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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...
Credit Suisse’s Singapore AT1 Holders Plan to Sue Swiss Govt. on Unique Investor Protections
Some holders of Credit Suisse's AT1 bonds from Singapore are seeking to sue the Swiss government regarding unique protections they should have received regarding the historic write-off. BT reports that a group of 30 investors are in talks with law firms WilmerHale and...
Adani Repays $3bn in Pledges, Bonds in Q1; Bonds Up Over 1 Point Since Friday
Adani Group has repaid $3bn in pledges and bonds over the first quarter of the year, sources noted. They said that proceeds from its $1.88bn equity funding by GQG Partners and an additional $1bn from the promoter-group were used to release a substantial part of the...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields jumped higher across the curve, led by the 2Y yield that rose 14bp while the 10Y rose 7bp. The peak Fed funds moved 7bp higher to 5.08% for the June meeting with the probability of a 25bp hike in the May meeting now at 81% vs. 68% last week. While...