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Greenland Upgraded to CCC- by S&P and Withdrawn
Greenland Holding was upgraded to CCC- from Selective Default (SD) by S&P, post which the issuer asked for its ratings to be withdrawn. S&P said that it reassessed Greenland's credit profile after it extended the maturity of its bonds. Greenland has onshore...
Pakistan to Receive Saudi Arabia Support
Pakistan will receive financial help from Saudi Arabia as per Saudi Finance Minister Mohammed Al Jadaan. He said that the government will “continue to support Pakistan as much as we can". Saudi Arabia extended the maturity of a $3bn deposit earlier this month to boost...
Li & Fung Announces Early Tender Offer Results
Li & Fung announced the early results for the buyback of its $600mn 4.5% 2025s and increased the purchase price for tenders submitted after the early deadline. It accepted to buy back $76.165mn in principal of the 2025s before the early deadline, paying $875 per...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields eased by~2bp across the curve with the peak Fed Funds rate also easing by 3bp to 4.97% for the May 2023 meeting. This follows a 5-8bp move higher across the benchmark curve after a stronger-than-expected ISM report. The probability of a 50bp hike at...
Credit Suisse Offering ~7% on Short-term Notes to Attract Client Deposits
Credit Suisse's wealth unit is doling out juicy yields to attract more deposits to recoup some of the ~$90bn of client money that was recently pulled out. In a bid to boost its AUM, it is offering a lowered threshold on balances that are entitled to an interest rate...
Ghana’s Dollar Bonds Fall by 1.5 Points
Dollar bonds of Ghana fell by over 1.5 points across the curve to trade at ~31 cents on the dollar after facing pushback regarding its local bonds' debt swap. The nation offered its local creditors new local-currency bonds that will not pay coupons until 2024 in...
CMA CGM to Acquire 2 Container Terminals for ~$3bn
France's CMA CGM has agreed to acquire two container terminals at the ports of New York and New Jersey from Global Container Terminals (GCT). Estimates are that the transaction value could be up to $3bn. This deal comes after CMA CGM said it expected an accelerate in...
Aoyuan Plans to Sell 29.9% Stake in Property Services Unit
China Aoyuan said in a statement that it wants to sell a 29.9% stake in Hong Kong-listed Aoyuan Healthy Life Group, its property services unit by December 19. The dollar value of the stake was however not disclosed. Aoyuan Healthy Life is an investment holding company...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields jumped higher by 5-8bp after the ISM report surprised expectations on the upside. The peak Fed Funds rate moved 7bp higher to 5.01% for the May 2023 meeting. The ISM services PMI rose 2.1 points last month, to 56.5, higher than the surveyed 53.5...
