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Egypt’s Dollar Bonds Down 2% on Continued Negative Sentiment
Egypt's dollar bonds were lower by 2% across the curve on Friday as negative market sentiment continues to weigh on the nation. Last week, the nation was said to be planning to join the BRICS group of nations, stepping away from the US dollar and casting doubts on its...
Kenya Planning Partial Buyback of 2024s, Say Sources
Kenya is planning a partial buyback of its $2bn 6.875% bond due 2024, as per sources. While the principal secretary of the National Treasury declined to confirm the possible buyback, he said that they were in talks with advisors and reviewing other alternatives. A...
Egypt’s Dollar Bonds Drop on Move to Join BRICS
Egypt's dollar bonds were lower by over 2% across the curve after a Russian ambassador said that the African nation moved towards joining the BRICS group of nations. Joining the BRICS could help Egypt move away from the US dollar and towards local or a joint currency...
ECB Hikes by 25bp; US Retail Sales Beat Expectations
US Treasury yields inched lower across the curve yesterday with economic data being broadly mixed. Headline and core US retail sales advanced 0.3% and 0.4%, beating expectations of -0.2% and 0.2%, indicating consumer resilience. The NY Empire Manufacturing Index print...
Unigroup Breached Keepwell Pact, Rules HK Court Differing From Founder Group
A Hong Kong court ordered Unigroup to pay $483.8mn after it ruled that the company breached a keepwell agreement over a $450mn bond issued by its unit. The keepwell terms state that Unigroup has to ensure the solvency of its bond-issuing units without guaranteeing...
Chinese Higher-Rated Property Companies’ Dollar Bonds Trend Higher
Dollar bonds of higher rated Chinese property developers like COGARD, Seazen and Longfor have risen by 2-4 points over the course of this week. Earlier this month, China was said to be working on a new basket of measures to support the property market. No details...
Hawkish Fed Holds Rates as Expected
US 2Y Treasury yields inched 6bp higher after the hawkish FOMC meeting where they kept the policy fed funds range on hold as expected, at 500-525bp. The median dots in the FOMC's dot plot (Term of the Day, explained below) indicate another 50bp in rate hikes by the...
Pakistan’s Dollar Bonds Tick Lower on IMF Criticism of Budget
Pakistan’s recently presented budget has drawn criticism from the IMF. IMF representative for Pakistan, Esther Perez Ruiz said that Pakistan’s tax policies missed "an opportunity to broaden the tax base in a more progressive way". Furthermore she added that the new...
Nigeria’s Dollar Bonds Up Over 3% on Central Bank Removing Currency Control
Nigeria's dollar bonds rallied by over 3% across the curve with the central bank moving to phase out currency controls and liberalize trading of foreign exchange. With the exchange rate set to be free, the naira slid 29% to close yesterday's trading session at 664 per...
