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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were stable with the 2Y yield down 1bp and the 10Y yield up 4bp. The peak Fed funds was 1bp higher at 5% and the probability of a 25bp rate hike in the May meeting is just slightly lower at 68% as compared to 71% going by the CME's maximum...
EDF Warns of €1bn Loss Due to Labor Strikes
French government-owned utility company EDF has warned of a loss of €1bn at its nuclear reactors and hydro-electricity plants in the upcoming results. This follows a record loss of €17.9bn that it incurred in 2022 when it was plagued by reactor outages. As per...
Sri Lanka and Major Bilateral Creditors Launch Formal Restructuring Talks Sans China
Sri Lanka and its major bilateral creditors with the exception of China have launched formal debt restructuring talks, as per sources. This is because of the slow pace of talks with China where the island nation was deadlocked between China and other lenders regarding...
Fosun’s Dollar Bonds Drop ~4 Points
Dollar bonds of Fosun International fell by ~4 points across its 2025s to 2027s. While there was no specific news available to attribute to the price drop, Assicurazioni Generali is nearing a deal to sell its Deutschland Pensionskasse AG unit to a German firm...
US CPI at 5%, Core CPI at 5.6%; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields dipped slightly by ~3-5bp following the CPI and FOMC minutes. US CPI came at 5% for March 2023, below expectations of 5.1% and lower than last month's 6% print. Core CPI came at 5.6%, in-line with the surveyed 5.6% and higher than last month's 5.5%...
SoftBank to Sell Almost Entire Stake in Alibaba
Softbank is looking to sell nearly all of its remaining stake in Alibaba Group in a bid to take a more "defensive" position in a more uncertain business environment, as per FT. Softbank has divested about $7.2bn worth of Alibaba shares since the start of the year...
Markets Await US Inflation Data; Macro; Rating Changes: New Issues; Talking Heads; Gainers and Losers
US Treasury yields continued to tick slightly higher yesterday by 3-5bp with markets awaiting the CPI print today. The 2Y yield is now back above the 4%-mark since going below the level at end-March. The peak fed funds was unchanged at 5%. US CPI YoY is expected to...
Egypt’s Dollar Bonds Dip After Inflation Touches 33%, Highest Since 2017
Egypt's dollar bonds fell by over 2 points across the curve after the nation's inflation came at 32.7% in March, its the fastest pace since 2017. While the pick-up in inflation was in part due to base effects, the recent drop in Egyptian pound is also said to be...
Sino-Ocean Downgraded to B- by Fitch
Sino-Ocean was downgraded to B- from B+ by Fitch due to increasing uncertainty over its financial flexibility after it missed an amortization payment on its syndicated loans on 31 March 2023. While the payment is voluntary and does not constitute a default, it does...
