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China HY Dollar Bonds Erase 2023 Gains Led by Property Sector Worries
Chinese HY dollar bonds have reversed its gains this year, after having risen 10% through January. Besides existing concerns on the overall state of the property market, the latest events have caused angst. Worries about Dalian Wanda, Sino-Ocean and Country Garden...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields dropped yesterday with the 2Y yield down 12bp and the 10Y down 7bp. This comes on the back of economic data yesterday that points towards some indications of a slowing down of the US economy. Weekly initial jobless claims rose to 245k from 239k, its...
Vedanta Pledges More Hindustan Zinc Shares
Vedanta Ltd. has pledged 2.44% more shares of its subsidiary Hindustan Zinc (HZL) to avail a term loan of INR 15bn ($183mn). Hindustan Zinc plans to use the proceeds from the loan for capital expenditure, debt repayment, and operational expenses. Vedanta has a history...
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...
