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The Week That Was (18 – 24 March, 2024)
Whilst overall deal volumes were milder due to the BOJ and FOMC meeting, US primary markets stayed active, with new deals at $23.1bn vs. $24.8bn seen a week before this. IG issuers racked up $18.3bn in deals with UnitedHealth's $6bn six-part deal and Toyota's Motor...
China Holds Policy Meet on Property Sector; Vanke Downgraded to BB+
The China State Council held a policy meeting on Friday, which raised hopes of further state support for the troubled property sector. According to the Xinhua news agency, Li Qiang chaired the meeting where optimization of real estate policies were discussed to...
Altice and Creditors Hire Advisers Amid Deleveraging Standoff
Altice France and its creditors are said to have started talks with financial and legal advisers, amid disagreements over the company’s debt load. Altice is in talks with Lazard while some creditors like Attestor Capital and Arini are in talks with advisers Houlihan...
Sri Lanka Reportedly Reaches Staff Level Agreement with IMF
Sri Lanka is said to have reached a staff level agreement with the IMF for the release of the next loan tranche from the $3bn IMF bailout program, according to sources. The staff-level agreement is subject to certain provisions and IMF officials are scheduled to meet...
Radiance Defaults on Dollar Bond; Aoyuan Completes Restructuring
Chinese developer Radiance Holdings Group defaulted on its outstanding $300mn 7.5% bond that matured on March 20. The company missed the payment amid contracting sales and said that it will “exert its utmost effort” to ensure property delivery. Just over the past...
Manufacturing PMI Rises to 52.5; Initial Jobless Claims Below Expectations
Short-term US Treasury yields moved slightly higher while longer term yields were stable on Thursday. The preliminary reading for the S&P Global US Services PMI in March fell to 51.7 vs. the prior 52.3 and expected 52.0 reading. The Manufacturing PMI rose to 52.5...
Nationwide Announces £2.9bn Bid for Virgin Money
Nationwide Building Society (Nationwide) has placed a £2.9bn ($3.67bn) bid to acquire Virgin Money. Alongside a final dividend of 2p, Nationwide will pay 218p in cash for each share of Virgin Money, which represents a 38% premium to closing share price on March 6, the...
Indian High Yield Issuers Set to Tap Offshore Bond Markets, Say Bankers
Several Indian High Yield issuers are in the works to tap the offshore bond markets amid strong investor appetite and a drop in supply from Asian peers, as per bankers, Reuters notes. Besides, this also comes at a time when overall Indian dollar bond issuances dipped...
Fed Continues to Indicate 75bp Rate Cuts in 2024
The US Treasury yield curve bull steepened with the 2Y and 5Y yields down 10bp and 7bp respectively while the 10Y yield was down 3bp. The Fed kept its policy Fed Funds Range unchanged at 5.25-5.5% as expected, for a fifth straight meeting. Policymakers maintained...
