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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...
Commerzbank Upgraded to A- on Strong Bail-In Debt Buffer
Commerzbank was upgraded to A- from BBB+ by S&P due to its "substantial and sustainable buffer of bail-in-able debt instruments". S&P says this will provide additional protection to senior creditors in case of a resolution. Its additional loss-absorbing...
Casino Guichard’s Bonds Drop Post Downgrade to Caa1
Casino Guichard's bonds were down by over 4 points across the curve after its downgrade to Caa1 from B3 by Moody's. The downgrade came on the back of continued market share losses, a reduction in French retail margins in 2022 and weak liquidity. Moody's said that...
Egypt-World Bank Agree On $7bn 5-Year Partnership
Egypt and the World Bank have entered into a new $7bn partnership for 2023-2027 after the latter said it had approved the agreement. The focus is to boost private sector jobs, provide better health and education services, and adapt to climate change. Egypt has been...