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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...
Adani Dollar Bonds Show Recovery after Response to Hindenburg Report
Adani Group responded to Hindenburg Research's note with its dollar bonds recovering by ~5%. Adani Group dismissed the claims as baseless, saying that it was timed to damage its reputation ahead of the planned $2.5bn share issuance of Adani Enterprises. Besides, it...
Pemex’s Dollar Bonds Slip on New Issuance Plan
Pemex's dollar bonds slid by ~1 point with Bloomberg noting that markets assimilated the news of its $2bn bond issuance plan. They noted that raising the amount would add more pressure on the company's finances. This would further be subject to difficulty if the...
Argentina’s Planned Buyback Considered Equivalent to Default, Says Moody’s
Argentina's planned $1bn bond buyback that was announced last week, would be tantamount to a "distressed exchange and hence a default" as per note by rating agency Moody's. It noted that Argentina's buyback would "at the cost of scarce foreign currency that is...
Ghana Debt Payment Suspension a Potential Repudiation as per CDDC
Ghana’s plan to suspend debt repayments on its eurobonds, commercial term loans and most of its bilateral debt is a "potential repudiation or moratorium", as per the Credit Derivatives Determinations Committee (CDDC). However, the committee said that the suspension...
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...
