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FWD Said to Consider Stake Sale with $10bn Valuation
FWD Group is said to be considering options including a potential stake sale, as per sources, after its planned Hong Kong IPO continues to be delayed. They noted that global insurers including Canada's Sun Life Financial have approached FWD to express interest in a...
Kenya Announces Tender Offer Results for 2024s
Kenya announced the tender offer results for its 6.875% June 2024s. According to the press release, the maximum accepted principal amount for the notes was revised upward to $1.44bn from $1.4bn announced earlier. It received $1.48bn in the tender offer which expired...
General Electric Upgraded to BBB+ by Fitch
General Electric (GE) has been upgraded by a notch to BBB+ by Fitch. Fitch also upgraded GE's senior unsecured debt and its subordinated guaranteed notes 7.5% due 2035 and 4.125% due 2035 to BBB+ from BBB along with upgrading its subordinated notes 4.875% due 2037 to...
UBS Prices S$600mn PerpNC5.5 AT1 at 5.75%
US Treasury yields ticked higher by 1-3bp on Thursday. US Retail Sales for January were worse than expectations, coming at -0.8% MoM vs expectations of -0.2%. Core Retail Sales also softened, at -0.5% vs expectations of 0.2%. US Initial Jobless Claims for the prior...
Logan To Appear at HK Court With Renewed Liquidation Risk
Chinese developer Logan Group will appear at a Hong Kong court hearing in order to determine whether it will face a liquidation order. This comes after a creditor group sought a wind-up of Logan's two key units after it defaulted on its notes. The hearing comes just...
BNP Paribas Prices $ PerpNC7.5 at 8%
BNP Paribas raised $1.5bn via a PerpNC7.5 AT1 bond at a yield of 8%, 62.5bp inside initial guidance of 8.625% area. The junior subordinated notes are rated Ba1/BBB-/BBB. If not called by 22 August 2031, the coupon resets then and every five years thereafter at the 5Y...
China South City’s Dollar Bonds Plummet
Dollar bonds of China South City plummeted by 15 points after it defaulted on its dollar bond due December for the first time. The company did not make a "mandatory redemption payment" that was an installment payment agreed to with creditors and due on February 9. In...
UBS Launches S$ Perp
US Treasury yields partially reversed the surge seen across the curve post the inflation report. US Treasury Secretary Janet Yellen hinted that markets were focusing on minor fluctuations in inflation whilst failing to see the bigger trend, which was inflation is...
Unigel Proposes Debt Restructuring Deal to Bondholders
Unigel is pitching a restructuring deal to bondholders led by PIMCO to avoid filing for bankruptcy protection, according to sources. The deal involves injection of $100mn in new money and would allow the company to restructure its debt out of court. In order to start...
