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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...
The Week That Was (26 September – 2 October, 2022)
US primary market issuances saw a drop in new bond deals to $1.7bn last week vs. $11.9bn in the week prior. The entire deal volumes were taken up by IG issuances led by Atmos Energy's $800mn two-trancher and Komatsu's $600mn issuance. In North America, there were a...
Turkey Downgraded to B by S&P
Turkey was downgraded to B from B+ with a stable outlook by S&P on weak monetary and fiscal policy, and low net foreign currency levels. S&P sees broader fiscal risks on the rise, as measured by the widening overall public deficit, and policymakers' push for...
Carnival’s Bonds Fall on Revenue Miss and Weakening Balance Sheet
American cruise operator Carnival posted a net loss of $770mn in Q3 2022 vs. a loss of $2.8bn in Q3 2021. Quarterly revenues jumped 7.9x to $4.3bn compared to the same period last year and improved 80% from Q2 2022. However, it fell short of analysts' estimates of...
China Seeks to Spur Property Sector by Boosting Bank Lending and Offering Tax Incentives
The People’s Bank of China (PBOC) has told six of its largest state-owned banks to provide at least CNY 600bn ($85bn) in funding to the state’s troubled real estate sector, according to Bloomberg. In the last four months of 2022, the banks which include ICBC and China...
Track the Latest Updates on Debt Restructurings Across China Real Estate
The Chinese property sector has witnessed a record amount of defaults ever since the Evergrande crisis began in mid-2021. Offshore defaults across the sector have crossed $37bn from January-August 2022. Nearly 70% of the dollar bonds in the sector are trading at less...
Ghana Downgraded to Caa2
Ghana was downgraded to Caa2 from Caa1 by Moody's and further placed on review for downgrade on deteriorating macroeconomic conditions, difficulties in the government's liquidity and debt sustainability, and increasing risk of default. Ghana is currently negotiating...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields rose on Thursday with the 10Y yield up 3bp to 3.79% and the 2Y higher by 7bp to 4.22%. The peak Fed Funds Rate currently stands at 4.47% for the FOMC's March 2023 meeting. US credit markets saw a widening of CDS spreads, with IG wider by 1.5bp and...
