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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...
El Salvador Bonds Gain Up to 2 Points as Former IMF Official Tapped to Advise
El Salvador's dollar bonds rose by up to 2 points across the curve after President Nayib Bukele appointed former IMF official Alejandro Werner as adviser. Markets are taking this as an effort by the government to shore up its finances. The nation has been trying for...
COGARD’s Dollar Bonds Fall Over 1.5 Points as Refinancing Risk Weighs On
Dollar bonds of Country Garden (COGARD) fell by over 1.5 points across the curve. While the reason for the drop is not clear, Bloomberg Intelligence (BI) notes that refinancing difficulties amid the three red-lines policy might see the developer's financials under...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields jumped 7-8bp higher across the curve and the peak Fed funds moved another 3bp higher to 5.11% for the June meeting. This comes on the back of the New York Empire State Manufacturing activity’s unexpected expansion in April, for the first time in...
Huarong’s Dollar Bonds Rally Over 4% on Demand from HY Funds
Dollar bonds of China Huarong rallied by over 4% despite its downgrade to Baa3 by Moody's. While the issuer's rating is still at investment grade status, Moody's had cut its offshore financing vehicles' ratings. In particular, it downgraded the senior unsecured...
Fosun’s Dollar Bonds Drop 5-8% After Ratings Withdrawal
Dollar bonds of Fosun Group dropped by 5-8% after its ratings withdrawal by Moody's due to insufficient information. Fosun's dollar bonds have been under pressure this year, losing ~20% of its value. The company is trying to manage its liquidity position amid a...
Wanda’s Dollar Bonds Down Over 4 Points after Investors Question Trust Loan Payments
Dollar bonds of Chinese real estate company Wanda Properties were down over 5% yesterday. Bloomberg reported that investors questioned the company regarding whether there had been any extensions or defaults on trust loans. The trust loan market is a key shadow banking...