by bondevalue | May 28, 2021 | China, Credit Ratings, High Yield Bonds
China’s largest car rental provider, CAR Inc, has been upgraded to B3 from Caa1 with a stable outlook by Moody’s based on its operational efficiency and access to funding. The ongoing pandemic negatively affected the auto mobility providers’ 2020...
by bondevalue | May 28, 2021 | Credit Ratings, Macroeconomic news
S&P closed marginally higher by 0.1% while Nasdaq ended flat. Tesla continued rising with another gain of 1.9% while Boeing was also up 3.9%. Amazon, Apple and Nvidia pulled down the index, down 1.1%, 1.2% and 1.4% respectively. The US 10Y Treasury yields rose to...
by bondevalue | May 28, 2021 | China, High Yield Bonds
China Evergrande’s bonds fell on Caixin Media’s WeNews reporting that the China Banking and Insurance Regulatory Commission (CBIRC) is examining more than CNY 100bn ($15.7bn) of transactions between the developer and Shengjing Bank Co. WeNews notes that...
by bondevalue | May 28, 2021 | Corporates, Perpetual Bonds
New World Development (NWD) raised $1.2bn via a Perpetual non-call 7Y (PerpNC7) at a yield of 4.125%, 37.5bp inside initial guidance of 4.5% area. The bonds were unrated and received orders over $3.3bn, 2.75x issue size. NWD doubled the issue size from their initial...
by bondevalue | May 28, 2021 | Banks
HSBC exited its mass market US retail banking business to focus on using capital towards their ‘international wealth clients’ across Asia. The bank will exit 90 of their 148 branches, retain a network of 20-25 branches that will be transformed into international...
