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Lumen’s Bonds Rally on Microsoft, Google Collaboration
Lumen Technologies' bonds were among the top gainers, having rallied by over 5% across the curve. The comes after the company was said to have developed its new 'ExaSwitch' network interconnection ecosystem in collaboration with Microsoft and Google. In a media...
Heads Up: We Are Merging Our Brands BondEvalue and BondbloX
We are excited to share that we will be merging our two brands – BondEvalue, our bond information service, with BondbloX, our award-winning bond exchange. BondbloX will be the name of the combined brand going forward. What this means for you Fret not. You will be able...
Treasury Yields Rise After CPI Print; BBVA Prices € AT1 at 8.375%
US Treasury yields jumped higher by 8-10bp led by the 2Y and 5Y yields following the CPI print. US CPI for May 2023 rose by 4.0%, lower than expectations of 4.1% and the previous month’s 4.9%. Core CPI came at 5.3%, higher than expectations of 5.2%, and lower than the...
Argentina Upgraded to CC by Fitch
Argentina’s foreign currency rating was upgraded to CC from C by Fitch. Meanwhile, its local currency rating was affirmed at CCC-. The primary reasons cited include the lack of follow through with an intra-public debt swap announced in March, as well as a forecasted...
Vedanta Expected to Service 2024 Debts, says CreditSights
Vedanta Resources is expected to service its debt maturities in 2024 thanks to the recent $1.3bn fundraising and other cashflow sources like dividends, stake pledging and local private bond placements, as per CreditSights. While remaining cautious and watchful over...
Macau Casinos Get Further Boost on Outlook by Schroders
Schroder Investment Management gave a positive take on the Macau casino sector calling it one of the bright spots in Asian credit. Ng Peng Fong, head of Asia credit said that Macau casinos "are around 60% of gross revenues compared to pre-pandemic so they're now...
HSBC Prices Tier 2 at 6.547%; All Eyes on US CPI
US Treasury yields moved lower on Monday by up to 5bp across the curve. Expectations of a rate pause at tomorrow's meeting stands at 80%. For the July meeting, markets are pricing in a 57% probability of a 25bp rate hike and a 12% likelihood of a 50bp increase. The...
Nigeria’s Dollar Bonds Rally ~3% on the Dismissal of Central Bank Governor and Benefit to Currency
Dollar bonds of Nigeria rose by over 3-4% across the curve after the surprise ousting of its central bank governor Godwin Emefiele for "investigative reasons". Folashodun Shonubi, a deputy governor has taken charge in an acting capacity. Market participants saw the...
NagaCorp Downgraded to B3 by Moody’s
Cambodian gaming and leisure company NagaCorp was downgraded to B3 from B2 by Moody’s. The primary reason for the downgrade was due to lack of refinancing progress for its $472mn outstanding dollar bond maturing in July 2024. Furthermore, its lack of bank facilities...
