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Egypt’s Dollar Bonds Lead Middle East & Africa Gainers in February
Dollar bonds of Egypt rallied by over 20% on average across the curve in February leading the gainers across the MENA space. This comes after a strong of positive updates. It began with IMF managing director Kristalina Georgieva saying the lender was very close to a...
Olam Reports Better H2 Results as Bonds Trend Higher
Olam Group reported an improvement in its 2H 2023 performance, although its full-year profits dropped 56% to S$278.7mn ($207mn). In H2, its earnings rose 15.5% to S$230.8mn ($172mn) after H1 saw a 90% profit slump partially caused by lower crop yields from its almond...
NWD Plans to Trim $1bn of Non-Core Assets; Dollar Bonds Up
New World Development (NWD) is planning to trim HKD 8bn ($1bn) of its non-core assets this financial year, according to the interim results announced by the company yesterday. The developer's core profit rose by 12% YoY to HKD 4.87bn ($620mn) in 1H24. The HKD 8.3bn...
Adani Group Reports Strong Quarterly Results; Plan Private Placement of $400mn Bond
Adani Group reported its previous quarter's results yesterday, registering an EBITDA growth of 64% YoY to INR 194.7bn ($2.3bn) for the quarter. According to the company, there was "no material refinancing risk and near-term liquidity requirement." The group's net debt...
US Core PCE at 2.8%; IRB Infra Prices $ 8Y at 7.125%
US Treasury yields were marginally lower across the curve, down by 1-3bp. The US Headline PCE for January rose 2.4% YoY, lower than the 2.6% seen a month prior and in-line with estimates. The Core PCE Index came in at 2.8%, lower than 2.9% in December and in-line with...
Chemours Bonds Drop On Delayed Results and Accounting Fraud Suspicions
Chemours' dollar bonds dropped lower by 4-5 points, after the company put its top management including its CEO, CFO on administrative leave to investigate the pending internal accounting fraud. As a result, Chemours full year results were further delayed and the...
StanChart Prices $ PerpNC5 AT1 at 7.875%
StanChart raised $1bn via a PerpNC6 AT1 bond at a yield of 7.875%, 50bp inside initial guidance of 8.375% area. The subordinated notes are rated Ba1/BB-/BBB-, and received orders of over $3bn, 3x issue size. The issuer is Standard Chartered PLC. The bonds are callable...
Vedanta Plans $3bn Debt Reduction Through FY 2027
Vedanta Resources Limited (VRL) plans to reduce its debt by $3bn through FY 2027 by using cashflows from brand fees and dividends from subsidiaries, according to its management. The company expects cashflows of $1.3bn from brand fees and $4.5bn from dividends over the...
Gol Gets $1bn Bankruptcy Loan Approval From Court
Brazilian carrier Gol received US court approval for a $1bn loan during its ongoing bankruptcy process, after it was able to resolve the concerns of its lenders. Objecting lenders who had previously loaned to the company, feared being sidelined by the new loan. The...
