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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...
El Salvador Says China ‘Offered to Buy’ Its External Bond Debt
El Salvador's Vice President Felix Ulloa said that the nation received an offer from China to buy all of its debt whilst also noting that they " need to tread carefully". He did not reveal further details on how the transaction might be conducted. However, Bloomberg...
Mapletree To Not Redeem S$700mn Perps on First Call Date
Mapletree Treasury decided against redeeming its SGD 3.95% Perp on its first call date of 12 November 2022, citing the "current macroeconomic conditions and interest rate environment" as reasons for skipping the call. The next call date is on 12 May 2023. The perps...
BondEvalue Wins 1st Place for the MAS Singapore Financial Institution Award 2022
1st Place - Singapore Financial Institution Award We are proud and delighted to announce that BondEvalue has won 1st place for the MAS Singapore Financial Institution Award 2022 at the Singapore Fintech Festival. The solution that won the award is the BondbloX Bond...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Non-Farm Payrolls for October came at 261k, higher than the forecasted 193k print. The unemployment rate came at 3.7%, higher than forecasts of 3.6%. Overall, the jobs data saw US Treasury yields move 6-10bp lower across the curve. The peak Fed Funds rate moved 6bp...