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US markets continued to fall for the third straight day, with S&P ending lower by 0.3% and Nasdaq marginally lower by 0.03%. While the markets opened with a sell-off, they cut losses before close led by chip-stocks with AMD up 2.4%, TSMC and Qualcomm up 1.4%. The Fed in its policy meeting gave indications that members were ready to think about talking about tapering if growth continued to meet the goals of the committee. European equity indices closed lower – FTSE was down 1.2%, DAX was down 1.8% and CAC slipped 1.4%. US 10Y Treasury yields climbed slightly to close at 1.67%. Crude fell ~3% as stockpiles increased amid lower demand as Covid-19 cases rose. The US IG CDS spreads were 0.4bp wider and HY spreads were 2.2bp wider. EU main spreads were 0.8bp wider and crossover spreads widened 4.8bp. Asian equities have started lower 0.4% with Asia ex-Japan CDS spreads tightening 0.7bp.
Rajaram Kannan, CTO and Co-Founder of BondEvalue is joined by Industry experts from Northern Trust, Citi and Hyperledger to provide a first-time sneak peek into what went into launching the BondbloX Bond Exchange using DLT Technology. The webinar is complimentary and takes place today at 5pm SG/HK. Click on the banner below to register.
Hotel Properties (HPL) raised S$125mn ($94mn) via a 7Y bond at a yield of 3.75%, 15bp inside initial guidance of 3.9% area. The bonds were unrated and are issued off a S$1bn ($751mn) multicurrency debt issuance programme. There was a 15-cent rebate for private bank orders.
Skyfame Realty raised $112mn via a tap of their 13% 2023s at a yield to put of 13%. The bonds have expected ratings of B-. Proceeds will be used for offshore debt refinancing. Skyfame International Holdings is the issuer and the parent company is the guarantor.
Join us for a complimentary webinar on how to leverage the BondEvalue App to better track and manage your bond investments. The session will cover key features of the App such as setting up your bond portfolio, screening for bonds, tracking new bond issues, setting up alerts and more. Click on the image below to register.
On Europe bond yields trend higher on supply and reopening bets
Althea Spinozzi, fixed income strategist at Saxo Bank