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Vedanta Raises ~$637mn from LIC as Dollar Debt Costs Rise
Mining company Vedanta Ltd raised INR 50bn ($637mn) from Life Insurance Corporation (LIC) by issuing 10Y bonds as per Business Standard sources. The deal is structured transaction with exact details are not yet known. The issuance was said to be a direct trade with a...
Credit Suisse May Cut Dividends by 50%, Says S&P; Convicted With Historic Money Laundering
Credit Suisse may cut its dividends by 50% next year due to its bottom-line struggles, said S&P. S&P analysts noted that Credit Suisse would pay out a CHF 0.05/share, vs. a CHF 0.10/share annual dividend after reporting a 2021 loss. "We predict another cut in...
Macau Casino Operators’ Bonds Drop
Macau casino operators’ bonds were trending lower last week as investors were selling off their bonds, following Sands China’s downgrade to a fallen angel and a new outbreak of Covid cases, as reported by IFR. IFR notes that coupled with mainland China’s border...
Argentina’s Local Bond Default Fears Jump
Default fears on Argentina have renewed, now in its local bond markets with creditors have become reluctant to roll over maturing government bonds. Bloomberg notes that it is rumored that officials are running out of financing options and that a local bond...
IMF Delays $238mn Kenya Loan for Budget Purposes
The IMF board has delayed a $238mn loan to Kenya. While the board did not cite the reason for the delay, Bloomberg reports that the board meeting is only expected in the “coming weeks” to give final approval. The expected loan was part of a $2.34bn extended credit...
NongHyup Bank Launches $ Bond; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets posted strong gains on Friday with the S&P and Nasdaq up 3% and 3.3%. Sectoral gains were led by Materials and Communication Services, which rose over 3.9% each. US 10Y Treasury yields were 6bp higher at 3.16%. European markets also ended higher...
The Week That Was (20th-26th June, 2022)
US primary market issuances rose to $10.4bn vs. $957mn in the week prior. IG issuances were at $10.4bn in contrast to no deals happening in the week prior while there were no HY issuances compared to $957mn the previous week. The IG space was led by NextEra Energy...
Reliance Said to be in Talks to Raise Up to $8bn for Boots
Indian conglomerate Reliance Industries Ltd (RIL) is said to be in talks with international banks to raise around $8bn to fund the acquisition of UK pharmacy & chemist chain Boots, as reported by Mint. These banks include Deutsche Bank AG, Barclays Bank Plc,...
Chinese Bank Consortium Lends Pakistan $2.3bn to Stave off FX Crisis
Chinese state banks have pledged $2.3bn to the State Bank of Pakistan to save the country from potentially defaulting on its outstanding international debt, amid declining confidence in its repayment ability. According to FT, the Chinese loan will help increase...
