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The Week That Was (13 Mar – 19Mar, 2023)
US primary market were quiet with no new deals last week vs. $28.2bn a week prior. In North America, there were a total of 28 upgrades and 51 downgrades across the three major rating agencies last week. In South America, there were 16 upgrades and 23 downgrades...
Evergrande Said to Have Received Creditor Support for Restructuring
Distressed real estate developer China Evergrande is said to have received support from major creditors for its offshore debt restructuring plan, as per people familiar with the matter. The people added that Evergrande had upped its preliminary proposal including...
Sri Lanka Bonds Climb on IMF Bailout Optimism
Sri Lanka's dollar bonds have been inching up in anticipation that a $2.9bn IMF bailout will be approved soon. The sovereign's dollar bonds have already risen 20% this year, rewarding Sri Lanka's efforts to steady its economy, including cutting subsidies, raising...
$17bn of Credit Suisse AT1 Perps Wiped Out Following UBS Deal
In the latest development in the Credit Suisse (CS) turmoil, UBS Group has agreed to takeover CS for a consideration of CHF 3bn ($3.3bn). This comes after several rounds of intense discussion and negotiation along with the regulators over the weekend. The all-share...
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...
