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Mandiri, Hyundai Launch $ Deals; Treasury Yields Jump Higher on Easing Risk Sentiment; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields surged higher on Friday by 11-15bp across the curve and the peak fed funds rate jumped by 7bp to 4.94% for the May meeting. The moves come after an easing in the risk-off sentiment that has captured markets over the last two weeks. This comes after...
Carnival’s Bonds Tick Higher on Better Than Expected Results
Some of Carnival Corp's bonds moved higher by 1.2-1.4 points after the cruise company reported a smaller than expected 1Q 2023 loss whilst beating revenue estimates. The company posted an adjusted net loss of $0.55/share in the previous quarter vs. estimates of a loss...
Shimao to Sell it HK Hotel Property Land for $828mn
Troubled Chinese developer Shimao Group plans to sell its hotel property located near Hong Kong’s airport, as per sales agent JLL. The asking price is quoted at HKD 6.5bn ($828mn) as per Reuters as the defaulted developer tries to sell its assets amid its debt...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were marginally lower on Friday and the peak fed funds rate was lower by 3bp to 4.87% for the May meeting. CME maximum probabilities continue to show no further rate hikes by the Fed this year and a 66% chance of a 25bp rate cut in July. On the...
Deutsche Bank AT1s Tumble on Concerns after CDS Spike; Other European Bank AT1s Follow
Deutsche Bank's AT1s tumbled by over 5-8 points after its credit default swaps (CDS) jumped by 60bp since Thursday to over 203bp. This comes in the wake of spillover risks following Credit Suisse's downfall and subsequent rescue by UBS. Deutsche Bank had for a decade...
The Week That Was (20 – 26 March, 2023)
US primary market saw $19.9bn in new deals last week as compared to no new deals a week prior. The deal volumes were fully taken up by IG issuers led by UnitedHealth's $6.5bn four-trancher and Medtronic's $2bn two-trancher. In North America, there were a total of 32...
UniCredit Set To Redeem Its 6.625% Perps in June
UniCredit is likely to redeem its €1.25bn 6.625% Perps callable in June as per a Reuters source after it was said to have put in a request to the ECB to redeem it. The lender has until early-May to make a final decision regarding whether to call the bond or not. The...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries rallied across the curve again yesterday continuing the move post the Fed's dovish rate hike. With the peak Fed funds rate at 4.90% for the May meeting, markets are pricing in a status quo in May and June, and a 53% chance of a 25bp rate cut in July....
Vedanta Denies Rumors on Stake Sale; Indian Subsidiary Mulls Interim Dividend
Vedanta Ltd., the Indian subsidiary of Vedanta Resources quashed rumors about its stake sale saying it was "untrue and baseless". This comes after a report said that the company was pondering about a stake sale in Vedanta Ltd. as a last-resort option with a...
