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Credit Suisse’s 7.125% Perp Jumps to Par Ahead of Call Date After Pricey AT1 Issuance
Credit Suisse's USD 7.125% Perp jumped from 96 cents on the dollar to par. The move comes after the company raised $1.65bn via a 9.75% PerpNC5.5 AT1 last week to call back the $1.5bn 7.125% Perps. The 7.125% Perp is callable on July 29 and if not called, the coupon...
Fosun International Offers to Buy Offshore Bonds
China's Fosun International is offering to purchase two offshore notes after launching a tender offer for a €384.2mn ($403mn) bond due October 9 and a $379.8mn dollar bond due August 2023, as per sources. The news comes just days after after Moody’s put the...
Garuda Creditors Approve $9.6bn Restructuring Proposal
Garuda Indonesia's creditors approved $9.6bn in restructuring proposals with a majority vote. More than 95% of creditors who attended the vote last week at the Jakarta court accepted Garuda’s proposal with ~$9.6bn in claims to be settled by agreement. The plan was for...
Reliance Said to Mull Purchasing Revlon; Revlon Borrows $375mn in Bankruptcy
A day after struggling American cosmetics major Revlon filed for Chapter 11 bankruptcy protection, ET Now reports that Indian conglomerate Reliance Industries (RIL) is exploring a buyout of Revlon, sending its shares 62% higher on Friday. The company also got approval...
LATAM Airlines Wins Chapter 11 Exit Approval with Fresh $5.4bn Capital Raise
The US court has approved LATAM Airlines Group's bankruptcy restructuring plan under Chapter 11. WSJ notes that under the plan, LATAM Airlines seeks to raise $5.4bn to guide them out of their two-year long pandemic-driven bankruptcy. Of this amount, $3.67bn is part of...
Ecuador’s Dollar Bonds Drop over 10% Last Week
Ecuador’s dollar bonds have fallen over 10-12% in the past week as protests by indigenous groups have erupted. In 2020, the country defaulted on debt and faced a similar political chaos. These groups are demanding more energy subsidies and price controls of basic...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended sharply lower on Thursday with the S&P and Nasdaq down 3.2% and 4.1% Sectoral losses were led by Energy, which tanked 5.58% and Consumer Discretionary that fell 4.8%. US 10Y Treasury yields fell 13bp to 3.24% as risk-off took over the...
Credit Suisse Prices $1.65bn PerpNC5.5 AT1 at 9.75%
Credit Suisse raised $1.65bn via a PerpNC5.5 AT1 bond at a yield of 9.75%. The bonds were launched at an initial guidance of 9.75% area. The junior subordinated notes are rated B+/BB (S&P/Fitch), lower than the issuer's ratings of Baa1/BBB/BBB+...
Greenland Wins Approval to Extend 2022s by One Year; South City Opens Consent Solicitation
Chinese property developer Greenland Holding gained bondholders' consent to extend the maturity of a $488mn 6.75% bonds maturing on June 25, 2022 by one year. 66% of the bondholders voted in favor of it, where the bond only required a majority approval. Greenland...