Kong
Hong Kong based Insurance company FWD Group is looking to amend terms of its offshore bonds after its holding company, PCGI Intermediate Holdings (PCGIIH) owned by Richard Li announced a proposed Initial Public Offering (IPO) at the US Securities and Exchange...
