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Greenland Tells Bondholders March Coupons Are Being Remitted
Representatives of Greenland Holdings have told some bondholders that the developer is in the process of remitting funds offshore to pay coupons on its 6.75% 2025s that were due March 26. The notes have a 30-day grace period before the missed coupon worth $17mn is...
Nigeria’s Dollar Bonds Down 3% on Fears of Fuel Subsidy Staying Beyond June
Dollar bonds of Nigeria dropped over 2.5-3% after the nation signaled that its plan to remove energy subsidies might be delayed beyond its earlier June 1 deadline. Finance Minister Zainab Ahmed said that the subsidy plan cannot be ended while the government transition...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were marginally higher yesterday after a risk-off move saw rates fall by over 7bp a day ago. The US 2Y was steady at 3.94%, still below the 4% mark, while the 10Y yield was up 4bp to 3.44%. First Republic Bank's (FRB) shares tumbled a further 30%...
Ecopetrol’s Dollar Bonds Down ~3% on CEO’s Comments Over Not Pursuing Exploration
Dollar bonds of Ecopetrol, Colombia's largest and primary petroleum company fell by as much a 3%. This comes after its new CEO Ricardo Roa indicated that he will not ask the government to push for new oil exploration contracts. The Colombian government had pledged to...
Colombia’s Dollar Bonds Drop Move Lower on Cabinet Reshuffle Concerns
Colombia's dollar bonds were lower by 1.5-3 points as the President Gustavo Petro plans on a cabinet rejig following a series of setbacks that he said was a disintegration of the ruling coalition. He has asked his ministers to resign ahead of the potential rejig. The...
Ghana Investors Say They Received Coupons on 10.75% 2030s Guaranteed by World Bank: Sources
Some investors of Ghana's 10.75% 2030s said that they received coupon payments that were due on April 14, as per Reuters sources. This comes after the nation announced that they would suspend payments on its offshore debt in December. This bond is is unique in that it...
Muthoot Finance Announces Tender Offer Results
Muthoot Finance announced the results of the tender offer for its 4.4% 2023s launched late last month that expired on April 25. It has accepted to purchase $225mn of the notes, paying a total sum of $226.1275mn including accrued and unpaid interest and any additional...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields dropped further yesterday as risk-off caught on to the markets. The demand for haven assets (Term of the day, explained below) saw the US 2Y yield fall 16bp to go back below the 4% mark. The 10Y yield was down 7bp. This comes on the back of revived...
Evergrande To Takeover NEV Unit’s Property Projects to Sweeten Restructuring Deal
Evergrande Group said it will take over residential and property projects of its new energy vehicle (NEV) unit in an effort to make the unit attractive to creditors' for the offshore debt restructuring deal. Evergrande will buy the projects for an initial...
