Register Now For a 14-Day Free Trial to Search and
Track Corporate Dollar Bonds
(no card details are required)
Ford Upgraded to Ba1 by Moody’s
Ford was upgraded to Ba1 from Ba2 by Moody’s. The primary reasons cited were its expected ability to maintain an improvement in earnings and cash flows, its efforts to improve the profit margin in one of its units, and sound liquidity. Ford’s automotive EBITA margin...
Vedanta Announces Advanced Stage of Deal with Zambia Government on Copper Mine
Vedanta has announced that it has reached an "advanced stage" of a deal with the Zambian government over the assets of Konkola Copper Mines which have been in provisional liquidation for roughly four years. Vedanta, who owns 79.4% of Konkola, was engaged in legal...
Mexcat’s Dollar Bonds Continue to Rally on Buyback Possibility
Mexico City Airport Trust's (Mexcat) dollar bonds due 2047 that are backed by passenger fees from its existing Benito Juarez International Airport, has risen by ~50% since September 2022. The bonds were issued in 2016-2017 to build a new airport; however, the project...
Vedanta’s JV Split with Foxconn a Credit Negative, says CreditSights
Vedanta Ltd's joint venture with Foxconn that was recently called off would be a "credit negative" for the Indian company's UK parent Vedanta Resources, as per credit research firm CreditSights. They noted that the exit would "further strain" the credit metrics and...
Macro; Rating Changes; New Issues; Talking Heads; Gainers & Losers
Bonds continued to rally across the board on Thursday with Treasury yields 9-11bp lower, extending the move post the CPI report that was softer than expected. The drop in the inflation reading has strengthened the case for only a single rate hike by the Fed for the...
Wanda Group Downgraded to B by Fitch
Dalian Wanda Commercial Management Group's (Wanda Commercial) ratings have been downgraded to B from BB- by Fitch. Similarly, Wanda HK’s ratings were also downgraded to B- from B+. The main reasons cited were the weakening of the group’s consolidated profile,...
China Pension Fund Council Advises Funds to Exit High Risk and LGFV Developers Bonds
China’s $417bn National Council for Social Security Fund has recently advised its asset managers to sell-off bonds that were issued by riskier developers and LGFVs such as the ones in Tianjin, as per SCMP. The move stemmed from concerns over their exposure to riskier...
Vedanta’s Dollar Bonds Drop 2-4% On Reports of Exchange Offer
Vedanta Group’s dollar bonds have fallen following a report that banks have informally approached investors for a potential exchange offer on some of the company’s notes. No details have emerged yet on the specifics of the potential exchange offer. This comes...
Softer CPI Print Sees US Treasuries Spike Higher; ADIB Prices $750mn PerpNC5.5 at 7.25%
US 2Y and 5Y Treasury yields dropped by over 15bp and the 10Y by 10bp as inflation data came in much softer than expected. US CPI came at 3% for June 2023, below expectations of 3.1% and lower than last month's 4% print. Similarly, Core CPI came at 4.8%, below the...
