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Vedanta Boosts Its Coffers with Fourth Dividend from Hindustan Zinc
Vedanta eased some of its liquidity woes as Hindustan Zinc, ~65% owned by Vedanta, announced another dividend, this time of INR 109.9bn ($1.3bn) on Tuesday. This will help the Anil Agarwal-led company address some of its upcoming debt obligations, most notably: $416mn...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US Treasury yields inched higher late on Monday after a slight reversal in the risk-off sentiment. The 2Y yield rose 5bp to 3.98% (up 37bp from intraday lows) while the 10Y rose 3bp to 3.50%. The peak Fed funds rate climbed 2bp to 4.87% as markets continue to price in...
Bank AT1s Stage Recovery Following Reassurances from BOE & ECB
Most European and Asian banks' AT1s staged a recovery after trading as much as 15% lower on Monday following the historic $17bn writedown of Credit Suisse's AT1s. The move followed statements from the UK and EU regulators reassuring market participants that the...
The One That Got Away: Credit Suisse’s Tier 2 CoCo That Rallied 25 Points
A rare Credit Suisse (CS) Tier 2 CoCo (contingent convertible) bond topped our gainers list this morning, despite having similar trigger and write-down clauses as their AT1s that were wiped out the previous morning. The $2.5bn 6.5% bonds due August 2023, issued a...
Sri Lanka Secures $3bn IMF Loan Program
Sri Lanka has finally secured IMF approval for a $3bn loan program, which will serve to bolster an economy grappling with soaring prices and dwindling foreign reserves. The 48-month loan program, which was widely expected, will also be crucial in the restructuring of...
Huarong Warns of $4bn Loss for 2022
China Huarong Asset Management said that it is expecting a loss of RMB 27.6bn ($4bn) for 2022. The bad debt manager cited erosion in fair values of some of its equity assets on the back of volatility in the capital markets as reasons for the massive loss. This comes...
WeWork’s Bonds Jump on Receiving Support for Debt Restructuring
WeWork’s dollar bonds jumped following the release of the co-working company’s extensive restructuring plan. After finalizing the terms last week, WeWork said that it will reduce total debt by ~$1.5bn through: Equitization of $1.04bn in its 5% unsecured notes held by...
How to Identify AT1s on the BondEvalue App
AT1 perpetual bonds have been in focus today following Credit Suisse's announcement of a complete write-down of over $17bn of its AT1 bonds. Investors and advisors are now looking at their own/clients' existing bank bond holdings to check whether (a) the bonds are...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
Over the weekend, the Swiss government brokered a historic deal for UBS to takeover Credit Suisse in an all-stock deal worth CHF 3bn ($3.3bn). As part of the deal, the Swiss National Bank is offering CHF 100bn ($108bn) of liquidity assistance to UBS, while also...
