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Treasuries Rally Post CPI; Macro; Rating Changes; Talking Heads; Gainers and Losers
US Treasuries rallied across the curve led by the front-end after a slightly softer than expected inflation report. The US 2Y and 5Y yields were down 10-11bp while the 10Y yield was down 8bp. US CPI came at 4.9% for April 2023, below expectations of 5% and lower than...
Adani Enterprises Planning Stock Offering
Adani Enterprises, the flagship unit of the Adani Group said in a statement that it will hold a board meeting on May 13 to consider a share offering. Details regarding the size of the potential issuance and the bankers it plans to hire were not revealed. None of Adani...
WeWork’s Bonds Rally On Positive Earnings Surprise
WeWork's bonds were higher by over 4 points after it reported a first quarter negative EPS of $0.34 vs. estimates of a negative EPS of $0.35. It reported a net loss of $299mn, a $205mn improvement YoY. Revenue for the quarter came in at $849mn, in-line with estimates...
Vanguard’s Short-Term Corporate Bond ETF Sees Highest YTD Outflows Since Inception in 2009
The Vanguard Short-Term Corporate Bond ETF (VCSH) has seen about $5.5bn of outflows thus far in 2023. The ETF is on track for 15 consecutive weeks of outflows and this marks the largest outflow in any comparable period since the ETF's inception in 2009, as per...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were broadly flat on Tuesday with no particular direction. Markets now await the April inflation print later today where headline CPI is expected to come at 5% YoY and Core CPI at 5.5%. The peak Fed Funds Rate was up 3bp to 5.12%. While markets...
Wanda and Seazen’s Dollar Bonds Drop
Dollar bonds of Wanda Properties fell as much as 5-8 points after reports of parent Dalian Wanda being in talks with major Chinese banks for a loan relief plan. Sources said that Dalian Wanda asked major Chinese banks to extend its principal repayments for some...
Olam Agri’s Singapore-Saudi $1bn Dual Listing Said to Potentially Launch in June
Olam Agri's dual IPO listing in Singapore and Saudi Arabia could happen as early as June, said sources. The dual listing could see them raise up to $1bn across both countries. Sources noted that most of the IPO’s processes had been completed and the listing is only...
Casino Guichard Downgraded to CCC-
Casino Guichard was downgraded to CCC- from CCC+ by S&P due to rising risks regarding its restructuring and weak liquidity. With revenues from its French operations falling, a negative EBITDA after leases (from French operations) of €53mn and a cash burn of...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields continued to move higher across the curve, rising by 7bp. The 2Y yield is again back at the 4% mark after having gone as low as 4.80% amid the banking stress last week. The Federal Reserve released its Financial Stability Report highlighting...
