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Bank AT1 Perps Slip Following SVB Collapse
Monday saw a massive selloff in banks' bonds, with the move most prominent in AT1 perpetuals. This followed the collapse of Silicon Valley Bank (SVB) in the US over the weekend. Among the prominent banks, losses were led by Credit Suisse AT1s, which were down by up to...
COGARD Warns of $1bn Loss for 2022; Bonds Trend Lower
Dollar bonds of Country Garden (COGARD) trended lower by 1.0-1.5% across the curve yesterday. As per an HKEX filing, the Chinese developer announced an expected loss attributable to shareholders of RMB 5.5-7.5bn ($800mn-$1.09bn) for 2022. Despite being the market...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury curve shifted lower for a second straight day on Friday - the 2Y yield dropped a solid 43bp to 4.36% while the 10Y yield dropped 18bp to 3.67% (see chart in The Week That Was). The flight to safety move comes after the February NFP print and the collapse...
The Week That Was (06 Mar – 12Mar, 20223)
US primary market issuances stood at 28.2bn last week vs. $31.6bn a week prior. IG issuances stood at $27.6bn led by Kenvue (J&J's spinoff) that raised $7.75bn 8-part deal and Nestle raising $3bn via a four-trancher. HY issuances stood at $667mn led by Jackson...
Vedanta Downgraded to Caa1 by Moody’s
Vedanta Resources Ltd. (VRL) was downgraded to Caa1 from B3 and its senior unsecured ratings to Caa2 from Caa1. Moody's cited "increasing refinancing risk surrounding holding company VRL's large debt maturities" as the primary reason for the rating action. They added...
CIFI Announces Preliminary Restructuring Terms
Chinese property develop CIFI Holdings announced via an exchange filing on Friday that they have made "significant progress" in "formulat[ing] a holistic solution to its current offshore liquidity situation." Among the preliminary terms announced are: No haircut...
Logan to Swap Offshore Debt for New 7Y Notes: Sources
Logan Group released plans for debt restructuring, after it missed payments on its offshore debt in 2022. The details include swapping $3.4bn of dollar bonds with new seven-year notes to extend the repayments, as per Reuters’ sources. As per one of the sources, more...
US 2Y Yield Drops 27bp on News of Banking Stress
US 2Y and 5Y Treasury yields dropped by a massive 23-27bp yesterday as risk-off (Term of the Day, explained below) sentiment caused a sharp rally in front-end Treasuries. This happened after Silicon Valley Bank (SVB) shares dropped 60% after it announced a $2.25bn...
Credit Suisse’s Perps Drop as SEC Enquiry Causes Delay in 2022 Financials
Credit Suisse's perps fell by 1.5-2 points after it postponed the publication of its annual report following a last-minute call from the US SEC. The SEC raised questions regarding the group's earlier financial statements. The SEC wanted to enquire into a "technical...
