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Pakistan’s Dollar Bonds Up Over 1 Point on Receiving $2bn Saudi Support
Pakistan’s dollar bonds have ticked higher after its finance minister announced that it has received $2bn in financial support from Saudi Arabia. This comes just a day before the IMF board is expected to approve a $3bn standby arrangement made via a staff-level...
S&P Gives Positive Outlook on Kenya and Nigeria
Rating agency S&P Global has noticed positive economic policy developments in Nigeria and Kenya over the past few months. One of its top sovereign rating analysts, Frank Gill, said that Nigeria is being closely watched due to positive signs stemming from the...
Pakistan Upgraded to CCC by Fitch
Pakistan’s dollar bonds have rallied by roughly 2-3% after its rating was upgraded to CCC from CCC- by Fitch. Lower external financing risks, IMF-driven reforms and narrowing external deficits were some of the primary reasons cited. This comes after Pakistan...
Korea Hydro, CICC Launch $ Bonds; Macro; Rating Changes; Talking Heads
US Treasury yields dropped lower with the 2Y and 10Y yields down 8bp each while the belly of the curve (Term of the Day, explained below) saw the 5Y yield drop 12bp. The peak Fed Funds rate fell 1bp to 5.42%. CME probabilities show a 94% probability of a 25bp hike at...
Huarong’s Dollar Bonds Drop Over 2-4% Across the Curve
Dollar bonds of Huarong have dropped by 2-4% across the curve. The reason for the sell-off is not clear as no specific details have emerged yet. Huarong’s dollar bonds were among the top gainers in Q2 having rallied over 7% as its rating downgrade from investment...
Vedanta-Foxconn $19.5bn Deal Set to Be Called Off
Foxconn has announced that it will withdraw from a $19.5bn semiconductor joint venture with Vedanta. One reason for the decision was the concern over incentive approval delays by the Indian government, who raised questions over the joint venture's application for a...
Vedanta Receives $232mn Dividends from Hindustan Zinc; To Acquire Full Stake in Two Sister Concerns
Vedanta Ltd's subsidiary Hindustan Zinc declared its first interim dividend payout in fiscal year 2024 totaling ~$358mn or INR 7/share. Of this, Vedanta which holds a 65% stake in the company, is expected to receive roughly $232mn in dividends. This is its lowest...
Hong Kong Land Launches $ 10Y; US Yield Curve Steepens Post NFP Data
US Treasury yields were mixed with short-end yields lower while long-end yields picked up. The 2Y yield fell 6bp while the 10Y yield was up 3bp as the yield curve steepened again. Only last week, the 2s10s curve hit its lowest since 1981 at -109bp. The move has now...
The Week That Was (3 – 9, July 2023)
US primary markets saw a sharp drop in new deals last week to only $2.7bn as compared to $7.1bn a week prior. IG deals took the entire share of volumes led by American Honda Motor's $1.75bn two-trancher and John Deere's $500mn deal. In North America, there were a...
