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Greenko Upgraded to BB- from B+ by S&P
Greenko Energy was upgraded to BB- from B+ by S&P upon the improvement in its business position due to its stabilizing operating performance. Greenko's diversified portfolio is set to lead to better operating performance and cash flows, helped by its "significant...
HSBC Planning Sale of Profitable Multibillion Dollar Canadian Business
HSBC is eyeing the sale of its wholly-owned Canadian business, while not revealing details regarding the valuation. According to Bloomberg Intelligence, a disposal of the Canadian unit could reap nearly $10bn. HSBC Bank Canada has four divisions - commercial banking,...
Bank of East Asia’s AT1 Yields Rise to ~11%
Bank of East Asia’s (BEA) AT1 yields have risen to about 10-11%, its highest since the bonds were issued. This would imply that BEA’s AT1s are yielding 300-400bps wider than global bank perps as per Bloomberg Intelligence. The rise in its yields are largely driven by...
Macro; Rating Changes; New Issues Talking Heads; Top Gainers & Losers
US Treasury yields fell on Monday with the 2Y yield down 11bp to 4.09% and the 10Y down 15bp to 3.64%. The peak Fed Funds Rate currently stands at 4.42% for the FOMC’s March 2023 meeting, 5bp lower than yesterday. US credit markets saw a general tightening of CDS...
ESR-LOGOS REIT Decides Against Redeeming S$150mn 4.6% Perps on First Call Date
Singapore's ESR-LOGOS REIT announced on Friday that it will not be redeeming its S$150mn 4.6% perps on their first call date of 3 November. As with many perps, the coupon on the ESR-LOGOS perps will reset on the first call date to the prevailing 5Y SGD Swap Offered...
Transocean Downgraded to SD by S&P
Transocean, the American offshore driller was downgraded to SD by S&P after completing a series of distressed debt exchanges. S&P views the exchange as tantamount to default. It was downgraded to CC from CCC- when it had initially made the offer to its...
Vodafone in Talks to Merge with CK Hutchison’s Three in UK
Network providers Vodafone and CK Hutchison’s Three are in talks for a merger of their business in the UK. This will allow them to “gain the necessary scale to be able to accelerate the rollout of full 5G in the UK and expand broadband connectivity to rural...
Q3 2022: Persistent Inflation and Tight Monetary Policy Wipe Out $105bn from Dollar Bonds
The third quarter of 2022 saw a marked drop in fortunes as 94% of all dollar bonds in our universe delivered a negative price return ex-coupon. Bond investors lost a staggering $105bn in terms of notional losses, calculated as the sum of Q3 price returns multiplied by...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury bond yields were mixed on Friday with the 2Y down 1bp to 4.20%, 10Y flat at 3.79% and 30Y 3bp higher to 3.72%. The peak Fed Funds Rate currently stands at 4.47% for the FOMC's March 2023 meeting, unchanged from last Friday. US credit markets saw a slight...
