by Amruth Sundarkumar | May 31, 2023 | Sovereign Bonds, Sovereigns
Kenya received approval for a $1bn loan from the World Bank amid concerns about its external debt repayment ability. Kenya has a dollar bond maturity payment of $2bn due in 2024 with forex reserves declining steadily to $6.3bn. The nation has been delaying payment of...
by Amruth Sundarkumar | May 30, 2023 | Credit Ratings, Macroeconomic news
US Treasury yields were near flat as US markets were closed yesterday due to the Memorial Day holiday. Overall, US government default fears have receded following the weekend debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy....
by Amruth Sundarkumar | May 30, 2023 | Corporates, Perpetual Bonds
SoftBank Group has decided to call back its outstanding $2bn 6% Perp on its first call date of July 19. The bond is currently trading at 99.5, yielding 9.4% to call. SoftBank had recently issued JPY 222bn ($1.6bn) of local bonds and at the time, it said that part of...
by Amruth Sundarkumar | May 30, 2023 | China, Distressed / Defaulted Bonds
Dalian Wanda’s dollar bonds rallied across the curve with its 6.875% 2023s soaring by over 10 points to 86.3 cents on the dollar. This comes after the company said that its creditors did not demand early repayment of its loans after a failed IPO of its unit...
by Amruth Sundarkumar | May 30, 2023 | Credit Ratings, High Yield Bonds, India
Azure Power Global’s two group companies were downgraded by Moody’s. Azure Power Energy’s (APE) senior unsecured ratings were downgraded to B1 from Ba3 and Azure Power Solar Energy’s (APSE) senior unsecured ratings were cut to Ba3 from Ba2....
