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Zhenro Properties Downgraded to Ca by Moody’s
Chinese property developer Zhenro Properties was downgraded to Ca from Caa2 with a negative outlook by Moody’s. The company has missed interest payments on some of its offshore bonds reflecting a weak liquidity situation and constrained financial flexibility. Moody’s...
CK Asset Sells Luxury Mid-Levels Project to Singapore fund for $2.6bn
CK Asset sold its Hong Kong project known as 21 Borrett Road located at Mid-Levels, for HK$ 20.8bn ($2.6bn) to LC Vision Capital 1, an offshore fund managed by Singapore based Sino Suisse Capital. CK Asset is expected to make a profit of HK$ 6.3bn ($800mn) on the...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields fell sharply on Wednesday as buy-side flows took over, following the BoE's announcement on purchases of UK gilts. The US 10Y yield declined 22bp to 3.76% and the 5Y yield dipped 24bp to 3.98%. The peak Fed Funds Rate currently stands at 4.46% for...
CIFI’s Dollar Bonds Drop up to 30 Points after Report on Fresh Debt Worries
CIFI Holdings' dollar bonds dropped sharply after a report from Reorg stated that the developer defaulted on an onshore trust loan. As per sources, CIFI had not made payments on “certain nonstandard debt under a project company” and that the developer was in “active...
Pakistan’s Dollar Bonds Drop Further as New FM Vows to Bring Down Interest Rates
Pakistan’s sovereign dollar bonds declined ~14% as the new finance minister Ishaq Dar vowed on Wednesday to bring down interest rates and fight inflation. The minister said that the PKR currency undervalued and promised to take a strong response for economic crisis....
Huarong to Call Back 4% Dollar Perp
China Huarong announced that it will redeem/call back its $700mn 4% Perp at par on the upcoming call date of November 7, as per an exchange filing. The bonds are guaranteed by China Huarong International Holdings, a wholly-owned subsidiary of China Huarong Asset...
HK Airlines Plans $6.2bn Debt Restructuring
To avert insolvency, HK Airline has planned for an HK$ 49bn ($6.2bn) debt restructuring through UK and Hong Kong courts. The HNA Group carrier stated, “HK Airline is seeking court approval to convene meetings of its creditors and put forward its restructuring...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Long-term US Treasury bond yields continued to rise on Tuesday with the 10Y up 10bp to 3.98% and the 30Y up 15bp to 3.86%. The peak Fed Funds Rate currently stands at 4.56% for the FOMC's May 2023 meeting, having eased 10bp yesterday. US credit markets saw a widening...
YPF & Argentine Province Bonds Rally, Outperforming the Sovereign YTD
Select corporates and provincial Argentine bonds have rallied this year, with a significant divergence being observed compared to bonds of the sovereign. While Argentina's sovereign dollar bonds are down 35% YTD, those of state-owned energy company YPF are up ~18% and...
