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Wanda’s 2023s Jump after Creditors Did Not Seek Early Repayment of $1.3bn Loans
Dalian Wanda's dollar bonds rallied across the curve with its 6.875% 2023s soaring by over 10 points to 86.3 cents on the dollar. This comes after the company said that its creditors did not demand early repayment of its loans after a failed IPO of its unit Zhuhai...
Azure Power Downgraded to B1 by Moody’s
Azure Power Global's two group companies were downgraded by Moody's. Azure Power Energy's (APE) senior unsecured ratings were downgraded to B1 from Ba3 and Azure Power Solar Energy's (APSE) senior unsecured ratings were cut to Ba3 from Ba2. Moody's cited governance...
Biden-McCarthy Reach Debt Ceiling Deal; Macro; Rating Changes; New Issues; Talking Heads
US Treasury yields were mixed, with the 2Y and 5Y up 3-4bp while back-end yields were 1-3bp lower. US President Joe Biden and House Speaker Kevin McCarthy have reached a tentative deal to raise the debt limit for two years and avert a US debt default. Biden and...
The Week That Was (22 – 28 May, 2023)
With a massive change in market expectations of a rate hike amid continued growth and sticky inflation, treasury yields have soared. The 2Y yield was up by over 26bp last week and almost 53bp higher MTD. 10Y yields were up 10bp last week with the MTD rise at 37bp. US...
Erdogan Wins the Election in Turkey To Continue Presidential Tenure
Turkey's second round run-off elections concluded with Erdogan retaining his presidency by winning another 5Y term with more than 52% of the votes. Erdogan defeated his opposition challenger Kemal Kilicdaroglu who promised a return to orthodox, market-friendly...
R&F Properties Aiming to Benefit From Overseas Property Markets to Help Cashflows
R&F Properties is said to be trying to capitalize on the positive sentiment in overseas markets where some of its projects are located. The developer is marketing its projects in London, Australia, Malaysia and Cambodia in an effort to take advantage of buoyant...
Sino-Ocean to Amend Terms of Dollar Bonds Due June 2023
Sino-Ocean has launched a consent solicitation to extend the maturity and amend certain terms of its 6.25% dollar bonds due June 2023. The distressed developer has asked bondholders to agree to extend the maturity to 22 June 2029 from the current 22 June 2023. Also,...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields jumped across the board led by the 2Y and 5Y up the most, by 11-12bp. Robust labor market was seen to strengthen the case for a 25bp rate hike at the upcoming FOMC meeting in June. Initial jobless claims rose by 4k to 229k, well below the expected...
BCT’s Dollar Bonds Rally on Minister Saying No Plan to Curb Central Bank Independence
Dollar bonds of the Central Bank of Tunisia (BCT) rallied by over 2.5% across the curve after its Economy and Planning Minister Samir Saied said, "The independence of the central bank will remain respected as it is without any modifications". This comes after...
