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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The peak Fed Funds rate continues to sit at over 5% for the May 2023 FOMC meeting, after climbing 10bp higher on Wednesday. Treasuries sold-off further across the curve with the 10Y and 30Y yields surging 8-9bp higher as the curve bear steepened. In the credit...
Credit Suisse Plans Convertible Sale; Wins FX Rigging Trial Case; To Sell Stake in All Funds
As Credit Suisse seeks to finance the revamp of its business, it is considering turning to convertible bonds or preferred shares as an option to raise capital. Bloomberg notes that issuing a convertible bond would potentially allow the bank to curb further sale of its...
Agile Group Redeems Local Bond; 13 Out of 14 Q3 China Defaults Were From Property Sector
Agile Group redeemed its RMB 1.59bn ($207mn) 6.2% bond due October 19. The developer has been struggling with its finances like the rest of the sector and has worked on the asset sales including that of its JV that was thought to have eased its liquidity burden. The...
ABM Investama Launches $40mn Buyback of 9.5% 2026s
Indonesian mining company ABM Investama, has initiated a tender offer to buy back its $200mn 9.5% 2026s. As per IFR, the company is offering to buy back $40mn of the notes in question. If investors accept the offer by November 2 to tender the notes, they will receive...
Garuda Wins Majority Approval for 81% Haircut
Garuda Indonesia won a majority approval for big haircut on its debt as part of its restructuring efforts, as per IFR. However, a couple of creditors could still try to contest the process in foreign courts. Under the restructuring, creditors, holders will accept a...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The peak Fed Funds rate has now crossed 5%, climbing 10bp higher on Wednesday, for the May 2023 FOMC meeting. For context, the Fed Funds rate was last seen above 5% just before the Global Financial Crisis in 2007. Treasuries sold-off across the curve as well...
Logan Delays Payment on Local Bond; Times China Bondholders Get Coupon in Grace Period
Logan Group's unit has delayed principal and coupon payments worth RMB 140mn ($19.4mn) on an already extended local bond. The bond has a 30-day grace period and Logan said that it will try to accelerate fundraising to avoid default. Logan's dollar bonds were trading...
Marfrig Upgraded to BB+ from BB by Fitch
Brazil-based Marfrig Global Foods has been upgraded by Fitch to BB+ from BB. Among the major reasons for Fitch’s upgrade is Marfrig’s strong operating performance, expected positive free cash flows and low net leverage. While lower profitability is expected from its...
Kenya Wanting to Renegotiate $5bn Loan with China
Kenya is seeking to extend its repayment period for $5bn of loans that it had borrowed from China. The funds had been borrowed to build a new railway line, which is part of China’s Belt and Road Initiative and links Nairobi with the Mombasa port. The interest...
