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Kaisa Delays Offshore Debt Restructuring Talks; Sunac to Extend Onshore Bonds by ~4.5Y
Kaisa Group is said to have delayed talks with offshore creditors on the terms of its debt restructuring, as per Reuters reports. The talks were expected to begin in October and may not start until 1H 2023. LL Tam, the adviser at Kaisa is said to have taken over...
Macro; New Issues; Talking Heads; Top Gainers and Losers
US 2Y and 5Y Treasury yields moved 8-9bp higher after the St. Louis Fed President James Bullard said that the policy rate needs to rise to at least 5.00-5.25% from the current level to be "sufficiently restrictive". He added that even a "dovish" Fed would require...
Evergrande Plans Using Onshore Assets for Offshore Debt Restructuring: Sources
China Evergrande is said to include its onshore assets in its debt restructuring proposal in order to win offshore creditors's approval, as per sources. They note that if Evergrande's use of its onshore assets as a 'sweetener' is accepted by offshore bondholders, it...
Macy’s Upgraded to BB+ by S&P
Macy's was upgraded to BB+ from BB by S&P. This comes on the back of the American retailer improving its liquidity and operating performance while maintaining credit metrics lower than S&P's leverage threshold of 3x. S&P notes that Macy's performance has...
Long-Dated Bonds of EM Sovereigns Drop Over 3%
Dollar bonds of long-dated emerging market (EM) dollar bonds were down over 3% yesterday. Dollar bonds of sovereigns like Nigeria, Turkey, Colombia, South Africa and their like dropped. JPMorgan recently raised its outlook for emerging market hard-currency debt on...
Beijing Inquires About Liquidity at Chinese Banks After a Surge in WMP Redemptions
Regulators have asked banks to report on their ability to make good on short-term dues amid a recent surge in wealth management product (WMP) redemptions faced by Chinese lenders. Wealth management units of banks are trying to calm investors after their local bonds...
Gazprom Make Coupon Payment on EUR Bonds; Bonds Trend Higher
Gazprom's Gaz Capital made a coupon payment on its outstanding €560.3mn bonds due 2023 as per a statement. Bloomberg notes that Gazprom earlier cancelled €439.7mn worth of notes by issuing “substitute” domestic bonds. Separately, a Swedish arbitration court has...
BOC Luxembourg Launches $ Floater; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 2Y Treasury yields moved 3bp higher while the 10Y and 30Y yields eased by 7bp and 11bp. With this move, the US 2s10s yield curve has thus inverted to -66bp, levels not seen in four decades. This has renewed concerns of a looming recession, given that a 2s10s...
Shriram Announces Results of Buyback
Shriram Transport Finance accepted $251.83mn of its 5.1% 2023s that were tendered by its bondholders under a buyback that was launched on October 17. Of the total amount tendered, $247.53mn had already been tendered by the early deadline of October 28 and another...
