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BAT Upgraded to BBB+ by Fitch
British American Tobacco (BAT) has been upgraded by a notch to BBB+ from BBB by Fitch. Fitch also upgraded BAT's senior unsecured and perpetual bonds by a notch to BBB+ and BBB- respectively. The upgrade follows BAT's improved leverage metrics and Fitch's expectations...
Yapi Kredi Prices Third Turkish AT1 of 2024 at 9.75%
Yapi Kredi raised $500mn via a PerpNC5.25 AT1 bond at a yield of 9.75%, 25bp inside initial guidance of 10% area. The junior subordinated notes are rated CCC by Fitch. The bonds are callable from 4 April 2029 until 4 July 2029 and if not called, the coupon resets then...
Canacol Energy’s Dollar Bond Plummets
Canacol Energy's 5.75% dollar bond due 2028 plummeted over 15 points to 50.9 cents on the dollar after the company decided to discontinue its quarterly dividend to improve balance sheet flexibility. The Columbian company added that there would be no significant share...
MGM, BMW, KNOC Prices $ Bonds
US Treasury yields were stable across the curve on Monday. US new-home sales unexpectedly fell in February for the first time in three months, by 0.3% MoM, below estimates of a 2.1% rise by Bloomberg, and previous data of a 1.5% rise. Credit markets saw the US IG CDS...
Shimao Announces Restructuring Proposal; Agile Downgraded to Caa2
Shimao Group has announced a restructuring proposal for $11.7bn of its offshore debt, according to a press release by the company. As per the release, the company has presented 4 restructuring options to its bondholders and is seeking their approval for a...
Zambia and Creditors Agree to Offshore Debt Restructuring
Zambia has agreed to restructure $3bn of its offshore bonds with the latest move coming after a three-year effort amid several delays and a debt default. The finance ministry said that the terms were compatible with the official creditor committee’s assessment of...
FWD Prices $ 5Y at 8.4%; Bombardier Prices 7NC3 at 7.287%
US Treasury yields trudged lower across the curve on Friday. While there was no data from the US, Atlanta Fed President Raphael Bostic came out with his take on rate cuts. He said that he now expects just a single 25bp rate cut this year instead of the earlier two...
Argentina’s Dollar Bonds Trend Higher on Positive Sentiment
Dollar bonds of Argentina continued to march higher across the curve, reaching near record highs. Reuters notes that the move comes on the back of positive investor sentiment that President Javier Milei's administration which has been in power since December, will be...
The Week That Was (18 – 24 March, 2024)
Whilst overall deal volumes were milder due to the BOJ and FOMC meeting, US primary markets stayed active, with new deals at $23.1bn vs. $24.8bn seen a week before this. IG issuers racked up $18.3bn in deals with UnitedHealth's $6bn six-part deal and Toyota's Motor...
