Emirates NBD & JG Summit Launch $ Bonds; World’s Most Valuable Carmaker Is Rated Junk; Lufthansa Downgraded; TAQA Upgraded

Emirates NBD & JG Summit Launch $ Bonds; World’s Most Valuable Carmaker Is Rated Junk; Lufthansa Downgraded; TAQA Upgraded

Sentiment picks up as positive news about an early vaccine trial along with good economic data sent Wall Street higher. Nasdaq hit a new record. US ISM manufacturing data came in better than expected and rose to 52.6 in June from 43.1 in May. China’s Caixin PMI...
Thai Oil, MGM Launch $ Bonds; Garuda Extends Sukuk Maturity by 3Y; Delta Issues $1.25bn 5Y Bonds

Thai Oil, MGM Launch $ Bonds; Garuda Extends Sukuk Maturity by 3Y; Delta Issues $1.25bn 5Y Bonds

Markets have turned defensive after a gloomy FOMC meeting where Fed officials said that they would keep interest rates close to zero until at least the end of 2022 and that it would take years to bring joblessness back to pre-pandemic levels. The mostly unchanged...
Kepco, Central China, Greenland Launch $ Bonds; ; 31% of Dollar Bonds Up YTD; NFP Delivers 10mn Upside Surprise

Kepco, Central China, Greenland Launch $ Bonds; ; 31% of Dollar Bonds Up YTD; NFP Delivers 10mn Upside Surprise

31% of dollar bonds in our universe are trading higher today vs. the start of the year (full story below). Friday’s Non-Farm Payroll (NFP) number of +2.5mn vs. an expected -7.5mn gave a 10mn upside surprise that caused a sharp rally in equity markets and...
Risk-On; Singtel, Kaisa Launch $ Bonds; Indian Corporates Downgraded; Repsol Issues €1.5bn Corp Hybrid

Risk-On; Singtel, Kaisa Launch $ Bonds; Indian Corporates Downgraded; Repsol Issues €1.5bn Corp Hybrid

Rallying technology, industrial and financial stocks led the way as global stocks advanced for another day. Wall Street is focused on the prospects of economic recovery as lockdown restrictions are relaxed. German auto stocks found a strong bid as the government...
US Treasuries Sell-Off even as Stocks continue to fall; Airline Sector First To Be Hit By Coronavirus

US Treasuries Sell-Off even as Stocks continue to fall; Airline Sector First To Be Hit By Coronavirus

  Old and wise traders have always whelped young traders with a final mantra, when everything is falling, only one thing goes up, US treasuries. That did not happen yesterday…   US Treasuries Sell-Off even as Stocks continue to fall Markets saw a rare day...
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