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Ecuador’s Dollar Bonds Down Over 1 Point on Fears of Ousting President
Ecuador's dollar bonds were lower by more than 1 point across the curve on fears that President Guillermo Lasso may face an impeachment trial. Lasso is considered a market-friendly leader and analysts say that a new left-leaning administration is likely to cause a...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were largely flat yesterday across the curve and the peak fed funds rate was unchanged for the May meeting. CME probabilities are showing a 41% probability of a 25bp rate cut in September with a status quo expected in the May, June and July...
Sino-Ocean’s Bonds Rally on Payment of Deferred Perp’s Coupon
Dollar bonds of Sino-Ocean rallied across the curve after the developer told Bloomberg that it repaid its USD 6.876% Perp's coupon payment that it had chosen to defer on March 21. It said that the company values creditors’ opinions and the coupon amount was small,...
Adani Said to Have Approached Pimco, BlackRock, Blackstone for $1bn Private Bond Placement
Adani Group is said to have reached out to major asset managers Pimco, BlackRock and Blackstone for a potential $1bn two-tranche private placement of bonds, as per sources. They said that it was part of Adani Group's global roadshows that in US cities like New York,...
Netflix Upgraded to IG Status of Baa3
Netflix was upgraded to Baa3 from Ba1 by Moody's into investment grade territory on expectations that it will stay as the leading direct-to-consumer subscription-video-on-demand (SVOD) single Tier-1 platform in the world. This is despite an increasingly competitive...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields moved higher yesterday with the 2Y yield jumping up by 14bp. The peak fed funds rate was only 1bp lower to 4.93% for the May meeting. Markets are trying to reassess when the Fed's first rate cut would be this year. While CME maximum probabilities...
Vedanta Ltd Declares Fifth Interim Dividend of $927mn
Vedanta Resources' Indian subsidiary Vedanta Ltd. decided to pay out a fifth interim dividend for the concluding financial year. The dividend amounts to INR 76.2bn ($927mn). This would help its parent Vedanta Resources repay its debts due in the near-term besides...
Adani Refutes Reports That It Sought More Time to pay $4bn in Loans for ACC, Ambuja
Adani Group refuted reports by ET that said the conglomerate wanted to renegotiate terms of $4bn worth of loans terming it a "baseless speculation". ET said that the Adani Group had started talks with lenders to extend a $3bn bridge loan's tenor to ~5 years or more...
Sunac Releases Restructuring Plan
Sunac China has come out with details of its restructuring plan, following its default in May 2022. Sunac said it reached an agreement with a group of key bondholders on the plan. It signed a restructuring support agreement with an ad-hoc group of investors holding...
