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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...
Over 100 Credit Suisse Bondholders in Singapore Join Lawsuit to Recover $100mn in Losses
Over 100 Singapore-based investors in Credit Suisse's AT1s have joined a class action lawsuit to recover ~$100mn in losses. These investors have joined the suit under law firm Withers and the number of investors are increasing daily. As per BT, these investors, who...
Adani Ports Receives Overwhelming Response for Buyback Offer
Adani Ports and SEZ received a positive response for its tender offer to buyback a capped $130mn of its $650m 3.375% bonds due July 2024. Investors holding $412.724mn of the notes tendered them before the early deadline of May 8. As part of the tender offer,...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries sold off on Friday’s risk-on sentiment after a strong jobs report. US 2Y yields jumped 14bp to 3.93% and 10Y yields were 5bp higher at 3.44%. US Non-Farm Payrolls came at 253k for April, higher than the surveyed 185k. The prior month's NFP print was...
The Week That Was (1 – 7 May, 2023)
US primary markets saw $35.4bn in new deals last week as compared to $14bn in deals a week prior to it. Of the deal volumes, IG issuers raised $24.8bn in new issuances led by Meta's $8.5bn five-trancher and Comcast's $5bn four-trancher. HY saw $4.8bn in new deals with...
