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Vedanta’s Dollar Bonds Fall after Terminating Moody’s Rating
Vedanta Resources' dollar bonds dropped over 2 points after it terminated the credit rating services of Moody's. The rating agency downgraded the company’s rating to B3 from B2 last week citing increased refinancing pressures as the company is yet to obtain funding...
Evergrande’s Creditors Sell HK Plot for $637mn; Take a $770mn Loss
China Evergrande's creditors sold the developer's Hong Kong undeveloped land plot for $637mn, incurring $770mn loss compared to its purchase price. The plot was used as security for a $520mn financing transaction and was seized by Oaktree Capital after Evergrande...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The peak Fed Funds rate moved 6bp higher to touch 5.14% for the June 2023 meeting, as Fed Chairman Powell indicated a possible higher rate in the FOMC meeting on Wednesday. Current probabilities of a 50bp hike in its December meeting stand at 45% and that of a 75bp...
Credit Suisse Warns of Q4 Profitability Hit on Drop in Asset Management Fees
Credit Suisse said that its profitability could be hit by a drop in asset management fees in Q4. In essence, lower fees due to adverse market conditions would lead to weaker revenues and thereby reduced profitability. With the Swiss lender having reported Q3 losses of...
Sri Lanka’s Dollar Bonds Downgraded to D by S&P
Three of Sri Lanka's dollar bonds were downgraded to D from CC after the government missed interest payments due on September 14 and 28. The bonds in question are its $1bn 6.85% 2024s, $1.4bn 7.85% 2029s and $1.5bn 7.55% 2030s. S&P said that Sri Lanka's external...
Korean Bank Perps Drop after Insurer Skips Call
Korean bank dollar perps including the likes of Kookmin Bank, Shinhan Group, Woori Bank etc. have dropped sharply this week (see chart above). This comes after Korean insurer Heungkuk Life Insurance Co. announced skipping the call option on November 9 on its USD...
Petrobras To Give $8.5bn in Dividends as Payout Sustainability Doubts Arise
Petrobras' board approved a dividend of $8.5bn during the quarter after its Q3 results where it reported a net profit of $8.8bn, up 48% YoY. Its revenues grew 39% YoY to $32.4bn. While its dividends were lower than the prior quarter's $17bn payout, its dividend payout...
Lenovo Reports Deceleration in Revenues
Lenovo Group reported its first revenue drop in 10 quarters at $17.09bn, down 4% YoY. Its net income rose 6% during the period to $541mn. The softer results come on the back of a weakening market for PCs globally where global PC shipments have declined 15% YoY -...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The FOMC hiked its policy rate by 75bp for a fourth consecutive meeting with the fed funds target range now at 3.75-4.00%. Market participants considered the meeting to be hawkish (Term of the Day, explained below) as Powell said that the Fed "have a ways to go until...