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The Week That Was (10 – 16 April, 2023)
US primary markets saw $10.3bn in new deals last week as compared to $16.8bn in new deals a week prior to it. Of the deal volumes, IG issuers raised $8.5bn in new issuances led by Walmart that raised $5bn via a five-tranche issuance and American Honda Finance's $1.5bn...
Pakistan’s Dollar Bonds Rise 1.5-2.0 Points on Talk of Loan to Revive IMF Deal
Pakistan's dollar bonds were higher by over 1.5 points across the curve after it said that the UAE has provided assurance on a $1bn loan. This takes the sovereign closer to an IMF loan deal to avoid a default. Pakistan's Finance Minister had confirmed UAE's support in...
Vedanta In Talks With Barclays, JPMorgan, StanChart for Loans, say Sources
Vedanta Ltd. is said to have asked Barclays to syndicate an INR 15bn ($183mn) loan to repay existing debt, for capital expenditure, general corporate purposes as well as related expenses. As per ET, the loan will have a first exclusive charge over the fixed assets of...
Huarong AMC Downgraded to Baa3 by Moody’s
China Huarong Asset Management Company (Huarong AMC) was downgraded to Baa3 from Baa2 due to deterioration in profitability, capital and asset quality in 2022. Huarong AMC reported a net loss of RMB 27.6bn ($4bn) in 2022 reflecting weakness in risk management, a "key...
Sino-Ocean Seeks to Defer Amortization Payments on Offshore Syndicated Loans
Sino-Ocean is seeking consent from its lenders to defer separate amortization repayments it had missed on March 31 for its offshore syndicated loans of about ~$3bn. It had earlier agreed to make one-time early payments worth 5% of the loans, in exchange for a waiver...
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...
