by Amruth Sundarkumar | Jun 6, 2023 | High Yield Bonds, India
Adani Group reported some of its financials in a credit note to help boost market confidence. The Gautam Adani-led conglomerate said that the group’s net debt-to-EBITDA improved to 3.27x at end-March vs. 3.81x a year ago. This comes as part of its deleveraging...
by Amruth Sundarkumar | Jun 5, 2023 | China, High Yield Bonds, Investment Grade Bonds
Dollar bonds of Chinese developers like Dalian Wanda, Road King, COGARD and Longfor have rallied over the past week. This comes as China is said to be working on a new basket of measures to support the property market, as per sources. They note that regulators are...
by Amruth Sundarkumar | Jun 1, 2023 | High Yield Bonds, Insights, Investment Grade Bonds
The month of May saw a reversal in fortunes for bond markets after a cheerful first quarter and its extended run in April. 79% of dollar bonds in our universe ended May in the red (ex-coupon) as compared to 81% that ended April in the green. Of this, Investment Grade...
by Amruth Sundarkumar | Jun 1, 2023 | High Yield Bonds, India
Vedanta Resources has repaid all its bonds and loans due in May and June. it redeemed its $500m 7.125% dollar bonds that matured yesterday. Besides, on May 23, it also repaid its $800m of loan facilities taken in April to StanChart. Separately, Vedanta is also said to...
by Amruth Sundarkumar | Jun 1, 2023 | High Yield Bonds, India
Tata Motors launched a tender offer to buy back a maximum of $125mn of its outstanding $250mn 5.75% 2024s at a price of 100.5. The notes are currently trading at 99.25, yielding 6.31% and thus the buyback price is at a slight premium to its market price. It said that...
by Amruth Sundarkumar | Jun 1, 2023 | China, Distressed / Defaulted Bonds
Dalian Wanda Commercial Management Group was downgraded to BB- from BB+ by Fitch. Similarly, Wanda Commercial Properties (Hong Kong) saw its senior unsecured rating and dollar bonds’ issue ratings cut to B+ from BB. Looming uncertainty over the completion of...
