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Credit Suisse AT1 Holders’ Wipeout Challenged in Swiss Court
Credit Suisse's $17bn AT1 write-off is now seeing more court challenges by bondholders in Swiss courts. This comes on the heels of news that some holders of its AT1s from Singapore were seeking to sue the Swiss government regarding unique protections they should have...
Sunac China Gains Agreement from Bondholders for Restructuring Plan
Sunac China's bondholders representing 75% of its offshore debt have agreed to its restructuring plan. Creditors agreeing to the terms before the deadline of 5pm HKT on April 20, will receive a 0.1% consent fee. Sunac has announced its restructuring in late March. As...
Egypt’s Dollar Bonds Continue to Trend Lower; 5Y CDS at its Highest
Egypt's dollar bonds were down over 1.2 points yesterday as they continue to trend lower since the start of the year. Egypt's dollar bonds have been under pressure primarily due to its weakening currency, high inflation and steadily declining reserves. The currency's...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields continued to remain rangebound, while the peak Fed funds rate was 2bp higher to 5.12% for the June meeting, implying at least one more 25bp hike. NY Fed's John Williams said that while the banking sector has stabilized after the events at SVB and...
Dollar Bonds of COGARD and Sino-Ocean Drop 3-5 Points on Renewed Property Sector Concerns
Dollar bonds of Country Garden (COGARD) and Sino-Ocean dropped by over 3-5 points across the curve, continuing their fall since yesterday. This comes on the back of renewed fears over the property sector. Li Kai, CIO of Beijing Shengao Fund Management said that...
Central China Real Estate Announces Results of Exchange Offer
Central China Real Estate (CCRE) announced the results of the exchange offer for three of its dollar bonds due this year. It will accept: $237.275mn in principal of its 7.25% April 2023s $348.013mn in principal of its 7.65% August 2023s $173.165mn in principal of its...
Adani Ports Board Considering Possible Dollar Bond Buyback
Adani Ports and Special Economic Zone's board will meet on April 22 to consider a partial buyback of of its bonds, according to an exchange filing. It said that it was looking to buy back bonds denominated in INR or USD in the current financial year ending March 2024,...
Macro; Rating Changes; New Issues, Talking Heads; Top Gainers and Losers
US Treasury yields were stable across the curve and the peak Fed funds rate was 1bp lower to 5.10% for the June meeting. The probability of a 25bp hike at the May meeting reduced slightly from 87% to 82%. US IG and HY CDS spreads widened 0.1bp and 3.3bp respectively....
Non-Call Risk in Focus as Bank AT1s Approach Call Date
Following the historic write-off of Credit Suisse's AT1 debt, non-call risk of the broader bank AT1 universe has been in focus. While market participants often assume that AT1s will be called on their first call date, that is not always the case. There have been...