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US markets snapped a three week winning streak after the S&P and Nasdaq fell 0.8% each on Friday, ending the week 1% and 1.9% lower respectively after briefly touching records during the week. Upbeat earnings seemed to be overshadowed by weakness in consumer sentiment – the Michigan consumer sentiment index came in lower than expectations at 80.8 for the first half of July vs. 85.5 last month. Consumers expect prices to increase 4.8% in the next year, the highest since August 2008. Energy, down 2.8%, led the losses followed by Financials, Consumer Discretionary and IT, down 1.3%, 0.8% and 0.6% respectively. US 10Y Treasury yields dipped 4bp to 1.28%, trending against forecasts. European indices also ended another day in the red with a surge in Delta variant cases even as the inflation cooled to 1.9% in June from 2% in May – the DAX, CAC and FTSE were down 0.6%, 0.5% and 0.1% respectively. US IG CDS spreads widened 0.7bp and HY widened 3.5bp. EU Main spreads widened 0.2bp and Crossover spreads widened 1bp. Brazil’s Bovespa was down 1.2%. In the Gulf, OPEC+ clinched a deal to phase out oil production cuts by September 2022. Saudi TASI was up 0.2% while Abu Dhabi’s ADX was broadly flat. Asian markets followed the cue from the US markets. HSI, Nikkei, Singapore’s STI and Shanghai were down 2%, 1.5%, 1% and 0.7%. Asia ex-Japan CDS spreads were 0.7bp tighter.
Navigating The Bond Markets by Leveraging the BEV App | July 28
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Redco Properties capped $100.8mn tap of 11% 2022s final 10%
Road King Infrastructure $ 5NC3 green bonds at 5.5% area
Huijing 364-day $ notes final 12.5%, alongside exchange offer
Anton Oilfield $ 3.5NC2.5 at 9.25% area; alongside exchange offer
ICBC International Holdings $ 3Y bond at T+120a
Sunkwan Properties Group 364-day $ green bonds final 13%
Powerlong Real Estate raised $200mn via a 364-day note at a yield of 4.35%. The bonds were unrated. Proceeds will be used for general corporate purposes and offshore debt refinancing.
Huzhou Moganshan High-tech Group raised $210mn via a 3Y bond at a yield of 3.5%, unchanged from price guidance. Proceeds will be used to fund project development and working capital.
Temasek subsidiary Vertex Venture hires DBS for S$ bond investor calls
Nonghyup Bank hires for $ social bond
CSSC (Hong Kong) Shipping hires for $ green bonds; calls today
Lai Sun Development hires for $ bond; calls starting today
Moody’s revises Fantasia’s rating outlook to negative; affirms B2/B3 ratings
This is the ratio of a bank’s capital in relation to its risk-weighted assets. Capital here includes Tier 1 and Tier 2 capital. Risk weighted assets account for credit, market and operational risks with certain weights. Under Basel III, banks must have a minimum capital adequacy ratio (CAR) of 8% of risk weighted assets. CAR is used as a measure to ensure that banks have a cushion to absorb losses and is used while doing stress tests.
On US Treasury yields sinking despite inflation