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Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields jumped on Thursday following the risk-off move the day prior. The 2Y rose 28bp to back above 4% at 4.22% while the 10Y rose 10bp to 3.58%. This was largely on the back of an announcement from 11 American banking majors, including JP Morgan, Morgan...
Credit Suisse Announces Tender Offer; Bonds Continue to Slide
Shortly after its stock and bonds plummeted on Wednesday, Credit Suisse announced that it will be exercising its option to borrow up to CHF 50bn ($54bn) from the Swiss National Bank to boost its liquidity. Credit Suisse also announced a tender offer of over $3bn to...
WeWork to Complete Debt to Equity Swap Deal and Capital Raise; Bonds Jump
WeWork’s dollar bonds jumped following news that SoftBank, the largest shareholder of the co-working company, agreed to convert about $1bn of loans into equity after revising terms on the latter’s debts earlier this month. As per sources, WeWork is set to get a...
Lumen’s Bonds Rally on Exchange Offer Announcement
American tech company Lumen Technologies announced that its indirect, wholly-owned subsidiary Level 3 Financing will issue new senior secured notes in exchange for senior unsecured notes of Lumen. Level 3 will issue up to $1.1bn of new 10.5% bonds due 2030 in exchange...
Credit Suisse Bonds Nosedive Into Distress Territory
Swiss lender Credit Suisse (CS) saw a fresh round of selling in its stock and bonds on Wednesday amid heightened concerns over its financial position. While CS has been marred by a string of negative news since September last year, the most recent selloff was...
Credit Suisse Launches $3bn Tender Offer on USD & EUR Bonds
Shortly after its stock and bonds plummeted, Credit Suisse announced that it will be exercising its option to borrow up to CHF 50bn ($54bn) from the Swiss National Bank to boost its liquidity. Credit Suisse also announced a tender offer of over $3bn to buyback some of...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
Markets saw a big risk-off move on Wednesday following panic and concerns over Credit Suisse, whose stocks and bonds plummeted to fresh lows (more details below). The selloff soon spread to the broader banking sector as the STOXX Europe 600 Banks Index ended almost 7%...
Lippo Accepts $120mn of 2025s/2026s in Tender
Indonesia’s Lippo Karawaci repurchase a total of $120mn of its 2025s and 2026s as part of its tender offer (Term of the Day, explained below) launched on March 6, as per IFR. This is more than twice the initial maximum acceptance amount of $50mn announced at the time...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields rose across the curve on Tuesday following the CPI print. US CPI for February came at 6.0%, in line with expectations and lower than last month's 6.4% print. Core CPI came at 5.5%, in line with the surveyed number and lower than last month's 5.6%...
