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Fosun Denies Reports of Regulatory Scrutiny Over Banks & SOEs Exposure to Its Debt
Fosun International’s dollar bonds fell as much as 10% after reports said that China’s regulators asked its biggest banks to examine their exposure to the conglomerate. It was also reported that state-owned enterprises (SOEs) were asked to begin a round of checks on...
FWD Reports Interim Results
Hong Kong-based insurer FWD reported some key half-yearly numbers yesterday. It saw an annualized premium equivalent (APE) of $732mn, 2.5% YoY lower for 1H 2022. Value of New Business (VNB) was at $405mn, a 17% YoY increase, with growth across all market segments. Its...
Yields on Turkey’s Local and Dollar Notes Converge
Yields on some of Turkey's local bonds and dollar bonds have converged, with select sovereign lira bonds' yields even going below its offshore counterparts. For instance the yield on its TRY 11.7% 2030s have gone below its USD 5.95% 2031s. With regard to most emerging...
Evergrande Promises to Restart Stalled Property Projects by Month-End; Offloads HK Tower
China Evergrande has promised to restart the remaining of its 38 stalled property projects by end of September, as per the FT. The distressed developer is trying to alleviate concerns that led to mortgage boycotts by homebuyers on its unfinished projects. The company...
Dollar Bonds of Macau Casino Operators Tick Higher as Ferry Services Reopen
Bonds of Macau’s casino operators are trending upwards led by Melco Resorts, Wynn Macau and Sands China. The jump in prices followed an announcement by the local government to reopen passenger ferry services between the island and mainland China from Wednesday, as per...
Tus-Holdings Scraps Consent Solicitation for Dollar Bonds
Tus Holdings has scrapped the consent solicitation (Term of the Day, explained below) that it launched in August for two of its dollar bonds on which it missed payments. The two bonds in question are its $308mn 7.95% 2024s and $522.5mn 6.95% 2024s guaranteed by...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US 10Y Treasury yields were flat at 3.34%, with US IG CDS spreads tightening 3.1bp and US HY spreads tightening 17.7bp. The broad risk-on tone continued as US equity markets continued its upward move on Monday - the S&P and Nasdaq were higher by 1% and 1.3%...
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...
