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Turkey Asked Banks to Buy Dollar Bonds to Limit Borrowing Costs: Sources
Turkey's central bank had reportedly asked its local banks to by the nation's dollar bonds across maturities to keep borrowing costs stable and also prevent a spike in its CDS, as per sources. Turkey’s 5Y CDS dropped as by 20bp to 669bp, the biggest drop since May 12,...
USA’s AAA Ratings Placed On Rating Watch Negative by Fitch
USA's sovereign rating of AAA has been placed on 'Rating Watch Negative' by Fitch. It said that the debt ceiling brinksmanship "signal downside risks to U.S. creditworthiness". While it expects a resolution to the debt limit before the x-date, risks continue to linger...
Vanke and Poly Lead Chinese Developers’ Share Sale Program Under 3 Arrows Plan
China Vanke, Poly Developments & Holdings and China Merchants Shekou Industrial Zone Holdings lead the Chinese property market for new A-share issuances under Beijing's 'three-arrows' plan. The three-arrows policy is an initiative by the government to provide...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 2Y Treasury yields dropped by 7bp while the rest of the curve saw a 2-3bp move lower. T-Bills however were were extremely volatile amid the debt ceiling impasse - the 1M bill yield hit a record high 5.89%, before easing back to 5.60%, to close 1bp lower on the day....
SoftBank Downgraded to BB by S&P
SoftBank was downgraded to BB from BB+ by S&P and its subordinated notes to B from BB-. The rating agency said that SoftBank has "become more susceptible to the external environment" than previously expected. Its investments in global tech companies are "highly...
Vedanta Secures ~$850mn via Loan from JPMorgan, Oaktree: Sources
Vedanta Resources secured a loan of about $850mn from JP Morgan and Oaktree Capital as per sources. The loan is said to have a 5Y tenor which is expected to help it with financial support ahead of its debt maturities that are due. Vedanta has a $500mn 7.125% dollar...
S&P Revises Macao Casino Operators’ Outlook Higher on Post-Pandemic Recovery
S&P in a report emphasized its positive outlook on the Macao casino sector as part of its post-pandemic recovery. Macao's gaming revenue is experiencing a more "robust recovery" than they previously anticipated. In 1Q 2023, gross gaming revenue (GGR) recovered to...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields rose across the curve with 2Y yields up 10bp to 4.33% and 10Y yields up 6bp. House Speaker Kevin McCarthy said he and President Joe Biden had a productive talk but have not yet reached a deal to avert a US debt default. Separately, St. Louis Fed...
Turkey’s Dollar Bonds Slip after Third Candidate Backs Erdogan in Runoff
Dollar bonds of Turkey fell by 1.5-2 points across the curve after its third-place election candidate Sinan Ogan endorsed his support for Erdogan in the runoff vote coming Sunday. Sinan Ogan's won 5.2% of voters' support in the initial presidential election on May 14....
