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Sri Lanka Said to Have Proposed Alternate Debt Restructuring Plan
Sri Lanka is said to have proposed an alternate commercial debt restructuring plan to bondholders, according to sources. This is said to be a counter offer to the proposal earlier in October, where it proposed a 20% haircut and issuance of macro linked bonds. The...
Shinhan Card, BNG Launch $ Bonds
US Treasury yields were 3-5bp higher across the curve on Wednesday. The Federal Reserve's January meeting minutes came out yesterday where, "most participants noted the risks of moving too quickly to ease the stance of policy". Separately, Richmond Fed President...
Unigel’s 2026s Jump 7 Points on Reaching Deal with PIMCO, Creditors
Unigel Participacoes reached an agreement with the PIMCO-led creditor group to start an out-of-court restructuring of its debt. This comes after the Brazilian fertilizer company missed coupon payments on its USD and BRL-denominated bonds and also breached debt...
Chinese Corporate Dollar Bonds Inch Higher on Easing Measures
Dollar bonds of several Chinese corporates especially property developers have inched higher this week. This includes the likes of Longfor, Vanke, GLP China, Ping An amongst several others that have moved 1-1.5 points higher. First, this was helped by Chinese lenders...
Indian Dollar Bond Spreads Tighten to 3Y Lows Led by HY
Credit spreads of Indian corporate dollar bonds have compressed over the past year and currently stands at 3Y lows of ~209bp as seen in the chart above. The tightening in spreads comes after the broad easing in pressures in Adani Group companies' dollar bonds over the...
China’s State Banks Assign $8bn for Property Projects
China's state banks have assigned ~RMB 60bn ($8.3bn) of loans for property projects on white lists, i.e. which are eligible for state support. According to the statement released, AgBank of China has approved RMB 40bn ($5.6bn) of loans, while China Construction Bank...
Occidental Exploring Selling Stake in Western Midstream
Occidental Petroleum (Oxy) is exploring selling its stake in Western Midstream Partners, having a market value of ~$20bn, including debt. Occidental owns 49% of Western Midstream and controls the company's operations by also owning its general partner. The divestment...
Westpac NZ, Saudi national Bank, Mizuho Price $ Bonds
US Treasury yields were slightly lower by 3-4bp on Tuesday. There were no major data points from the US. However, equity markets saw the S&P and Nasdaq fall 0.6-0.9% after a drop in tech stocks including the likes of Nvidia, Tesla amongst others. Looking at credit...
Turkey Puts UAE Sukuk Deal on Hold Amid Favorable Secondary Markets
Turkey has put an $8.5bn sukuk deal with the UAE on hold amid cheaper funding alternatives in the global bond markets. As per sources, the yield demanded by UAE's Abu Dhabi Development Holding Co. (ADQ) was unfavorable. In November 2023, the Turkish Finance Minister...
