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ANZ in Talks for $2.7bn Acquisition of MYOB: Sources
Australia and New Zealand Banking Group (ANZ) is in talks to acquire MYOB Group, an accounting software business, as per sources, noting that the deal could be valued at over A$4bn ($2.7bn). While they have yet to reach an agreement and “there is no certainty it will...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets started the week lower on Monday with the S&P and Nasdaq down 1.2% and 2.3% respectively. Sectoral losses were led by Communication Services and Consumer Discretionary fell 2.8% each. US 10Y Treasury yields were 4bp lower at 2.96%. European...
The Week That Was (04 July – 09 July, 2022)
US primary market issuances stood at $11.95bn vs. $6.1bn in the week prior. Of this, IG issuances were at $11.6bn vs. $4.7bn in the week prior led by Celanese Holdings' $6.5bn four-trancher and Fidelty Information's $2.5bn four trancher. HY issuances were at $350mn...
Turkey Downgraded to B from B+ by Fitch
Fitch has downgraded Turkey from BB- to B+, with a negative outlook. As high inflation and low external liquidity continue to plague the nation, Fitch believes that the Turkish authorities’ policy response will lack efficacy in dealing with the issues at hand and...
Mexico Cut to Baa2; PEMEX Subsequently Downgraded to B1 after Sovereign Downgrade
Mexico was downgraded to Baa2 from Baa1 by Moody's on the back of weak economic and fiscal trends which are expected to undermine Mexico's overall credit profile. The weakening trends would align it with that of Baa2-rated peers, they said. Moody's expects economic...
Evergrande’s Hengda Unit Fails to Obtain Consent to Delay Local Bond Payment
China Evergrande’s onshore unit Hengda Real Estate's local bondholders rejected a proposal to delay repayment of its RMB 4.5bn ($671mn) 6.98% bonds puttable in January 2022, that were issued in 2020. Earlier, Hengda had gotten approval to extend the put option till...
R&F Gets Consent to Extend Offshore Bond Maturities
R&F Properties won the consent of its bondholders to extend the maturities on 10 of its dollar bonds with a combined principal of $4.9bn. The developer had launched a consent solicitation in late June, to make amends on its notes like extending the maturity,...
Ronshine Misses Coupons on Two Dollar bonds
Ronshine China Holdings failed to make coupon payments of $27.9mn on two of its dollar bonds with a combined principal outstanding of $726mn. The company missed the coupon payment of $12.8mn on its 8.1% bonds due June 2023 after the grace period ended on July 9. It...
Indika Energy Buys Back $240mn of Dollar Bonds
Indonesian coal miner Indika Energy accepted to buy back $184mn of its 5.875% 2024s and $56.7mn of its 8.25% 2025s under a tender offer that ended on July 7. The company had planned to buy up to $250mn of the bonds at a price to be set via a modified Dutch auction....
