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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries sold off on Tuesday led by the long-end, with 10Y and 30Y yields up 4/6bp to 3.74% and 3.80% respectively. The peak Fed Funds rate also moved 1bp higher to 5.00% for the June 2023 meeting. The probability of a 50bp hike at the FOMC's December meeting...
LQD Sees Record Daily Outflow of $3bn, Largest Since Inception in 2002
The largest corporate bond ETF, the iShares iBoxx USD investment grade corporate bond ETF (LQD) witnessed record daily outflow of $3bn on Monday, as per Bloomberg data. This is the largest daily outflow since inception in 2002. This underscores the reversal in...
HSBC to Sell Canadian Business to RBC for $10bn
HSBC has agreed to sell its Canadian business to Royal Bank of Canada (RBC) for CAD 13.5bn ($10bn) in cash. As per Reuters, RBC's purchase price is at a 30% premium to the value some analysts had attributed to HSBC's Canadian business. Once the transaction is...
Fosun Said to be Lining Up $3.8bn Sale of India’s Gland Pharma
Fosun Pharma is planning a sale of Indian drugmaker Gland Pharma at a market value of $3.8bn after receiving interest from potential suitors, as per Bloomberg sources. Gland Pharma specializes in injectable drugs like antibiotics, oncology and cardiology treatments...
CSRC Allows Equity Refinancing for Chinese Developers
China’s securities regulator CSRC said that it will allow property developers to sell shares to raise funds, reversing its ban on equity refinancing imposed in 2009 to prevent the market from overheating. The CSRC rolled out five measures to facilitate equity...
Ghana Downgraded to Ca from Caa2 by Moody’s
Moody's downgraded Ghana to Ca from Caa2 on Tuesday, revising its outlook to stable and concluding its review for downgrade that was initiated on September 30. The rating agency sees "substantial losses" for private creditors as a result of the African nation's...
Macro; Rating Changes; New Issues; Top Gainers and Losers
US Treasury yields were marginally higher by ~3bp across the curve. The peak Fed Funds rate moved 1bp higher to 4.99% for the June 2023 meeting. The probability of a 50bp hike at the FOMC's December meeting currently stands at 66% while chances of a 75bp hike has...
Macau Casino Bonds Jump by Over 5%
Dollar bonds of Macau casino operators jumped by over 5% yesterday after new licenses were given to the six incumbent casino operators to operate from January. This was a relief rally as GMM, backed by Genting’s Chairman Sri Lim Kok Thay missed out as uncertainty for...
Evergrande Sells Shenzhen Plot for $1bn
Evergrande has sold a plot of land in Shenzhen for RMB 7.5bn ($1bn) after being put on sale in mid-November. The land was initially reserved to build its Shenzhen headquarters but there had been no development there since September 2021. With a restructuring proposal...
