by Amruth Sundarkumar | May 26, 2023 | Credit Ratings, Macroeconomic news
US Treasury yields jumped across the board led by the 2Y and 5Y up the most, by 11-12bp. Robust labor market was seen to strengthen the case for a 25bp rate hike at the upcoming FOMC meeting in June. Initial jobless claims rose by 4k to 229k, well below the expected...
by Amruth Sundarkumar | May 26, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of the Central Bank of Tunisia (BCT) rallied by over 2.5% across the curve after its Economy and Planning Minister Samir Saied said, “The independence of the central bank will remain respected as it is without any modifications”. This comes...
by Amruth Sundarkumar | May 26, 2023 | High Yield Bonds
Unigel’s 8.75% dollar bond due 2026 has dropped to distressed levels over the past week. The bond was trading at 91 cents on the dollar in mid-May and is currently at 49.5. Unigel is Brazil’s largest nitrogen fertilizer producer and witnessed an 82% EBITDA drop...
by Amruth Sundarkumar | May 26, 2023 | Banks
HSBC is said to have put 12 countries on its watchlist to consider a possible exit from them. This follows its planned sales of all or part of its businesses in France, Greece, Russia and Canada thus far. HSBC makes about 78% of its profits from its Asian business and...
by Amruth Sundarkumar | May 26, 2023 | Corporates, Investment Grade Bonds
Lufthansa has secured a deal to take a 41% minority stake in Italian carrier ITA Airways for €325mn. Lufthansa CEO Carsten Spohr said, “Today’s agreement will lead to a win-win situation for Italy, ITA Airways and Lufthansa Group… will invigorate...
