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Credit Suisse Raises $5bn Across EUR and USD Bond Issuances
Credit Suisse raised about $5bn via a multi-currency issuance across euro and dollar denominated bonds. It raised: €3bn via a 6Y bond at a yield of 7.856%, 30bp inside initial guidance of MS+525bp area. The senior unsecured bonds are rated Baa2/BBB-/BBB by...
Kenya’s Dollar Bonds Jump Higher on IMF Agreement
Dollar bonds on Kenya rose by over 2-3 points yesterday after the IMF reached a staff-level agreement to release $433mn of funding for the nation. Once IMF's review is formally completed, and approved, the IMF would provide $1.55bn in order for Kenya to “cover...
Longfor’s Dollar Bonds Jump Over 7 Points on Early Redemption Announcement
Chinese developer Longfor Group's dollar bonds rallied after the firm announced the early redemption of its 3.9% bond due April 2023. The news is a welcome positive development at a time when defaults have been on the rise across dollar bonds in the real estate...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields eased across the curve with the 5Y and 10Y yields down 9bp. The peak Fed Funds rate also eased by 4bp to 5.14% for the June 2023 meeting. Current probabilities of a 50bp hike at the FOMC's December meeting stand at 54% and that of a 75bp at 46%. In...
Pakistan’s Dollar Bonds Jump Over 4 Points on Securing $13bn Additional Financial Aid
Pakistan's dollar bonds rallied by over 4 points across the curve as the nation secured ~$13bn in additional financial aid from its China and Saudi Arabia, as per its Finance Minister Ishaq Dar. He said that Pakistan is set to receive ~$9bn from China and $4bn from...
Country Garden Downgraded to B+ by S&P and Withdraws Ratings
Country Garden (COGARD) was downgraded to B+ from B by S&P reflecting "narrowing funding channels" for the developer. S&P then withdrew its ratings for COGARD upon the developer's request. Given the weak market sentiment for property developers, S&P said...
China Expands Financing Tool To Further Support Developers; Logan Creditors Sue On Defaults
China National Association of Financial Market Institutional Investors (NAFMI) expanded its key financing support program for private firms including real estate companies to RMB 250bn ($34.5bn). Bloomberg notes that there were no details regarding how much bond...
Turkey Raises $1.5bn via New 2028s at 10%; Deutsche Prices EUR AT1 at 10%; Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields moved higher across the curve led by the long-end with the 10Y and 30Y yields up 7-10bp. The peak Fed Funds rate was unchanged at 5.14% for the June 2023 meeting. Current probabilities of a 50bp hike at the FOMC's December meeting stand at 57% and...
Korean Insurer Heungkuk Reverses Decision to Not Call Perps; Korea Bank AT1s Jump by 3 Points
Korea's Heungkuk Life Insurance Co. which had last week announced skipping the call option on November 9 on its USD 4.475% Perp has reversed its decision. The insurer will now redeem its 4.475% perps at 100 tomorrow, leading to a 25 point rally in the perps to 99.75...