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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...
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...
