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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...
Evergrande’s Lenders Seize Hong Kong Headquarters
Evergrande's lenders have appointed a receiver to seize the developer's Hong Kong headquarters, as per sources. Details of the receiver have not been revealed yet. The distressed property developer has been trying to sell its China Evergrande Centre building in Hong...
Egypt’s Long Tenor Dollar Bonds Jump
Egypt’s long tenor dollar bonds have risen 5-6% in the last couple of days. While there has been no specific news attributable to this move, Bloomberg notes that the Egyptian government has supported a more flexible currency to underpin its economy. The nation is in...
Moody’s Reports Positive Outlook on Singapore’s Property Market
Rating agency Moody's summarized its take on the Singapore property market. Moody's said that the credit quality of rated REITs and large property developers will remain stable through 2023. Companies with quality office assets, such as CapitaLand Integrated...
Citigroup’s $500mn Revlon Transfer Error Sees Victory in Court
Citigroup won its appeal in a US court that ruled in favor of the bank to recover ~$500mn of its funds that it erroneously wired to Revlon's lenders. The court said that the lenders were not entitled to the repayment, and were on notice that the fund transfer was a...
Adani Group Debt Still a Concern for CreditSights Despite Softening Tone with New Calculations
In a new note, CreditSights softened its tone regarding its analysis of Adani Group by acknowledging some calculation errors. It corrected the EBITDA estimate for Adani Transmission (ATL) and revised its gross and net leverage ratios to 5.8x and 5.7x based on EBITDA....
Frasers Property Launches S$ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 10Y Treasury yields were 2bp higher at 3.23% and 30Y yields were up 3bps to 3.39%. US IG CDS spreads tightened 6.3bp and US HY spreads were tighter by 28.6bp. US equity markets posted strong gains on Wednesday with the S&P and Nasdaq up by 1.8% and 2.1%...
Logan Group Briefs Creditors on $6bn Offshore Debt Plan: Sources
Logan Group has briefed some of its creditors about a draft proposal to restructure more than $6bn in offshore debt. A source said that the proposal would see Logan extend the average term of its debt to slightly more than 5 years. Sources note that under Logan’s...
