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Colombia’s Dollar Bonds Drop Move Lower on Cabinet Reshuffle Concerns
Colombia's dollar bonds were lower by 1.5-3 points as the President Gustavo Petro plans on a cabinet rejig following a series of setbacks that he said was a disintegration of the ruling coalition. He has asked his ministers to resign ahead of the potential rejig. The...
Ghana Investors Say They Received Coupons on 10.75% 2030s Guaranteed by World Bank: Sources
Some investors of Ghana's 10.75% 2030s said that they received coupon payments that were due on April 14, as per Reuters sources. This comes after the nation announced that they would suspend payments on its offshore debt in December. This bond is is unique in that it...
Muthoot Finance Announces Tender Offer Results
Muthoot Finance announced the results of the tender offer for its 4.4% 2023s launched late last month that expired on April 25. It has accepted to purchase $225mn of the notes, paying a total sum of $226.1275mn including accrued and unpaid interest and any additional...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields dropped further yesterday as risk-off caught on to the markets. The demand for haven assets (Term of the day, explained below) saw the US 2Y yield fall 16bp to go back below the 4% mark. The 10Y yield was down 7bp. This comes on the back of revived...
Evergrande To Takeover NEV Unit’s Property Projects to Sweeten Restructuring Deal
Evergrande Group said it will take over residential and property projects of its new energy vehicle (NEV) unit in an effort to make the unit attractive to creditors' for the offshore debt restructuring deal. Evergrande will buy the projects for an initial...
Indian State-Owned Issuers Set to Tap Dollar Bond Markets Led by SBI
Indian state-owned issuers led by State Bank of India (SBI) are planning to tap dollar bond markets over the upcoming weeks. SBI has already appointed six banks to arrange investor calls for a likely 5Y issuance, via its London branch. Besides SBI, Indian Railway...
BOC Aviation Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields dropped by 9-10bp across the curve on Monday. As per reports, the US Treasury is expected to hit its debt ceiling by July-August, which led to investors flocking to the very near-end of the curve. This led to the spread between 1-month (currently at...
Credit Suisse Reports Massive $69bn Outflows In Q1
Credit Suisse reported significant outflows of about $69bn during its first quarter results following its collapse and subsequent emergency rescue by UBS. The outflows were about 5% of the group’s AUM as of end-2022, where deposit outflows were 57% of the net outflows...
Vedanta Reduces Debt by Another $1bn
Vedanta Resources paid down its 8% 2023s that matured yesterday alongside the coupon on its 9.25% 2026s and other loans maturing in April. It said that gross debt reduced to $6.8bn from $7.8bn at end-March 2023. Its gross debt has reduced by $2.9bn from $9.7bn at...