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Egypt’s Potential Power Plant Deal May Fetch $2bn
Egypt may enter a deal with Actis and Edra Power Holdings over the sale of one of its major power plants for a price tag of about $2bn. If the deal goes through, this will help boost their troubled economy amid its efforts to bring fresh hard currency and boost...
Adani Companies Planning to Raise Up to $2bn in Offshore Bond Markets
Adani Green Energy, Adani Transmission and Adani Ports & SEZ are said to be planning to tap global bond markets to raise up to a combined $2bn by September, as per sources. The issuance would possibly see them raise funds via sustainability-linked bonds (SLB) and...
Capitaland Launches S$ Bond; Macro; Rating Changes; New Issues; Gainers and Losers
US Treasury yields jumped higher on Wednesday led by the 5Y and 10Y yields that rose 11-13bp. Expectations are for a status quo at the June FOMC meeting with a 67% probability. However, markets are instead pricing-in either a 25bp or 50bp rate hike in the July meeting...
Pakistan Hoping to Secure $2bn in External Funding Pre-Budget
Pakistan is in the midst of efforts to secure $2bn in external funding to meet its $6bn funding gap ahead of its budget announcement tomorrow. Pakistan has already secured about $4bn in external funding till date and these funds are crucial for them to resume their...
Vedanta Resources Received $325mn in Brand Fees from Subsidiaries
Vedanta Resources is said to have received ~$325mn in for 2022-23 as part of the brand fees that it charges its subsidiaries. The brand fee coupled with dividends from its subsidiaries are said to have added to the parent company's ability to pay its debts due in May...
eHi Upgraded to B by Fitch
Chinese leading car services provider eHi Car Services was upgraded to B from B- by Fitch. The rating agency expects eHi's cash generation and leverage to improve following the normalization in operations post-pandemic. Domestic travel recovery after the pandemic has...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were rangebound on Tuesday with no major data releases. Markets continue to price-in a status quo at the Fed's June meeting with an 81% probability and for July, CME probabilities indicate a 25bp rate hike in July with a 51% probability. The peak...
Egypt’s Dollar Bonds Trend Higher on Attractive Valuations Amid Privatization Efforts
Dollar bonds of Egypt have moved higher this week by over 5% with analysts looking at positive signs about the nation's plans to sell state assets. With many of its dollar bonds trading at 50-60 cents on the dollar, analysts note that valuations look attractive amid...
UBS Sees Agreement with Swiss Govt on Credit Suisse Loss Guarantee
In a regulatory filing published on Tuesday, UBS expects its loss protection agreement with the Swiss government to be finalized today. Under the agreement, UBS will commit to cover the first CHF 5bn in potential losses resulting from its emergency takeover of Credit...
