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Egypt’s Dollar Bonds Rise on Draft to Remove State Entities’ Tax Exemptions
Egypt’s dollar bonds were higher by 1.0-1.5 points after the cabinet approved a draft law to eliminate tax exemptions for state entities in an attempt to attract foreign investment against a backdrop of a severe forex shortage. The law follows requests by the IMF for...
Powell Sticks to Hawkish Stance; UBS Bullish on Selective IG Bonds
US Treasury yields were flat on Wednesday despite Fed Chair Jerome Powell's hawkish congressional testimony. He said that the Fed had "a long way to go" to bringing inflation down to its 2% target and that he anticipates further rate increases, echoing comments from...
Santander Sounds Bullish on LatAm Bonds Due to Attractive Risk Premiums
Banco Santander Brasil has sounded a broad bullish tone on LatAm bonds among emerging markets. They said that LatAm was the only "investable" bloc among developing nations given the relatively higher interest rates in the subcontinent as compared to other regions. It...
Canada’s Banking Regulator Ups CET1 Buffer to 11.5%
The Canadian banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), on Tuesday raised the Domestic Stability Buffer (DSB) by 50bp to 3.50% of total risk-weighted assets for the six large domestic banks. As a result, the banks would have...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields eased by 5-7bp on Tuesday with the 2Y and 10Y now at 4.70% and 3.74% respectively. This comes after hawkish comments from Fed nominees including two current governors who stated that bringing inflation down is their top priority (scroll to Talking...
Lombard Odier’s Bajaj Sees Opportunity in China HY Names Incl. GLP, Wanda, Seazen, Fosun
Lombard Odier Singapore's head of Asia fixed income, Dhiraj Bajaj has emerged as an outlier in the Chinese high yield bond market with bullish bets on certain credits that he believes are oversold. In an interview with Bloomberg, Bajaj said, “Many of these performing...
Credito Real’s Bonds Tick Up on Potential Recovery Plan
Credito Real’s bond prices have risen to about 13 cents on the dollar following hopes of a deal that will allow investors to recoup up to 23% of their investment. Credito Real proposed the debt restructuring deal in May which would be overseen by a federal bankruptcy...
Equities, Bills and IG Bonds Now Yield the Same for the First Time
US Treasury yields inched higher across the curve by 3-4bp to begin the week after a quiet trading day yesterday due an extended weekend on account of Juneteenth. Market participants continue to expect the Fed to hike rates by 25bp in July with a 72% probability with...
UBS Could See Over $400mn in Penalties on Archegos Mishap
UBS is expected to pay several hundreds of millions in penalties over Credit Suisse's massive $4.7bn writedown tied to the Archegos Capital, as per FT. UK's Prudential Regulation Authority could impose a fine of up to £100mn ($127.81mn) and the US Federal Reserve...