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JPMorgan Says Pakistan’s Dollar Bond Slump Justified
JPMorgan said that the prolonged decline in Pakistan's dollar bonds is justified by the ravaging impact of the floods, warning that some debt payments may need to be suspended. The floods have added to Pakistan's already existing troubled financial situation, costing...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields rose slightly with the 10Y yields up 2bp to 4.01%. The peak Fed Funds Rate was down 3bp to 4.91% for the FOMC’s March 2023 meeting. In the credit markets, US IG CDS spreads tightened 4.3bp and HY CDS spreads saw a 20bp tightening. US equity markets...
Credit Suisse In Talks for Possible $4-8bn Capital Raise; Dollar Perps Up over 3.5%
Credit Suisse is said to be in talks with RBC and Morgan Stanley on a potential capital raise, in an effort to raise funds for its restructuring, according to sources. This comes alongside its efforts to sell some of its businesses like US asset management and...
Bed Bath & Beyond Downgraded to CC by S&P
Bed Bath & Beyond was downgraded to CC from CCC by S&P following its announcement of an exchange offer for its outstanding senior unsecured notes. The details of the proposed exchange are as follows: Swap its $295mn 3.749% bonds due August 2024 for either: A...
Saudi Arabia Raises $5bn via Dual-Tranche Sukuk, Plans $15.5bn Debt Buyback
Saudi Arabia raised $5bn via a dual-tranche sukuk issuance, its first dollar issuance since November last year. It raised: $2.5bn via a 6Y sukuk at a yield of 5.268%, 30bp inside initial guidance of T+135bp area. The new sukuk offer a new issue premium of 17.8bp over...
United Airlines’ Bonds Rise on Solid Profit Forecast
United Airlines’ bonds have trended upwards this week with the company releasing its Q3 2022 financial results yesterday, that beat analysts expectations all around. Its Q3 adjusted earnings and revenue were $2.81 per share and $12.9bn respectively, beating market...
China to Crackdown on Local Government Land Buying, Depriving Developers; COGARD, Longfor to Issue State-Backed Bonds
China's Ministry of Finance said that government-backed entities would be strictly prohibited from purchasing land by raising debt, calling it a “sham”. Tommy Wu, senior China economist with Commerzbank said that the move targets "those state-owned companies and local...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
US Treasury yields eased slightly with the 2Y and 10Y yields down 3bp and 1bp. The peak Fed Funds Rate was unchanged at 4.94% for the FOMC’s March 2023 meeting. In the credit markets, US IG CDS spreads tightened 5.3bp and HY CDS spreads saw a 33bp tightening. US...
Fosun’s Dollar Bonds Jump on Plans of $2.1bn Asset Sales
Fosun Group's dollar bonds jumped over 2.5 points on news that it has agreed to sell its stake in the parent company of Nanjing Iron & Steel Co. for RMB 15bn ($2.1bn), as per sources. Bloomberg notes that Jiangsu Shagang Group Co. will be buying a 60% stake in...
