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Fed Hikes by 75bp; Indicates 50-75bp Hike in July
The US Federal Reserve hiked its fed funds policy range by 75bp to 1.5-1.75% with Chairman Jerome Powell indicating that another hike of 50-75bp is likely in July. The rate hike magnitude was the biggest increase in any meeting since 1994. Powell added, “Clearly,...
Country Garden’s Dollar Bonds Jump after Offer to Buy Back $683mn 4.75% 2022s
Country Garden (COGARD), has offered to buyback a $683mn bond ahead of its maturity date of July 25. Based on their filing, Country Garden intends to finance the repurchase with their internal cash holdings. SCMP notes that such a move will likely boost investors'...
ReNew Power Reports Narrowing of Losses
Indian renewable energy company ReNew Power reported a narrowing of losses by 9.8% YoY to INR 3.4bn ($45mn) during the quarter ended March 2022. Total income for the quarter stood at INR 16.6bn ($232mn), up 31% YoY. Adjusted EBITDA was at INR 12.8bn ($169mn), rising...
Bahamas’ Dollar Bonds Drop Despite Recent Oversubscribed Bond Issuance
Dollar bonds of Bahamas bond fell over 7-10% on Thursday despite its recent oversubscribed bond issuance. Last week, Bahamas issued two tranches of offshore bonds of $385mn, including a $250mn 7Y bond at a yield of 13.5%. It also issued a $200mn bond partially backed...
Yes Bank Seeks Shareholders’ Approval for ~$1.3bn Debt Raise
Yes Bank will seek an approval from its shareholders in July to raise debt INR 100bn ($1.3bn) via a private placement. Among the several private placement options it is considering are the issuance of non-convertible debentures (NCDs), medium term bonds, possible Tier...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets trimmed down the heightened daily losses over the last few days with the S&P down 0.4%, while Nasdaq was up 0.2% on Tuesday. Sectoral losses were led by Utilities, down over 2.6% followed by Consumer Staples and Health Care, down over 1.3% and 1%...
More Land Auctions Scrapped in Major Chinese Cities, Hurting Developers; Sino-Ocean Sells Beijing Property for $740mn
The proportion of land withdrawn in the first round of auctions between February and June 2022 across 20 major Chinese cities has increased, as per SCMP. Known as the auction scrapping rate, this figure stood at 17%, up from 6.5% during the same period last year. ...
BP takes 40% stake in $30bn Australian Renewables Project
Oil & Gas giant British Petroleum (BP) agreed to acquire a 40.5% stake in the Asian Renewable Energy Hub (AREH) and will be an operator of an Australian renewable energy project. The project will cost over $30bn to develop and can be one of the biggest producers...
Pakistan’s Finance Minister Warns of Possible Default
Pakistan's finance minister Miftah Ismail sounded a warning of a possible default if its fuel subsidies do not get abolished. He said that the government was giving a subsidy of PKR 19 ($0.09) on petrol and PKR 53 ($0.26) on diesel whilst referring to Sri Lanka also...