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Macau Casino Bonds Jump on Tourism Revival
Dollar bonds of Macau's casino operators like Melco, Wynn Macau and MGM saw a jump of 2-4 points yesterday as the city's leader Ho Iat Seng said that China would resume an e-visa scheme for mainland travelers and permit group tours. The city will be open for mainland...
Sharjah Islamic Bank Downgraded to Baa2
Sharjah Islamic Bank (SIB) was downgraded to Baa2 from Baa1 by Moody's. Moody's notes that SIB's asset quality deterioration and declining loss-absorption capacity are weighing on the bank. As per the rating agency, SIB's "problem financings-to-gross financings ratio...
LATAM Airlines to Raise $750mn Leveraged Loan to Exit Bankruptcy
LATAM Airlines is to raise $750mn via a leveraged loan from a group of banks led by Goldman Sachs. The transaction is expected to help the airlines exit bankruptcy. The term loan will be used to repay existing debtor-in-possession facilities and will also be used for...
Jiayuan Extends Exchange Offer Deadline for a Third Time
Chinese property developer Jiayuan has again extended its exchange offer and consent solicitation deadline date for the third time, to October 5. The initial offer was launched on August 24 and extended twice before to September 16 and September 23. Six bonds are...
Garuda Files for Chapter 15
Troubled carrier Garuda Indonesia filed for Chapter 15 bankruptcy at a New York bankruptcy court. CEO Irfan Setiaputra said, “Garuda has requested that a court in New York recognise the airline's recent debt restructuring deal in a Jakarta court, under Chapter 15 of...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US short-end bond yields rose on Friday with 2Y Treasury up 12bp to 4.24% and the 5Y up 8bp to 4.01%. The peak Fed Funds Rate currently stands at 4.74% for the FOMC's May 2023 meeting, up 7bp. US credit markets saw a widening of IG CDS spreads by 3.5bp with HY spreads...
The Week That Was (19 September – 25 September, 2022)
US primary market issuances saw a drop in deal volumes to $11.9bn last week vs. $14.5bn in the week prior to it. IG issuances stood at $5.7bn led by Citigroup's $2.75bn issuance and Blackstone's $600mn deal. HY issuances were at $6.3bn with Citrix raising $4bn,...
Sri Lanka Defaults on Dollar Bonds. Track Sri Lanka Bonds & News
Sri Lanka had announced suspension of payments on its $51bn external debt calling it a "last resort" emergency measure, pending restructuring. Its creditors, including foreign governments, are free to capitalize any interest payments due or opt to be paid in Sri...
Pakistan’s Dollar Bonds Drop after Prime Minister’s Warning on Finances
Pakistan's dollar bonds fell by 6-10 points across the curve after its Prime Minister Shehbaz Sharif said that "all hell will break" if they do not get a "substantial relief" on their debts. He said that Pakistan has spoken to European and other leaders in the Paris...
