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Argentina Downgraded to CCC- by Fitch
Argentina was downgraded to CCC- from CCC by Fitch on the back of several factors. Fitch believes that the nation's external liquidity position is weak and even its local-currency repayment capacity stands compromised. Its forex reserves have been under pressure with...
Credit Suisse Nears Sale of SPG Unit to Apollo, PIMCO
Credit Suisse is said to have neared the sale of its Securitized Products Group (SPG) to Apollo Global Management and PIMCO, as per WSJ sources. They noted that the further details and several other strategic measures taken by the bank will be revealed in its...
Boeing Reports Net Loss of $3.3bn
American plane manufacturer Boeing made a net loss of $3.3bn in Q3 2022 compared to a net loss of $132mn a year prior, despite revenue increasing 4% to $16bn. This was primarily as a result of $2.8bn of losses from fixed-price defense programs, which include that of...
UPL Announces Consent Solicitation for 3 Dollar Bonds Amid Reorganization
UPL Corp announced a consent solicitation for three of its dollar bonds amid its business reorganization plans. The bonds in question are its $300mn 4.5% 2028s, $500mn 4.625% 2030s and $400mn 5.25% Perp. The Indian corporate is seeking to waive certain terms and...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Treasuries rallied on Tuesday, particularly the long-end with 10Y and 30Y yields moving 13bp lower. The peak Fed Funds rate was down 1bp to 4.92% for the May 2023 FOMC meeting, after having crossed 5% last week. While a 75bp hike has been priced in for the November...
Fosun Downgraded to B2 by Moody’s; Plans $11bn Asset Sale
Fosun International and its senior unsecured notes were downgraded to B2 from B1 by Moody's. The rating agency said that the downgrade was due to Fosun's weak liquidity, the recent rapid decline in the market value of its listed assets and the execution risk related...
SMC Global Launches $400mn Buyback of Perps
San Miguel's SMC Global Power has launched a buyback of up to $400mn of its outstanding senior perps, offering: $680 per $1,000 in principal for its 6.5% perps callable in 2024, which are currently trading at 67.29 $660 per $1,000 in principal for its 5.95% perps...
Saudi Arabia to Buyback around $1.27bn of its Existing Bonds
Saudi Arabia announced via an exchange filing that it will be buying back $1.27bn worth of its bonds due between 2023 and 2026. Details of the buyback are as follows: ~$632.5mn of its 2.875% 2023s ~$249mn of its 4% April 2025s ~$99mn of its 2.9% October 2025s ~$287mn...
Singapore Airlines Plans $2.7bn Convertible Note Redemption
Singapore Airlines (SIA) plans to redeem its mandatory $3.5bn convertible bonds on 8 December 2022, as per an exchange filing. The airlines plans to spend S$3.86bn ($2.71bn) to redeem the bond that was issued in 2020 to help it weather the pandemic's impact of air...
