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Vedanta’s Dollar Bonds Recover as Hindustan Zinc Says Board Approves Asset Sale
Vedanta's dollar bonds were higher by up to 2 points, recouping some of its losses earlier this week. Hindustan Zinc said that the acquisition of Vedanta's offshore zinc asset was “approved by the Board of Directors”. It added that the proposed transaction was an...
Lumen’s Bonds Drop Over 10% After Soft Earnings Forecast
Lumen Technologies' dollar bonds dropped by over 10% across the curve after the company's forecast for adjusted EBITDA in 2023 significantly missed estimates. Lumen said that it expects to see adjusted EBITDA at $4.6-4.8bn, as compared to analyst estimates of $5.15bn....
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasuries were near flat across the curve after Fed Chair Jerome Powell reiterated, "We think we are going to need to do further rate increases... The labor market is extraordinarily strong". The peak Fed funds rate rose 2bp to 5.14% for the July 2023 meeting....
Egypt Downgraded to B3 by Moody’s
Egypt was downgraded to B3 from B2 by Moody's citing "reduced external buffers and shock absorption capacity". This comes amid a structural change in its economy towards an export and private sector-led growth model under a flexible exchange rate regime. Moody's said...
Bed Bath’s Bonds Shoot Higher on $225mn Share Sale to Stave off Bankruptcy
Bed Bath & Beyond's bonds jumped after the distressed retailer staved off bankruptcy with a $225mn share placement. It added that it may get another $800mn over the next 10 months in order to avoid bankruptcy. Sources said that Hudson Bay Capital Management is the...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Bond markets sold-off further on Monday with benchmark yields higher by 6-9bp across the curve, continuing the climb post the strong jobs report. The peak Fed funds rate rose 6bp to 5.12% for the June 2023 meeting. Currently, the probability of a 25bp hike at the...
Vedanta’s Dollar Bonds Drop After Zinc Assets Sale to Hindustan Zinc Opposed by Government
Vedanta's dollar bonds have fallen by over 4-6%, reversing the rally late last month where Vedanta Ltd was to sell overseas zinc assets for over $3bn to Hindustan Zinc. The drop in bonds occurred after the government's nominees on the board of Hindustan Zinc strongly...
Credit Suisse Plans $500mn Capital Raise via Exchangeable Bond
Credit Suisse is planning to raise $500mn via a capital raise via a 5Y exchangeable bond, paying 6% coupons. Investors participating in the capital raise will have to swap their notes into shares of its investment banking carve out, Credit Suisse First Boston (CSFB)...
Ecuador’s Dollar Bonds Drop over 10% As Incumbent Set for Referendum Defeat
Dollar bonds of Ecuador dropped by over 10% with its 5.5% 2030s falling over 10 points to 59.93, yielding 19.3%. This comes after partial results from the constitutional referendum showed that voters were planning to reject a series of proposals put forward by...
