August 2021: 47% of Dollar Bonds End Higher; HY Outperforms IG; Issuance Vol Drops
August was a mixed bag for bond investors with 47% of dollar bonds in our universe delivering a positive price return ex-coupon and 53% of the bonds ending the month in the red. This comes after June and July saw 54% and 52% of dollar bonds trading up in the months,...
Bharti Airtel Announces $2.86bn Rights Issue to Strengthen Its Balance Sheet
Indian telecom major Bharti Airtel announced plans to raise up to INR 210bn ($2.86bn) via a rights issue (Term of the day, explained below) in a bid to boost cash reserves to pay statutory dues, expand its network and prepare for the 5G auctions, as per ET. Fitch...
The Week That Was
US primary market issuances dropped to $20.9bn vs. $32.4bn in the week prior. IG issuances fell to $15.2bn vs. $24.7bn in the prior week and HY issuances were also lower to $5.4bn vs. $7.3bn in the prior week. The IG space was led by VMware’s $3bn dual-trancher,...
Road King Sells 70% of Flats on Offer in Third Bumper Sales Weekend
Hong Kong based real estate developer Road King Infrastructure (RKI) is set to have its third consecutive weekend of bumper sales, having sold over 70% of the units on offer this past weekend. RKI, rated Ba3/BB-, sold 120 units out of the 168 units on offer at its...
