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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were a tad higher across the curve on Monday. The peak Fed funds rate was up 2bp at 4.93% for the June 2023 meeting. Markets now await the FOMC's Wednesday meeting for more clues on the Fed's rate hike path. While a 25bp hike is almost certain with...
Nigeria’s Dollar Bonds Drop after Downgrade to Caa1
Dollar bonds of Nigeria dropped by as much as 2.5 points across the curve. This comes after the sovereign was downgraded to Caa1 from B3 by Moody’s primarily on the back of expectations that the "government’s fiscal and debt position will continue to deteriorate"....
Commerzbank Launches S$ T2 Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were slightly higher on Friday. The peak Fed funds rate was unchanged at 4.91% for the June 2023 meeting. The probability of a 25bp hike at the FOMC's Wednesday meeting stands at 99%. Markets are also pricing in an 85% chance of another 25bp hike in...
The Week That Was (23 – 29 January, 2023)
US primary market issuances stood at $27.7bn last week vs. $19.4bn a week prior. IG issuances stood at $23.2bn led by US Bancorp's $3.65bn and Truist Financial's $3bn two-trancher issuances each. HY issuances stood at $2.9bn led by Caesar Entertainment's $2bn issuance...
Pemex’s Dollar Bonds Rise on AMLO’s State Support
Dollar bonds of Pemex were higher by as much as 3% across the curve as Mexican President AMLO said that the government could potentially take over some of Pemex’s obligations or cut the company’s taxes. He said, "It has been done since the first year, and we are going...
Vedanta Plans $570mn Interim Dividend to Parent Company
Vedanta Ltd. will pay an interim dividend of $570mn to its parent Vedanta Resources in the last quarter of the year. The Indian subsidiary's total disbursements during the year to March amount to INR 301.12bn ($3.7bn). The group’s net income dropped by 41% to INR...
Ecopetrol’s Dollar Bonds Drop as CEO Exits on Exploration Halt
Ecopetrol's dollar bonds were down by 1-1.8 points across the curve after its CEO Felipe Bayon said that he would step down amid a halt in new oil and gas exploration contracts. With Colombia making a transition to renewable energy, the government is said to be averse...
Nigeria’s Downgraded to Caa1 by Moody’s
Nigeria was downgraded to Caa1 from B3 by Moody's primarily on the back of expectations that the "government's fiscal and debt position will continue to deteriorate". The government's 2023 budget plans on an even larger fiscal deficit than in 2022 and lack of access...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields jumped higher by 5-7bp across the curve on Thursday. The peak Fed funds rate was 3bp higher at 4.91% for the June 2023 meeting. The probability of a 25bp hike at the FOMC's February 2023 meeting stands at 98%. US Q4 GDP grew at an annualized rate of...
