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Egypt’s Outlook Revised to Positive by S&P
Egypt's outlook was revised to positive by S&P and its long-term ratings were affirmed at B-. The outlook revision comes after significant steps taken by the government to address its macroeconomic imbalances, along with a large inflow of foreign funding. Last...
Telecom Italia Said to Plan €1bn Asset Sale to Cut Debt
Telecom Italia is said to be seeking avenues to sell assets worth about €1bn to further reduce its debt, as per sources. The company may dispose their remaining stake in mobile tower operator Inwit SpA, valued at ~€300mn, adding to the planned sale of its Telecom...
Egypt-EU Boost Ties with Latter’s €7.4bn Aid Package
Egypt and the European Union (EU) have boosted ties after the latter pledged a €7.4bn ($8.1bn) aid package for the nation. This would be a mix of grants and loans, and would be disbursed through 2027. This comes in addition to the World Bank providing Egypt with...
Intrum’s Bonds Plummet on Mulling Restructuring
Swedish credit management services company Intrum's bonds sank across the curve after it hired advisers to help restructure its €5.4bn ($6bn) debt load. As per sources, the advisers are seeing if Intrum can access markets to refinance its bonds, or if it needs to...
Treasury Yields Inch Higher; All Eyes on the BOJ Meeting
US Treasury yields inched higher across the curve on Friday. US Industrial Production advanced 0.1% after a downwardly revised 0.5% drop a month earlier. While manufacturing output jumped 0.8% last month, it followed a downwardly revised 1.1% decrease in January....
The Week That Was (11 – 17 March, 2024)
US primary markets continued to stay active, albeit with new deals dropping to $24.8bn vs. $45.9bn seen a week before this. IG issuers racked up $22bn in deals with Goldman Sachs' $3bn two-part deal and Hyundai Capital America's $1.7bn three-trancher leading the...
Argentina Upgraded to CCC- by S&P After Debt Exchange
Argentina was upgraded to CCC- from CCC by S&P after its recently concluded, sixth peso-debt exchange since August 2022. S&P classified this as a distressed debt exchange (DDE) given the sovereign's macro "vulnerabilities and very limited ability to extend...
Singapore Airlines Prices $500mn 10Y at 5.296%
Singapore Airlines raised $500mn via a 10Y bond at a yield of 5.296%, 40bp inside initial guidance of T+150bp area. The senior unsecured notes are unrated and received orders of over $5.6bn, 11.2x issue size. Of the total orderbook Asia was allocated 82%, EMEA 17% and...
Turkey Prices € 6Y at 6.125%; Said to Plan Buyback of Short-Term Dollar Bonds
The Republic of Türkiye raised €2bn via a 6Y note at a yield of 6.125%, 37.5bp inside initial guidance of 6.5% area. The notes are rated B3/B+. Separately, Turkey’s Treasury department is said to have discussed a potential buyback of short-term dollar bonds to switch...
