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Vedanta Resources Repays $800mn Loans to StanChart Assuaging Fears
Vedanta Resources repaid three loan facilities worth $800mn loan to Standard Chartered that was taken by pledging its shares. The conglomerate's loan facilities were taken from StanChart London and Hong Kong. With the company being watched out for keenly by investors...
COGARD Dollar Bonds Drop with Flat Contracted Sales Growth
Country Garden's dollar bonds were lower by over 2 points across the curve with the developer reporting its April contracted sales. It reported contracted sales of RMB 22.69bn ($3.3bn), almost unchanged YoY. In March, the developer reported a 17% YoY drop in its...
Ecuador’s Dollar Bonds Jump 3-5 Points on Debt-For-Nature Swap
Dollar bonds of Ecuador rallied by 3-5 points on news regarding its debt-for-nature swap bond buyback. Credit Suisse assisted the buyback totaling $1.63bn of bonds at discounted prices. The buyback saw: $202mn of its 5.5% 2030s repurchased at 53.25 cents on the...
Macro; Rating Changes; Talking Heads; Top Gainers and Losers
US Treasury yields were firmer after two consecutive days of declines - the 10Y yield was up 5bp. The peak Fed Funds Rate was up 2bp with CME probabilities indicating an unchanged policy rate for the June meeting. US jobless claims for the prior week increased by 13k...
US Financial Institutions’ Perps Drop; FDIC Plans to Hit Big Banks With Fees for Deposit Insurance Fund
US financial institutions' perps led by banks fell across the board yesterday as banking sector fears continue to weigh on markets. Perps of PNC Financial Services, US Bancorp, Charles Schwab, Goldman Sachs and several others took a hit, falling 3-6%. Bloomberg...
Adani Electricity Said to Be Planning Up to $100mn Bond Buyback
Adani Electricity Mumbai is planning to buy back as much as $100mn of bonds as per sources. The issuer is a unit of Adani Transmission and is said to be initiating the buyback in order to boost investor confidence following the Hindenburg report in late January. Anil...
Vodafone and CK Hutch Nearing a £15bn UK Telecoms Business Merger, Say Sources
Vodafone and CK Hutchison are nearing an agreement to combine their UK telecoms businesses at an estimated £15bn enterprise value, as per sources. FT reports that the combined group's equity is valued at about £9bn with roughly £6bn of debt. The telecom units namely...
Kenya Dollar Bonds Higher After IMF’s Verbal Support
Kenya's dollar bonds were higher by over 1 point after the IMF gave verbal support for the government’s efforts to shore up its finances, saying "The IMF stands with Kenya". IMF's Managing Director Kristalina Georgieva said that they were impressed by the nation's...
CFLD Successfully Completes Debt Restructuring
China Fortune Land Development (CFLD) said that it successfully restructured more than 80% of its RMB 219bn ($31.7bn) debt and returned to profitability after two years of a liquidity crisis. Reflecting the debt restructuring progress, CFLD net profits of RMB 1.6bn...
