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Turkey Prices € 6Y at 6.125%; Said to Plan Buyback of Short-Term Dollar Bonds
The Republic of Türkiye raised €2bn via a 6Y note at a yield of 6.125%, 37.5bp inside initial guidance of 6.5% area. The notes are rated B3/B+. Separately, Turkey’s Treasury department is said to have discussed a potential buyback of short-term dollar bonds to switch...
SMC’s Dollar Perps Callable in 2026 Rally
Philippines conglomerate SMC Global's dollar perps callable in 2026 rallied by over 2.8 points. The company reported a consolidated net income of PHP 44.7bn ($800mn), up 67% YoY with its EBITDA rising to PHP 205.3bn ($3.7bn), up 24% YoY. Revenues were weaker at PHP...
TSKB Prices AT1 at 9.75%; Treasury Yields Jump Higher
US Treasury yields jumped higher across the curve with the 5Y and 10Y yields up 9bp. US PPI rose in February by the most in six months, driven by higher fuel and food costs. It rose 1.6% YoY vs estimates of 1.2% and the Core PPI rose 2.0% vs estimates of 1.9%....
Rolls-Royce Upgraded to BBB- by S&P
Rolls-Royce along with its senior unsecured debt have been upgraded by a notch to IG-status of BBB- by S&P. The upgrade follows its strong operating performance in FY2023 leading to meaningful deleveraging. In FY2023, Rolls-Royce sales increased by 21.9%...
BNP Paribas Considering Buying Fosun’s 10% Stake in Ageas
BNP Paribas is considering acquiring Fosun's 10% stake in Belgian insurance company Ageas, according to sources. According to the regulatory filing, Fosun's stake is currently valued at €750mn ($816mn) based on Thursday’s closing price. The details and timeline of the...
Vedanta’ Demerger Plans May See Setback, notes CreditSights
Vedanta Ltd.'s plans to demerge its Indian businesses might face some setback in CreditSights' view. They said that Vedanta's plans could face "major hurdles from minority shareholders and/or creditors, which may delay or derail the deal". This comes especially on the...
US Steel’s Bonds Drop on Concerns Over White House’s Take on Nippon Acquisition
US Steel's bonds were trading lower across the curve after reports emerged claiming that US President Joe Biden was expected to release a statement of concern about Nippon Steel’s proposed purchase of the American steelmaker. Nippon Steel had proposed a $14.9bn...
CEMEX Upgraded to IG at BBB- by S&P
CEMEX along with its senior unsecured bonds were upgraded by a notch from BB+ to BBB- by S&P, making it a rising star. The rating agency also upgraded CEMEX's perpetual bonds to BB from B+. The upgrade follows the company's strong operating performance and...
US Treasury Yields Inch Higher, 30Y Auction Draws Solid Demand
US Treasury yields continued to move higher across the curve by 4-5bp. The US Treasury's 30Y auction saw solid demand with a bid-to-cover ratio of 2.47x, higher than the 2.4x seen last month, and at a yield of 4.331%. This is in contrast to a weaker 10Y auction a day...
