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CFLD Successfully Completes Debt Restructuring
China Fortune Land Development (CFLD) said that it successfully restructured more than 80% of its RMB 219bn ($31.7bn) debt and returned to profitability after two years of a liquidity crisis. Reflecting the debt restructuring progress, CFLD net profits of RMB 1.6bn...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields dropped sharply across the curve for a second straight day led by the 2Y yield that fell 17bp to 3.80%. The Fed hiked interest rates by 25bp yesterday, to a target range of 5.00-5.25%, in-line with expectations. While they hinted at a possible pause...
Tunisia’s Dollar Bonds Rally 4-8% as IMF Signals Nearing a Rescue Deal
Dollar bonds of the Central Bank of Tunisia (BCT) rallied by 4-8% across the board as the IMF signaled they were "almost there" towards completing a $1.9bn rescue package for the nation. While Tunisia reached a staff-level agreement with the IMF in October, it was yet...
Ford Sees $1.5-2bn in Restructuring Charges For 2023
Ford Motor is expecting to see $1.5-2bn in restructuring charges for 2023 as part of its plans to exit unprofitable locations and reduce workforce. Ford has already indicated that it plans to cut one in nine jobs in Europe whilst also holding back operations in Brazil...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries rallied across the curve as risk-off sentiment grappled markets. Benchmark yields were down sharply with the 2Y yield down by 15bp to 3.97%, below the 4%-mark once again. The 10Y yield was down by 12bp to 3.44%. The move was triggered by renewed fears of...
KWG’s Dollar Bonds Plummet Following Default On Local Bond
KWG's dollar bonds plummeted after the developer defaulted on its RMB 212mn ($31mn) bond principal payment that was due on Friday. The default has now led to RMB 31.2bn ($4.5bn) of its debt accelerated to be repayable on demand. KWG said it will seek agreements with...
Bondholders Holding Over a Third of Credit Suisse’s AT1s File Claims Against Regulator for Write-Off
More details have emerged on the lawsuits filed by Credit Suisse's AT1 bondholders against the Swiss regulator FINMA. Pallas Partners, a law firm had filed a suit in a Swiss court on April 18 - they said that FINMA had no right to order the write-down and are seeking...
Vedanta’s Approval Time Limit for Zinc Asset Sale to HZL Closes
Vedanta's stipulated time limit to sell its international zinc asset to Hindustan Zinc Ltd (HZL) has lapsed as the company did not obtain shareholders' approval, said two sources. Government representatives on HZL's board had opposed the $2.98bn cash sale of the zinc...
CHS’s Bonds Drop Over 2-5 Points on $51mn Q1 Loss
Community Health Systems (CHS) saw its bonds across the curve drop by over 2-5 points after the company missed expectations in 1Q 2023, casting doubts on the rest of 2023. The hospital chain reported a $51mn loss or vs. a $1mn loss during the same period last year....