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Select Chinese Developers’ Dollar Bonds Rally
Select Chinese property developers’ dollar bonds rallied yesterday following policymakers’ commitment to step up support for the sector. Seazen’s 4.625% 2025s rose by 3 points, while Longfor’s 4.5% 2028s rallied by 4 points and Yanlord's 5.125% 2026s also rose 4...
China Politburo Signals Property Easing as Developers Bonds Continue to Tumble; Wanda Says It Wired Funds
China's 24-member Politburo signaled more support for the property sector, pledging to boost consumption and resolve local government debt. However, no details were provided and the announcement fell short of any large-scale stimulus. Bonds of developers like Country...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
Treasury yields were stable on Monday with another relatively quiet day in markets. The S&P Manufacturing PMI for July continued to indicate a contraction, albeit at a slower rate. The reading came at 49, beating estimates of 46.2 and 2.7 points higher vs. May's...
Vedanta’s CFO Confident of Meeting Upcoming Debt Maturities; Markets Not as Confident
Vedanta Ltd's CFO Sonal Shrivastava said that the conglomerate was confident of meeting its $2.7bn in debt maturities in the current fiscal and was committed to bringing down its debt. She added that the company's "high-quality" assets continued to generate healthy...
Country Garden’s Dollar Bonds Drop Again as Fears Rise About Sector Defaults
Country Garden's dollar bonds continued to tumble to deeply distressed levels of 20-30 cents on the dollar as fears of a property sector crisis have risen again. While the developer last week refinanced part of a 2019 loan facility, yet analysts and bondholders cite...
Wanda Reaches $314mn Asset Sale Agreement; Downgraded to C on Missed Coupon on 2025s
Market participants are closely watching out for Wanda Group's $400mn 6.875% bond that matured Sunday, but is due to be redeemed today. The likelihood of the conglomerate repaying the bond has gone up after it has agreed to sell a 49% stake in one of its entertainment...
Vedanta Rolls Over Debt Repayment to Group Company; Analysts Cautious on Subsidiary Dividends
Vedanta Resources has rolled over its debt repayment to group company Twin Star Holding with a new interest that is more than twice the figure previously. A $956mn loan, which has $449mn outstanding and made by Vedanta’s subsidiary Cairn India Holdings in FY21, had...
The Week That Was (17 – 23 July, 2023)
US primary markets saw a six-fold increase in new deals last week to $30.9bn after a lackluster $5.2bn a week prior. IG deals took the majority of volumes with $28.4bn in deals led by Wells Fargo's $8.5bn two-part deal and Morgan Stanley's $6.75bn four-part deal. HY...
Macro; New Issues; Rating Changes; Talking Heads; Top Gainers and Losers
Treasury yields were near flat on Friday with no major data releases. As per CME probabilities, markets expect a status quo in rates for the rest of 2023 after a 25bp hike on Wednesday's FOMC meeting. The peak Fed Funds rate was 1bp higher at 5.41%. Credit spreads...
