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ECB, BOE Hike Rates by 50bp; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Bond markets continued its rally with benchmark yields down ~3bp across the curve. The peak Fed funds rate was flat at 4.89% for the June 2023 meeting. Currently the probability of a 25bp hike in the FOMC March meeting stands at 89%. US IG CDS spreads tightened by...
Sri Lanka Gets Paris Club Backing for IMF Deal
Sri Lanka has obtained the backing of the Paris Club helping clear a hurdle to unlock a $2.9bn bailout from the IMF, as per Bloomberg sources. The IMF is recently said to have received the assurance from the Paris Club that primarily comprises wealthy, western...
Treasuries Rally Post FOMC Meeting
Bond markets saw a sharp rally with benchmark yields down over 10bp across the curve after the FOMC meeting, where the Fed hiked its policy fed funds target range by 25bp to 4.5-4.75%. The peak Fed funds rate was down 4bp at 4.92% for the June 2023 meeting. At the...
Dalian Wanda Discussing Offshore Loan to Pay Dollar Bond
Dalian Wanda Group is said to be in discussions to secure an offshore loan to pay its $350mn 8,875% dollar bond due on March 21, as per sources. They noted that the company was in talks with ICBC and that the financing would be backed by onshore assets of Wanda. In...
Casino Guichard Planning to Merge Retail Operations
French retailer Casino Guichard and Teract SA, a European leader in sustainable, alternative and responsible distribution are in talks to merge their French retail operations. Talks are in exploratory stages and no conclusion has been made, Casino Guichard noted....
January 2023: Easing Inflation Triggers Rally in Bonds with 92% of Dollar Bonds in the Green
The month of January saw a massive turnaround in fortunes for bond investors as 92% of dollar bonds in our universe delivered a positive price return (ex-coupon), owing largely to the fall in benchmark yields. This comes after a 10-month-long losing streak until...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were 2-4bp lower across the curve on Tuesday. The peak Fed funds rate was down 1bp at 4.92% for the June 2023 meeting. With a 25bp rate hike expected today, markets will keenly watch for the Fed's guidance on the future path of rates. The...
Asia ex-Japan IG Dollar Bonds Witness Second Best Monthly Returns Since 2009
Asia ex-Japan IG dollar bonds saw their second best monthly returns since 2009, going up 2.55%, with their best returns seen in November 2022 at 3.85%. Given the higher duration sensitivity of IG bonds, the strong performance comes on the back of a move lower across...
Vedanta Calls Off Plans to Sell Sterlite Copper, say Sources
Vedanta Ltd. has decided to halt plans to sell Sterlite Copper, its copper smelter in Tamil Nadu, India, as per sources. While the initial planned size of the sale was not known, Sterlite has operated a 400,000 MTPA smelter and was responsible for 36% of India's...
