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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 10Y Treasury yields were 5bp higher at 3.45%. The 5Y benchmark yield rose 7bp to 3.67%. The curve bear flattened with the 5s30s yield curve inverting by the most since 2000 to -20bp. With the spike in short-term rates, US 3m LIBOR was up 19bp. US equity markets...
Road King, COGARD Dollar Bonds Rally 6-10% as Authorities Rollout Incentives to Boost Home Sales
Dollar bonds of Chinese property developers Road King and Country Garden rallied 5-10% yesterday. SCMP reported that local authorities had rolled out incentives and stimulus measures to spur home sales. Suzhou's local authorities said they would remove the...
Vedanta to Distribute ~$1.6bn in Special Dividends to Shareholders
India’s metal & mining major Vedanta Ltd will distribute INR 125.9bn ($1.6bn) from its accumulated general reserves as a special dividend to its shareholders at INR 33-35/share ($0.41-0.44/share). The board meeting is scheduled on October 11 for the dividend...
Sino-Ocean Downgraded to BB by Fitch; CIFI Cut to B1
Sino-Ocean Group was downgraded to BB from BB+ by Fitch and was kept on 'rating watch negative' due to the impact on its credit profile from aggressive financial management at associate company Sino-Ocean Capital Holding (SOC), 49% of which is owned by the developer....
El Salvador Downgraded to CC by Fitch
El Salvador was downgraded to CC from CCC by Fitch upon a tight fiscal and external liquidity situation. Weaker market access can probably make them default on its $800mn offshore bond due in January 2023. Recently, El Salvador completed a $360mn buyback offer for its...
Macau’s Incumbent Casino Operators Face Uncertainty After Bid from Genting Chairman
Macau's government opened bids from seven companies for licenses to operate casinos, including one bid from GMM, backed by Genting's Chairman Sri Lim Kok Thay. New casino licenses are set to begin in 2023 and one among six of the incumbents namely Galaxy...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Market activity in the US was relatively muted with the US 10Y Treasury yields 1bp lower at 3.41%. US equity markets ended slightly higher on Wednesday after the massive CPI release-led sell-off a day earlier - S&P and Nasdaq rose 0.3% and 0.7% respectively. US IG...
UBS to Raise Dividends and Expects Buybacks to Exceed 2022 Target
UBS plans to raise its dividend from $0.51/share in the previous year to $0.55/share in the current financial year, a 10% YoY increase. It also expects share buybacks in 2022 to exceed its initial $5bn target. As of September 9, the swiss bank reported that it bought...
FWD Refiles for Hong Kong IPO
Insurance company FWD Group Holdings has refiled an application for its Hong Kong IPO. In early May, FWD received approval for its Hong Kong IPO but the company postponed it due to market volatility. The company is looking to raise $1bn in an IPO in Q1 next year, but...
