by Arundhati Behera | Mar 22, 2023 | Financial News
Tuesday saw a strong risk-on move across markets as risks associated with banks abated. US Treasury yields moved higher across the curve, led by the 2Y up 16bp to back over 4% at 4.14%. The 10Y rose 10bp to 3.59%. All eyes are now on the Fed, which meets later today...
by Arundhati Behera | Mar 22, 2023 | China, High Yield Bonds
Chinese real-estate developer Sino-Ocean saw its dollar bonds plunge late on Tuesday following news that it will defer a coupon payment, Bloomberg noted. The selloff was led by its 6.876% Perps, on which the company is said to have delayed a coupon payment that was...
by Arundhati Behera | Mar 22, 2023 | High Yield Bonds
Vedanta eased some of its liquidity woes as Hindustan Zinc, ~65% owned by Vedanta, announced another dividend, this time of INR 109.9bn ($1.3bn) on Tuesday. This will help the Anil Agarwal-led company address some of its upcoming debt obligations, most notably: $416mn...
by Arundhati Behera | Mar 22, 2023 | Financial Institution Bonds
AT1 perpetual bonds have been in focus following Credit Suisse’s write-down of over $17bn of its AT1 bonds. Investors and advisors are now looking at their own/clients’ existing bank bond holdings to check whether (a) the bonds are classified as AT1s, and (b) If they...
by Arundhati Behera | Mar 21, 2023 | Financial News
US Treasury yields inched higher late on Monday after a slight reversal in the risk-off sentiment. The 2Y yield rose 5bp to 3.98% (up 37bp from intraday lows) while the 10Y rose 3bp to 3.50%. The peak Fed funds rate climbed 2bp to 4.87% as markets continue to price in...
