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COGARD, Road King $ Bonds Rally; Evergrande Fails to Win Creditors’ Support as Key Dates Loom
Dollar bonds of Country Garden, Road King and Sino-Ocean were higher by over 2.5% across the curve yesterday. The former was on account of the developer planning to buy residential land in local government auctions for the first time since December 2021, in signs of...
Nigeria Bonds Up Over 2% as Ruling Party Candidate Leads in Election Tally
Nigeria's dollar bonds were higher by over 2% across the curve after the ruling-party candidate Bola Tinubu took an early lead in the presidential election tally. This was considered a positive news for the market as Tinubu is set to make reforms to pull Nigeria out...
US Treasuries Sell-Off on Higher PCE Inflation; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US short-end Treasury yields were higher by 11-12bp across and the 10Y yield was up 8bp with the peak Fed funds rate up 5bp to 5.40% for the July 2023 meeting. This occurred after US Core PCE accelerated in January, coming at 4.7% vs. forecasts of 4.3%. The Headline...
The Week That Was (February 20 – 27, 2023)
US primary market issuances stood at only $18.1bn last week vs. $45.5bn a week prior. IG issuances stood at $16.6bn led by Eli Lilly's $3.25bn three-trancher and NextEra Energy's $2.5bn deals. HY issuances stood at a mere $1.1bn with TransDigm being the sole issuer....
COGARD to Begin Buying Residential Land Plots; China to Introduce Further Property Easing
Country Garden is planning to buy residential land in local government auctions for the first time since December 2021, as per WSJ, citing the developer's executives, in signs of an indication in the property sector. This move comes after Chinese authorities recently...
Greenko Energy to Prepay August Dollar Bond
Greenko Energy will prepay its $500mn 4.875% dollar bonds due August 2023 by using its near-term cashflows, as per ET sources. Greenko reported operating profits of $625mn in 2022 and expects it to rise to $650mn in 2023. The bonds are linked to a "restricted group"...
Lumen Downgraded to B2 by Moody’s
Lumen Technologies was downgraded to B2 from Ba3 by Moody's. The rating agency highlighted governance weakness as one of the reasons as the company departed from its prior financial strategy and risk management practices. Here, Lumen's significant disposals of high...
Turkey Cuts Policy Rate by 50bp; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields eased 3-5bp across the mid-to-long end of the curve with the peak Fed funds rate down 2bp to 5.35% for the July 2023 meeting. US Q4 GDP came at a revised 2.7%, lower than the preliminary number of 2.9%. Markets are pricing in a 27% chance of a 50bp...
Macau Casino Dollar Bonds Jump on Lifting of Restrictions as January Gaming Revenues Soar
Dollar bonds of Macau casino operators like Melco and Studio City rallied by over 2 points after data showed that gambling revenues in Macau surged 82.5% YoY to MOP 11.6bn ($1.4bn) in January. This came after Macau saw about 500,000 visitor arrivals over the week-long...
