Shinhan Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped on Tuesday with the S&P and Nasdaq down 1.3% and 2.3% each. Sectoral losses were led by Consumer Discretionary and IT, down over 2%. US 10Y Treasury yields jumped 21bp higher to 2.61%, again led by short-end yields climbing higher and the...
Kaisa Co-operation Pact to Ease Short-Term Difficulties
Kaisa Group said it entered into a strategic co-operation agreement with China Merchants Shekou Industrial Zone and Great Wall Asset Management Co., according to an HKEX filing. The three companies agreed to co-operate in property development, tourism, ferry services...
Macy’s Secured Notes Downgraded to Ba2 by Moody’s
Macy's issuer rating was affirmed at Ba1, but its secured bonds were downgraded to Ba2 from Baa3 by Moody's. This comes on the back of "governance considerations", the rating agency said. Macy's Retail Holding's completed an offer to redeem its senior secured notes...
IIFL Buys Back $50mn of 5.875% Dollar Bonds due 2023; Bharat Petroleum Holders Approve Proposed Bond Revisions
Indian financial services company IIFL Finance bought-back $50mn of its 5.875% dollar bonds due 2023. IIFL Finance funded the buyback via an offshore short-term overseas loan facility extended by HSBC. The 5.875% 2023s were issued in February 2020 with IIFL raising...
Tsinghua Unigroup Gets $9.4bn to Advance Restructuring
China’s Tsinghua Unigroup has seen a consortium led by strategic investors win a bid to lead its $9.4bn debt restructuring. Government-backed Beijing Jianguang Asset Management Co. Ltd.(JAC Capital) and Wise Road Capital Ltd were the winning bidders. Tsinghua...
CapitaLand Launches S$ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets moved higher to start the week with the S&P and Nasdaq up 0.8% and 1.9% each. Sectoral gains were led by Consumer Discretionary and Communication Services up over 2%. US 10Y Treasury yields moved 2bp higher to 2.40%. European markets were higher...
Sri Lanka’s Dollar Bonds Drop as Default Fears Rise
Sri Lanka's dollar bonds dropped 2-4 points as default fears rose amid the economic crisis that the country is facing. In particular its near term bonds due July 25, 2022 dropped 4 points evidencing the negative sentiment. With 26 cabinet ministers resigning and...
Half of China’s Big Banks Cut Property Sector Lending; Evergrande to Pay Creditor Fees
More than half of China's big banks reduced their exposure to the property sector last year, as per Asia Nikkei. 17 out of 32 leading banks listed on the HKEX including China CITIC Bank and China Minsheng Bank (the largest state-owned and private-owned banks...
Central China Real Estate Downgraded to B3; COGARD Outlook Negative
Central China Real Estate (CCRE) was downgraded to B3 from B1 due to its "weakened liquidity and heightened refinancing risks". As of December 2021, offshore debt amounted to 70% of CCRE's total debt that includes $500mn due in August 2022 and $300mn due in April...
