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Bed Bath Downgraded to Caa2 by Moody’s
Bed Bath and Beyond was downgraded to Caa2 from B2 by Moody's following "steep decline in revenues and EBITDA on its liquidity, free cash flow and credit metrics". The downgrade also reflects the company's reduced cash balances following its share repurchases at a...
Ghana Given $750mn Loan Approval for Budget
Ghanaian lawmakers have approved the government’s plan to take out a $750mn loan from African Export-Import Bank to supplement their 2022 budget. This is the first part of the $1bn in loans that the government is looking to obtain this month. The second part worth...
IMF to Assess Saudi’s $4bn Funding Commitment to Pakistan
Before disbursing fresh funds to Pakistan, the IMF wants assurance from Saudi Arabia that it will commit $4bn of funding to the financially stressed nation. This is because IMF seeks to ensure that there is no funding gap after its $1.2bn loan disbursal towards...
Lenovo, Korea Hydro Launch $ Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended with strong gains on Tuesday with the S&P and Nasdaq up 2.8% and 3.1% respectively as risk aversion receded. Sectoral gains were led by Communication Services and Industrials up 3.6% each. US 10Y Treasury yields were 5bp up at 3.03%....
China South City’s Dollar Bonds Plummet over 20%; COGARD, Sino-Ocean Bonds Now Below 30
Chinese real estate dollar bonds have slid across the board led by China South City, with relatively higher rated developers like Country Garden (Ba1/BB+/BBB) and Sino-Ocean (Baa3//BBB) in tow. Bloomberg notes that the most recent bond selloff in the sector is a...
Lloyds’ Unsecured Bonds Downgraded to A3 from A2
Lloyds Banking Group's senior unsecured debt ratings were cut to A3 from A2, and its subordinated debt ratings to Baa1 from A3 by Moody's. The issuer-level ratings and its senior secured ratings were affirmed. The downgrade of its unsecured and subordinated bonds come...
France to Buy EDF for $9.9bn
In light of the continent-wide energy crisis, the French government is offering €9.7bn ($9.85bn) for the takeover of Électricité de France (EDF). This deal will give them full control over Europe’s largest nuclear power operator, ensuring continued electricity supply...
Sharjah Downgraded to Ba1 by Moody’s
Sharjah was downgraded to Ba1 from Baa3 by Moody’s with its outlook changed from negative to stable. Sharjah’s fiscal deterioration started in 2017 and aggravated in 2020 due to the pandemic's impact and increased spending. The rating agency expects further...
India Cuts Windfall Tax on Fuel Exports Less Than 3 Weeks After Imposing Them
India has now cut the windfall tax offering relief to companies like Reliance Industries (RIL) and ONGC, just a few weeks after had imposing a imposing a windfall tax on oil exports of producers and refiners on July 1. In the last three weeks, Brent crude oil prices...
