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Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasuries were mixed as front-end yields moved higher while back-end yields moved lower with the curve flattening further. The 2Y and 5Y yields were up over 3-4bp and the 10Y yield was down 1bp. The core PCE price index, the Fed’s preferred inflation gauge, slowed...
The Week That Was (26 June – 02 July, 2023)
US primary markets saw a drop in new deals last week to $7.1bn as compared to $17.7bn a week prior. Of this, IG deals accounted for $4.3bn led by Prologis' $2bn three-trancher and Hyatt's $60mn deal. HY saw $2.3bn in new deals with Vikings' $720mn and Howard Midstream...
Braskem Idesa Downgraded to B+ by Fitch
Braskem Idesa was downgraded to B+ from BB- by Fitch citing a "material reduction in the outlook for polyethylene (PE) and a slower-than-expected market recovery path". Polyethylene demand in North America has fallen 10% over the last few months amid increased supply....
China Aoyuan Reaches Debt Restructuring Agreement, Requires 75% Approval Rate
China Aoyuan reached a debt restructuring agreement with its creditors. It now has to garner a 75% approval rate from its creditors to be able to go through the agreement. Currently the approval rate stands at 33.01%. The restructuring includes debt-to-equity swaps...
Sri Lanka’s Dollar Bonds Rally Over 2 Points on Targeting 30% Haircut on Local and Dollar Debt
Dollar bonds of Sri Lanka rallied by 2-3 points across the curve after the nation asked its local and offshore bondholders to take a 30% haircut as part of its restructuring efforts. Nandalal Weerasinghe, the central bank governor said that this might involve a 30%...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields shot higher across the curve led by the 2Y and 5Y yields, up over 16bp and the 10Y yield up 13bp as curve flattened. US economic data continued to highlight further strength in the economy. US Q1 GDP saw a significant revision higher in its final...
Pakistan’s Said to be Nearing $2.5bn Quick Standby Assistance with the IMF; Dollar Bonds Inch Higher
Pakistan’s dollar bonds rallied by 1-2 points after sources reported that they were in talks with the IMF for a new $2.5bn quick standby assistance ahead of the June 30 expiration of the EFF programme. Pakistan's Finance Minister Ishaq Dar said that he expects a staff...
Wanda’s Dollar Bonds Down after Unit Retracts Bond Sale Raising Liquidity Concerns
Wanda’s dollar bonds have dropped roughly 1-3% after one of its key units, Dalian Wanda Commercial Management, filed to retract a bond sale application following regulatory guidance. The suspension revived liquidity concerns ahead of its $400mn 6.875% 2023s maturing...
NWD’s Dollar Bonds Rally on Receiving $2.8bn from NWS Stake Sale
New World Development (NWD) is set to receive $2.8bn from the share sale of its subsidiary NWS Holdings to the Hong Kong’s billionaire Cheng family. Chow Tai Fook Enterprises (CTFE), which holds about 45.2% of NWD shares, has offered to buy ~97% of NWS Holdings'...
