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The Week That Was (30 Oct – 06 Nov, 2022)
US primary market issuances were lower at $11.4bn vs. $25.7bn in the week prior. IG issuances stood at $9.85bn led by Comcast's $2.5bn three-trancher and American Express' $1.5bn issuance. HY issuances stood at $1.5bn with Ford raising the entire amount. In North...
Credit Suisse Buyback Sees Only Half of the Holders Tender its Bonds
Initial indicative results of Credit Suisse's planned ~$3bn buyback were released, where only roughly half of its bondholders tendered their bonds. The bank which had offered to buy back up to $2bn of its dollar bonds saw ~$1.2bn of its notes being accepted for...
Adani Enterprises Reports 117% Profit Rise
Adani Enterprises' net profits rose 117% YoY to INR 4.6bn ($55.5mn) in the quarter ended September. Its revenues almost tripled to INR 381.8bn ($4.7bn) with several of its businesses including its airports and mining that performed. However its total expenses also...
SMC Global Power to Buy Back $123.9mn of Perps
SMC Global Power has accepted to buy back $123.9mn of its dollar perpetual bonds under its tender offer that ended on November 4. It agreed to buy back: $16.84mn of its 6.5% perps callable in 2024, which are currently trading at 68.4 $7.9mn of its 5.95% perps callable...
Vedanta’s Dollar Bonds Fall after Terminating Moody’s Rating
Vedanta Resources' dollar bonds dropped over 2 points after it terminated the credit rating services of Moody's. The rating agency downgraded the company’s rating to B3 from B2 last week citing increased refinancing pressures as the company is yet to obtain funding...
Evergrande’s Creditors Sell HK Plot for $637mn; Take a $770mn Loss
China Evergrande's creditors sold the developer's Hong Kong undeveloped land plot for $637mn, incurring $770mn loss compared to its purchase price. The plot was used as security for a $520mn financing transaction and was seized by Oaktree Capital after Evergrande...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The peak Fed Funds rate moved 6bp higher to touch 5.14% for the June 2023 meeting, as Fed Chairman Powell indicated a possible higher rate in the FOMC meeting on Wednesday. Current probabilities of a 50bp hike in its December meeting stand at 45% and that of a 75bp...
Credit Suisse Warns of Q4 Profitability Hit on Drop in Asset Management Fees
Credit Suisse said that its profitability could be hit by a drop in asset management fees in Q4. In essence, lower fees due to adverse market conditions would lead to weaker revenues and thereby reduced profitability. With the Swiss lender having reported Q3 losses of...
Sri Lanka’s Dollar Bonds Downgraded to D by S&P
Three of Sri Lanka's dollar bonds were downgraded to D from CC after the government missed interest payments due on September 14 and 28. The bonds in question are its $1bn 6.85% 2024s, $1.4bn 7.85% 2029s and $1.5bn 7.55% 2030s. S&P said that Sri Lanka's external...
