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Over $292bn Debt Due in 2023 by China Property Developers; Debt Guarantee Program Expanded
Chinese property developers have over $292bn of onshore and offshore debts due through the end of 2023, as per data from Bloomberg and Use Trust. These debts include loans, trust loans and bonds denominated in local currency and foreign currency. With a large chunk of...
Wynn Macau’s Dollar Bonds Gain; MGM Reports Surprise Loss on High Expenses
Dollar bonds of Wynn Macau were up 4-7% after it was reported that billionaire Tilman Fertitta acquired a 6.1% stake in the company, making him the second largest individual investor. As per Bloomberg, Fertitta is known to have a deep understanding of the gambling and...
Boeing Guides for Stronger Financials Amid Modest Results
Boeing guided for $3-5bn in free cash flows next year, higher than the $1.5-2bn that is expected this year. It noted that the ramping up of deliveries of jets is estimated to see its annual cash flow rise to about $10bn by 2025 or 2026. The news is a positive update...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The peak Fed Funds rate jumped 9bp to touch 5.04% for the May 2023 FOMC meeting. With the FOMC meeting announcement due later today, markets are keenly awaiting for hints regarding the quantum of the rate hike in December meeting's decision. Markets have priced in an...
Credit Suisse Downgraded To BBB- by S&P
Credit Suisse Group was downgraded to BBB- from BBB by S&P. Its senior unsecured debt, as well as the subordinated and hybrid capital instruments issued by group entities, were cut by a notch too. S&P sees "material execution risks" in Credit Suisse's...
CIFI Holdings Suspends Debt Payments
Chinese property developer CIFI Holdings said that it will suspend offshore debt payments due to its inability to raise overseas funds this year. The company had earlier defaulted on a convertible bond early last month highlighting a deeper weakness even in relatively...
Evergrande Gets Notice for $4.48bn Loan; Among Top List of Builders Due in HK Court
China Evergrande got a notice of enforcement from Shengjing Bank for unrecoverable funds. The bank said that the developer did not pay RMB 32.6bn ($4.48bn) that was lent to its unit from 2020 to 2021. As per Reuters, Evergrande's 30.99% stake in Xinjiang Guanghui...
Saudi Aramco’s Q3 Net Profit up 39%; Free Cash Flow at record $45bn
Saudi Aramco reported a 39% YoY jump in its Q3 net profit at $42.4bn, benefitting from higher oil prices and increased sales volumes. The oil major also noted that the average realized crude oil price for the quarter was at $101.7/bbl compared with $72.8/bbl in the...
October 2022: High Yield Bonds Outperform Investment Grade Peers Again
The month of October saw 73% of dollar bonds in our universe delivering a negative price return (ex-coupon). 86% of all Investment Grade (IG) dollar bonds in our universe ended the month in the red, while High Yield (HY) outperformed with 50% in the green. Benchmark...
