by Amruth Sundarkumar | May 3, 2023 | China, Distressed / Defaulted Bonds
KWG’s dollar bonds plummeted after the developer defaulted on its RMB 212mn ($31mn) bond principal payment that was due on Friday. The default has now led to RMB 31.2bn ($4.5bn) of its debt accelerated to be repayable on demand. KWG said it will seek agreements...
by Amruth Sundarkumar | May 3, 2023 | High Yield Bonds, India
Vedanta’s stipulated time limit to sell its international zinc asset to Hindustan Zinc Ltd (HZL) has lapsed as the company did not obtain shareholders’ approval, said two sources. Government representatives on HZL’s board had opposed the $2.98bn cash...
by Amruth Sundarkumar | May 3, 2023 | High Yield Bonds
Community Health Systems (CHS) saw its bonds across the curve drop by over 2-5 points after the company missed expectations in 1Q 2023, casting doubts on the rest of 2023. The hospital chain reported a $51mn loss or vs. a $1mn loss during the same period last year....
by Amruth Sundarkumar | May 2, 2023 | High Yield Bonds, Insights, Investment Grade Bonds
The month of April was yet another positive one for bond markets as 81% of the dollar bonds in our universe ended in the green (ex-coupon). 89% of all Investment Grade (IG) dollar bonds in our universe ended April in the green, outperforming the High Yield (HY)...
by Amruth Sundarkumar | May 2, 2023 | Credit Ratings, Macroeconomic news
US Treasury yields were slightly higher across the curve with the US 2Y Treasury yield up 4bp to 4.13%. In just just over a month after SVB’s collapse and the impact on the banking system, JPMorgan agreed to acquire First Republic Bank (FRB) in an FDIC-led deal....
