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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were slightly lower across the curve on Wednesday. The peak Fed funds rate was 3bp lower at 4.88% for the June 2023 meeting. The probability of a 25bp hike at the FOMC's February 2023 meeting stands at 99%. US equity markets ended slightly lower...
Adani Dollar Bonds Plummet as Hindenburg Reveals Short Positions on Frauds, Manipulations
Dollar bonds of Adani Group dropped sharply by over 10 points after Hindenburg Research said that it held short positions in the group via its dollar bonds and non-Indian-traded derivative instruments. Hindenburg is popular in the markets as a short-seller with one of...
Credit Suisse Stake Doubled by QIA Ahead of Strategic Overhaul
The Qatar Investment Authority's (QIA) stake in Credit Suisse has been doubled, with the company now becoming the second largest shareholder in the swiss-bank. The QIA now owns 6.8% of the bank’s shares, second to the 9.9% stake held by the Saudi National Bank. Credit...
Ronshine China Misses $431.48mn Principal and Coupon Payments on Bond Maturity
Ronshine China missed the redemption of its $413mn 8.95% bonds due January 2022. The principal and accrued and unpaid interest combined, amounted to $431.48mn was unpaid. Ronshine said that it will be in talks with creditors for a resolution to its debt issues, to...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were slightly lower across the curve on Tuesday. The peak Fed funds rate was 1bp higher at 4.91% for the June 2023 meeting. The probability of a 25bp hike at the FOMC's February 2023 meeting stands at 97%. US S&P flash manufacturing PMI came at...
The Week That Was (16 – 22 January, 2023)
US primary market issuances stood at $19.4bn last week vs. $17.6bn a week prior. IG issuances stood at $13.4bn led by Morgan Stanley's $6bn three-trancher and BofA's $3bn issuance. HY issuances stood at $5.95bn with DISH Network's $1.5bn deal and Transocean's $1.18bn...
WeWork’s Dollar Bonds Jump 6-9 Points
WeWork's dollar bonds jumped by 6-9 points. The company had recently announced that it planned to cut about 300 roles in order to cut costs in addition to reducing its real estate footprint, amid reducing its cash burn. In November, WeWork announced its exit from 40...
Pemex Said to Plan $2bn Bond Issuance Amid $10bn in Payments Due in 2023
Pemex's dollar bonds were higher by ~1 point with sources noting that the company is planning to issue at least $2bn in bonds before a blackout period starts on February 12. Earlier this month, sources said that the Mexican Finance Ministry wanted Pemex to be able to...
Ghana Restructuring Terms Said to Favor Local Creditors Over Offshore Bondholders
Ghana's terms of restructuring for its local bonds is said to be favoring domestic creditors over its offshore creditors. Ghana commercial banks agreed to the government’s proposal of a 5% coupon payment in a domestic debt swap program and also agreed on a single...
