by Amruth Sundarkumar | May 29, 2023 | High Yield Bonds, Interest Rate Trends, Investment Grade Bonds
With a massive change in market expectations of a rate hike amid continued growth and sticky inflation, treasury yields have soared. The 2Y yield was up by over 26bp last week and almost 53bp higher MTD. 10Y yields were up 10bp last week with the MTD rise at 37bp. US...
by Amruth Sundarkumar | May 26, 2023 | Corporates, Investment Grade Bonds
Lufthansa has secured a deal to take a 41% minority stake in Italian carrier ITA Airways for €325mn. Lufthansa CEO Carsten Spohr said, “Today’s agreement will lead to a win-win situation for Italy, ITA Airways and Lufthansa Group… will invigorate...
by Amruth Sundarkumar | May 25, 2023 | China, Investment Grade Bonds
China Vanke, Poly Developments & Holdings and China Merchants Shekou Industrial Zone Holdings lead the Chinese property market for new A-share issuances under Beijing’s ‘three-arrows’ plan. The three-arrows policy is an initiative by the...
by Amruth Sundarkumar | May 22, 2023 | High Yield Bonds, Interest Rate Trends, Investment Grade Bonds
US primary markets saw a near doubling in new deals last week at $64.8bn as compared to $37.5bn in deals a week prior to it. This was largely attributed to Pfizer’s jumbo $31bn eight-tranche issuance, the fourth largest bond deal ever, to finance a portion of...
by Amruth Sundarkumar | May 22, 2023 | China, Investment Grade Bonds
GLP China offers one of the highest yields among IG-rated Chinese dollar bonds. GLP is primarily a real estate logistics company that has also expanded to investment management, data centers and renewable energy. The company, while rated BBB- by S&P and Fitch, was...
by Amruth Sundarkumar | May 18, 2023 | Credit Ratings, Investment Grade Bonds
DP World was upgraded to BBB+ from BBB- by Fitch with a stable outlook. This comes on the back of the logistics company’s “successful deleveraging” with a net debt-to-EBITDA of less than 4x at end-2022 vs 6.4x in 2020. DP World is the fifth-largest...
