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BP Announces Cash Tender Offer for 4.375% Perps
BP Plc announced a cash tender offer for its USD 4.375% Perp with an outstanding principal of $2.5bn. The aggregate principal amount of the subordinated notes that will be purchased via the offer is capped at $1.3bn, upsized from the $1bn announced earlier. The tender...
Egypt’s Dollar Bonds Soar on UAE $35bn Investment Deal
Egypt's dollar bonds rallied across the curve by 2.5-5 points after the nation sealed its biggest deal ever with the UAE agreeing to invest $35bn for development projects. The investment plan involves developing a premium area on Egypt's Ras El-Hekma coast wherein,...
HSBC USA, Daewoo Launch $ Bonds
US Treasury yields dipped across the curve as the yield curve bull flattened with the 2Y yield down 3bp to 4.68% and the 10Y down 9bp to 4.24%. New York Federal Reserve President John Williams said that they are on track to cut interest rates "later this year", noting...
The Week That Was (19 – 25 February, 2024)
US primary markets continued to stay active, with new deals at $55.3bn vs. $37.7bn seen a week before this. IG issuers racked up $52.8bn in deals with AbbVie’s $15bn and Cisco's $13.5bn seven-part deals leading the tables. HY issuers accounted for just $2.3bn of the...
Zambia Signs India, China Deal on Debt Restructuring
Zambia's President Hakainde Hichilema said that China and India have signed a deal to restructure the African nation's debt. The deal to restructure $6.3bn of debt saw a deadlock in discussions last October when the Official Creditors Committee co-chaired by France...
Moody’s Withdraws Ratings of Several Chinese Developers
Moody's has withdrawn its ratings for several Chinese developers citing business reasons. The entities whose ratings were withdrawn include Jiangsu Zhongnan (Ca), CIFI (Ca), Powerlong (Caa2), Redsun (Ca), Times China (Ca), Zhenro Properties (Ca), Ronshine (Ca),...
Royal Caribbean Upgraded Two Notches to Ba2
Royal Caribbean Cruises was upgraded by two notches from B1 to Ba2 by Moody's. The credit rating agency also upgraded the ratings of Royal Caribbean's backed senior secured debt to Baa2, backed senior unsecured debt to Ba1 and senior unsecured debt to Ba2. The upgrade...
Pakistan Planning $6bn IMF Loan; Coalition Government Formed
Pakistan is said to plan seeking at least $6bn in new loan from the IMF to help repay its debts this year, as per sources. The country has $25bn in external debt payments for the fiscal year beginning July, an amount that is about 2x its forex reserves. The IMF's...
Garanti, Royal Caribbean Price $ Bonds
US Treasury yields moved higher with the 2Y yield up 6bp to 4.71% and 10Y up 2bp to 4.33%. Initial jobless claims for the prior week came in better than expected at 201k, decreasing 12k from the previous reading and underscoring continued strength in the labor market....
