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Li & Fung Launches Tender Offer to Buy Back Up to $250mn of 2025s
Li & Fung launched a tender offer to buy back up to $250mn of its $600m 4.5% 2025s in cash. It is offering $875 per $1,000 in principal for bondholders who tender before the early deadline date of December 6 and their notes will be accepted first. Holders...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields moved 2-5bp higher on Friday, with the 2Y leading the move and the 2s10s yield curve flattening further to -71bp from -62bp last week. The peak Fed Funds rate subsequently rose by 7bp to 5.06% for the June 2023 meeting. Probabilities of a 50bp hike...
The Week That Was (14 – 21 November, 2022)
US primary market issuances were lower last week at $20.2bn vs. $39.5bn in the week prior. IG issuances dominated at $19.9bn led by Philip Morris' $6bn five-part issuance and Thermo Fisher's $1.2bn two-trancher. The remaining $300mn in deals were from unrated issuers,...
BlackRock, UBS, JPMorgan and Citi Bullish on Bonds
With the combination of rising interest rates and a softer CPI print in October, asset managers including the likes of BlackRock, UBS and JPMorgan have come out with bullish calls on bonds. BlackRock is betting on a demand surge for the beaten bonds of US and European...
Lippo Decides Not to Redeem its 6.6% Perp
Lippo Malls Indonesia Retail Trust (LMIRT) has decided to not redeem its outstanding S$120mn 6.6% Perps on the first call date of December 19, 2022. Thus, the coupon will reset then to the prevailing 5Y SOR plus the initial credit margin of 475.5bp. Based on the...
Rakuten’s Dollar Perps Fall Over 10% after 12% 2Y Bond Offering
Japanese e-commerce company Rakuten Group saw its dollar perps fall over 10% as the company launched a new $500mn 2Y high yield dollar bond at yields of around 12%. Rakuten is rated BB+ by S&P. Bloomberg sources said that the company's bond offering was at a...
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...
