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China Planning 21-Point Plan for Easing High Quality Developers’ Finances
China is said to be drafting a detailed 21-point plan to help "high quality developers" with RMB 450bn ($67bn) in financing, including debt extensions, as per news agency Xinhua. The plan is aimed at speeding up the lending of RMB 150bn ($22.4bn) in previously...
Fantasia Reveals $4bn Offshore Restructuring Details with Debt-to-Shares Swap
Fantasia Holdings released details of its offshore-debt restructuring proposal, more than a year after its default in October 2021, as per an HKEX filing. The details include swapping $1.3bn of offshore borrowings into shares and extending some of its bonds'...
JLR at Risk of Missing Debt Reduction Goal
Jaguar Land Rover (JLR) is said to be at risk of missing its debt reduction goal to become net-debt free by March 2024 due to the global semiconductor shortage, as per Tata Motors' CFO, PB Balaji. He said, “We have lost at least six months because of the semiconductor...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields were lower by 4-8bp across the curve and the peak Fed funds rate was down 2bp to 4.92% for the June 2023 meeting. The rally came on the back of US CPI coming in at 6.5% for December, in-line with expectations of 6.5% and lower than last month's 7.1%...
Americanas’ Dollar Bonds Drop 35 Points on Accounting Gaps
JSM Global's 4.75% dollar bond due 2030, guaranteed by Brazilian retailer Lojas Americanas dropped by a massive 35 points to trade at 34 cents on the dollar after accounting "inconsistencies" saw the resignation of its newly appointed CEO. While the exact size of...
Bed Bath’s Bonds Move Higher on New of Talks with Potential Financing
Bed Bath & Beyond is said to be in talks with potential lenders that would finance the company during bankruptcy proceedings, as per sources. As per Business Times, one of the options includes a possible 'stalking horse' bid, where the lender would also offer to...
UOB Launches S$ PerpNC5; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yield were lower by 7-9bp across the 5Y to the 30Y while 2Y yields were down 3bp. The peak Fed funds rate was up 1bp to 4.94% for the June 2023 meeting. Markets keenly await the US inflation data prints later today - Headline CPI is expected to soften to...
Pakistan Secures over $9bn in Pledges from International Lenders for Floods
Pakistan has secured over $9bn in pledges from international lenders and governments after a donors conference to help the nation in recovering from the massive floods it faced last year. The Prime Minister said that pledges of $4.2bn from the Islamic Development...
Lippo’s Dollar Bonds Up 4 Points as Fitch Assesses Buyback as Not DDE
Lippo Karawaci's bond buyback will broaden funding diversity and reduce foreign-currency risk, Fitch noted, contingent on the buyback being accepted. Lippo had launched a tender offer and consent solicitation yesterday for its $405mn 8.125% 2025s and $417mn 6.75%...
