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Sunac’s Dollar Bonds Up ~2 Points after $1.15bn Cash Injection for Selling Project
Sunac China agreed to sell roughly 90% of its stake in one of its most valuable projects in Shanghai to two state-owned investors. As part of the transaction, it sold a 64.7% stake in its Oceanwide Construction Holdings unit to a unit of China Huarong Asset Management...
November 2022: Bonds Snap Losing Streak With Strong Rally; Investment Grade Outperforms
The month of November was a welcome relief for bond investors as 86% of dollar bonds in our universe delivered a positive price return (ex-coupon). November is the only month this year where bonds have moved higher after a 10-month losing streak. 92% of all Investment...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries rallied across the curve on Wednesday with yields falling as much as 15bp after Powell's comments. The peak Fed Funds rate also moved 7bp lower to 4.93% for the May 2023 meeting. Fed Chairman Jerome Powell said that the "time for moderating the pace of...
Credit Suisse CDS Spreads Widen to New Highs, Approaching 450bp
December 1, 2022: Credit Suisse's Dollar Bonds Drop Further, with CDS Nearing 450bp Credit Suisse's dollar bonds dropped as much as 6% and CDS spreads surged by 40bp to 444bp. Reuters notes that its CDS levels now compare with Italy's Banca Monte dei Paschi at 466...
Chinese Developers Come Forward for Equity Financing As Ban is Lifted
Four Chinese property developers namely Hubei Fuxing Technology, Shimao Group and Xinjiang Beixin Road & Bridge and Xiamen C&D have come forward to issue shares after the relaxation in policy regarding developers' equity financing. Among the planned issuers,...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries sold off on Tuesday led by the long-end, with 10Y and 30Y yields up 4/6bp to 3.74% and 3.80% respectively. The peak Fed Funds rate also moved 1bp higher to 5.00% for the June 2023 meeting. The probability of a 50bp hike at the FOMC's December meeting...
LQD Sees Record Daily Outflow of $3bn, Largest Since Inception in 2002
The largest corporate bond ETF, the iShares iBoxx USD investment grade corporate bond ETF (LQD) witnessed record daily outflow of $3bn on Monday, as per Bloomberg data. This is the largest daily outflow since inception in 2002. This underscores the reversal in...
HSBC to Sell Canadian Business to RBC for $10bn
HSBC has agreed to sell its Canadian business to Royal Bank of Canada (RBC) for CAD 13.5bn ($10bn) in cash. As per Reuters, RBC's purchase price is at a 30% premium to the value some analysts had attributed to HSBC's Canadian business. Once the transaction is...
Fosun Said to be Lining Up $3.8bn Sale of India’s Gland Pharma
Fosun Pharma is planning a sale of Indian drugmaker Gland Pharma at a market value of $3.8bn after receiving interest from potential suitors, as per Bloomberg sources. Gland Pharma specializes in injectable drugs like antibiotics, oncology and cardiology treatments...
