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Macau Casino Operators’ Bonds Rally on Government Agreeing to $12.5bn Investment Proposals
Dollar bonds of Macau casino operators jumped over 4-8 points after the Macau government reportedly agreed to proposals that would see casino operators invest a combined MOP 100bn ($12.5bn) in the city over the next decade. Seven companies are currently vying for six...
Emirates REIT Launches Consent Solicitation to Refinance Sukuk
Emirates REIT launched a consent solicitation to refinance its $400mn 5.125% unsecured sukuk due December 2022 with new secured certificates. It received support for the consent solicitation from an ad hoc group of eligible sukuk holders holding over 30% of the...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields are up over 8bp today after having dropped over 25-30bp on Friday following the softer than expected CPI print. The peak Fed Funds rate rose by 1bp to 4.93% for the June 2023 meeting. Probabilities of a 50bp hike at the FOMC's December meeting now...
The Week That Was (07 – 14 Nov, 2022)
The US yield curve saw a sharp downward shift across tenors late last week after a softer than expected inflation print - US CPI came in at 7.7% for October, lower than expectations of 7.9%. Core CPI came at 6.3%, also lower than expectations of 6.5%. The 2Y, 5Y and...
SoftBank’s Reports Q2 Profit with No Buyback; Vision Fund Reports $7.2bn Loss;
SoftBank Group reported a net profit of JPY 3tn ($21.6bn) in the quarter ended September vs. a JPY 3.1tn ($22.3bn) loss in the prior quarter. However, it saw a massive investment loss of JPY 1.38tn ($9.9bn) for its two Vision Funds - this included losses in...
China Drafts 16 Point Plan for Property Sector; Longfor Gets ~$2.8bn Debt Issuance Approval
China revealed its latest rescue package for the property sector across the country via a 16-point plan given below: Property development loans for developers - Lenders to treat developers under state or private ownership equally Home-buying requirements for...
COGARD Downgraded to Ba3; Central China Real Estate Missed Coupon on 2023s; Longfor Gets ~$2.8bn Debt Issuance Approval
Country Garden was downgraded to Ba3 from Ba2 by Moody's. The developer's liquidity buffer is set to reduce further as it has to use its internal resources to repay maturing debts in the next 1-1.5 years where it has ~RMB 43bn ($6.1bn) in onshore and offshore bonds....
Li & Fung Announces Early Results of Buyback and Consent Solicitation
Li & Fung announced the early results of its tender offer to buy back all of its $500mn 4.375% 2024s. The Hong Kong based developer said that it received $377.7mn before the early deadline date of November 9. The final deadline is on November 28. Also, its consent...
Nigeria Downgraded to B- by Fitch
Nigeria was downgraded to B- from B by Fitch. This comes on the back of a deterioration in debt servicing costs and external liquidity despite higher oil prices this year. Fitch notes this was due to low oil production and an expensive subsidy on petrol (costing 2.4%...
