by Amruth Sundarkumar | Jun 1, 2023 | China, Distressed / Defaulted Bonds
Dalian Wanda Commercial Management Group was downgraded to BB- from BB+ by Fitch. Similarly, Wanda Commercial Properties (Hong Kong) saw its senior unsecured rating and dollar bonds’ issue ratings cut to B+ from BB. Looming uncertainty over the completion of...
by Amruth Sundarkumar | May 31, 2023 | Credit Ratings, Macroeconomic news
2Y and 5Y Treasury yields fell 11-13bp at close of the first US trading session this week, reacting to positive news on the debt ceiling limit that came during the long weekend. The US House Rules Committee, which controls the floor debate, voted 7-6 to advance the...
by Amruth Sundarkumar | May 31, 2023 | Sovereign Bonds, Sovereigns
Turkey’s dollar bonds rallied by 1.0-1.5 points across the curve following two headlines that seem to have caught the market’s attention. First, the nation’s official statistics office TurkStat noted that Turkey could post its first negative MoM...
by Amruth Sundarkumar | May 31, 2023 | High Yield Bonds, India
In a positive surprise, Vedanta Resources received a $250mn loan from natural resources major Glencore International. As part of the transaction, a 4.4% stake in Vedanta Resources’ listed Indian subsidiary Vedanta Ltd was pledged. Vedanta Resources will use the...
by Amruth Sundarkumar | May 31, 2023 | China, Investment Grade Bonds
Dollar bonds of Chinese developers Longfor and Country Garden rallied by over 3-5% yesterday. While there was no specific news to attribute to the rally, their bonds have been trending higher over the last week. Besides, GLP China, an IG rated (BBB-) Chinese logistics...
