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Credit Suisse Eyeing External Funds for Investment Bank Spinoff; Moody’s Warns of $3bn Group Loss in 2022
Credit Suisse is eyeing roping in an outside investor to inject money into a spinoff of its advisory and investment banking businesses, as per sources. External investment is being sought to take a partial stake by providing capital and helping fund the costs of...
CIFI Downgraded to B3
Moody’s has downgraded CIFI Holdings’ issuer rating and senior unsecured rating by two notches, from B1 to B3 and B2 to Caa1 respectively, assigning them a negative outlook. The rationale for the downgrade stems mainly from the Chinese developer’s heightened...
Vedanta Awaits Key Vote to Tap on Cash Reserves For Dividend Payment
On 11 October, Vedanta Ltd.'s shareholders will vote on the motion to draw money from the mining major’s cash reserves to pay dividends. The cash will likely be used to issue a special dividend of INR 33-35/share ($0.41-0.44/share) which was announced previously on...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields jumped across the board on Wednesday with the the 5Y and 10Y yields leading the rise, up 12bp to 3.96% and 3.75%. The peak Fed Funds Rate currently stands at 4.49% for the FOMC’s March 2023 meeting, 3bp higher than yesterday. US credit markets saw a...
Turkey Plans Offshore 3Y Sukuk Issuance
Turkey is planning to sell an offshore sukuk for the first since March, despite rising borrowing costs globally and a series of credit rating downgrades, the latest being a cut to B by S&P. According to Bloomberg, they have hired banks like Citigroup, Dubai...
Fantasia Reaches Deal on Basic Terms with Major Creditors for Restructuring
Fantasia Holdings said that it reached an agreement with its major dollar bond creditors regarding “basic commercial terms” of a debt plan. However, it did not give details about the plan involved or who the creditors were. The developer said that the deal would...
E-House Files for Chapter 15 Protection
Chinese property brokerage and consultancy, E-House filed for protection under Chapter 15 of the US bankruptcy code. This will prevent creditors from seizing its assets as it undergoes a debt restructuring in the Cayman Islands. This comes as a creditors’ meeting to...
Adani Green, Tata Power Plan to $1.3bn Dollar Bond Issuances by December
Adani Green and Tata Power are seeking a capital raise to finance their new projects by issuing ESG bonds. Adani Green is planning to issue $1bn via green bonds by December while Tata Power is planning a $340mn issuance via sustainability linked loans, as per the...
Philippines Launches $ Bonds; Macro; New Issues; Rating Changes; Talking Heads; Top Gainers and Losers
US Treasury yields eased slightly on Tuesday with the the 10Y yield down 1bp to 3.63%. The peak Fed Funds Rate currently stands at 4.46% for the FOMC’s March 2023 meeting, 4bp higher than yesterday. US credit markets saw a general tightening of CDS spreads, with IG...
