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El Salvador Launches $360mn Buyback of Dollar Bonds Due 2023 and 2025
El Salvador has launched a $360mn buyback offer for its dollar bonds due 2023 and 2025. Its plans for buying back the bonds were initially announced in July by its president Nayib Bukele on Twitter. At that time, the two bonds had jumped by over 11 points. For the...
Flexible SLBs Add to Investor Concerns Over ESG Bond Space
In an important update on the evolution of the ESG bond market, the sustainability-linked bond (SLB) space has recently witnessed noteworthy changes. By design, SLBs are bonds wherein the structure of the bond changes if the issuer fails to meet certain pre-defined...
BP Buys EDF Retail Energy Business in US
British oil & gas company BP has acquired Houston-based EDF Energy Services (EDF ES) . EDF ES is a supplier of power, natural gas, and related services to commercial and industrial customers across the US. The complete terms and size of the deal were not yet...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 10Y Treasury yields were 2bp higher at 3.34%. US IG CDS spreads tightened 3.1bp and US HY spreads were tighter by 17.7bp as markets broadly ended on a risk-on tone. US equity markets ended the week stronger on Friday with the S&P and Nasdaq rising by 1.5% and...
The Week That Was (5 September – 11 September, 2022)
Primary market saw one its busiest weeks this year across all regions. US primary market issuances witnessed a sizable $38.8bn in issuances last week as compared to nil issuances in the week prior. Of this, IG issuances stood at $37.2bn where the largest deals...
Greenland’s Dollar Bonds Drop by Over 10%
Dollar bonds of Greenland Holdings dropped sharply on Friday, down by over 10%. Greenland reported that its contracted sales from January-August 2022 stood at RMB 10.2bn ($1.5bn), down over 58% YoY from RMB 24.2bn ($3.5bn) a year ago. Bloomberg analysts note that a...
Yes Bank to Approve JC Flowers as Buyer for its $6bn Stressed Loan Portfolio
Yes Bank is expected to approve JC Flowers as the buyer for its $6bn distressed loan portfolio, as per sources. The lender’s credit committee is likely to meet on September 15 to give approval to the private equity company. Another bidder, a consortium led by private...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 10Y Treasury yields were 8bp higher at 3.30% and 30Y yields were up 10bps to 3.45%. US IG CDS spreads tightened 8.2bp and US HY spreads were tighter by 8.4bp. US equity markets extended its gains on Thursday with the S&P and Nasdaq rising by 0.7% and 0.6%...
Sun Hung Kai Reports Annual Results
Hong Kong based property developer Sun Hung Kai reported a 4.2% YoY dip in its profits to HK$25.6bn ($3.3bn) for the year ended June 2022. The reported profit included a decrease in the fair value of investment properties, net of deferred taxes and non-controlling...
