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Macro; Rating Changes; Talking Heads; New Issues; Top Gainers and Losers
US Treasury yields have moved higher again after with the 10Y and 30Y yields up 7-8bp. The peak Fed Funds Rate rose by 5bp to 4.94% for the FOMC’s March 2023 meeting. In the credit markets, US IG CDS spreads widened 2.9bp and HY CDS spreads saw a 13bp widening. US...
The Week That Was (10 – 16 October, 2022)
US primary market issuances were flat at $6.9bn vs. $6.96bn in the week prior, with IG issuances taking the entire deal volumes led by Morgan Stanley's $6.5bn three-trancher alongside its earnings release. In North America, there were a total of 18 upgrades and 39...
Credit Suisse Plans Selling Parts of Swiss Business to Raise Capital
Credit Suisse is said to have plans to sell parts of its Swiss domestic bank to raise sufficient capital in order to meet a capital shortfall of about CHF 4.5bn ($4.5bn), as per the Financial Times. It is looking to divest its position in the following assets: A stake...
JPMorgan Profits Down 17%; Morgan Stanley’s Profits Fall 29%; Citi Reports 25% Profit Decline
JPMorgan reported its Q3 results with net profits down 17% YoY to $9.74bn, on revenues of $32.5bn, up 10% YoY. Its net interest income rose 34% to $17.6bn thanks to higher rates and an expanding loan book. Total Markets revenues were at $6.8bn, up 8% - Fixed Income...
HDFC Bank’s Earnings Beat as Profits Rise 20%
India's largest private lender HDFC Bank reported a 20% YoY rise in its net income to INR 106.1bn ($1.3bn), slightly beating estimates of INR 105.5bn ($1.3bn). The bank's net interest income was up 19% YoY to INR 210.2bn ($2.6bn). Besides, the bank's CASA deposits...
Evergrande Creditors Extend Local Bond Deadline
Evergrande's unit Hengda Real Estate saw its bondholders agree to extend coupon payments on its local bond by six months to 19 April 2023, according to a Shenzhen exchange filing. The news comes just days after the unit held a bondholder meeting regarding the...
Chinese Local Governments & SOEs Buy Unsold Houses to Help Developers
In a bid to arrest the further deterioration of the embattled real estate market, various local governments in China either intend to buy property in bulk from developers or encourage state-owned entities to do so. Tonghua's government has already bought RMB 32.5mn...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The higher than expected CPI print pushed short-end Treasury yields higher with the 2Y up 14bp to 4.45%. US CPI YoY for September came in at 8.2%, higher than expectations of an 8.1% print. Core CPI was at a 40Y high of 6.6%, above expectations of 6.5%. Analysts noted...
SMC Global’s Dollar Perps Drop Over 10%
SMC Global Power's perpetual dollar bonds dropped by over 10% yesterday. For instance, its SMC's 5.7% Perp and 6.5% Perp fell by 10-14% to 66.95 and 71.85 cents on the dollar, yielding 19.96% and 31.12% to call. As per a report by Bloomberg Intelligence, the company...
