Register Now For a 14-Day Free Trial to Search and
Track Corporate Dollar Bonds
(no card details are required)
Greenland and R&F Properties Downgraded to SD and C
Chinese property developer Greenland Holding was downgraded to SD (Selective default) from CC by S&P upon the completion of the maturity extension of its $500mn bonds due June 25, 2022 by one year. The rating agency sees the transaction as a distressed debt...
Fosun Removes Tender Offer Cap in an Effort to Instill Market Confidence
Fosun International updated the tender offer for its EUR and USD bonds by removing the cap on the acceptance amount. Earlier this week, Fosun had launched the offer to buy back for its €384.2mn 3.3% October 2022s and $379.8mn 5.5% August 2023s. It said that the...
Argentina’s Dollar Bonds Fall to Lows: Swaps 60% of Local June Debt
Argentina’s sovereign bonds dropped to record lows, continuing its 2 week descent. Their dollar bonds due 2030 have slipped to ~23.5 cents on the dollar, the lowest since its issuance two years ago. Based on a JPMorgan index, spreads over the US Treasury yields have...
Pemex Refinery Project Cost to Double to $18bn
Mexican state oil company Pemex's flagship oil refinery project (known as Olmeca) cost has more than doubled since 2019 to $18bn. The projected, budgeted at $8bn in 2019 is due to open a week from now and has significantly overshot the budget. As per sources, the cost...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Snapping its recent downtrend, US equity markets posted strong gains on Tuesday with the S&P and Nasdaq up 2.5% each. Sectoral gains were led by Energy and Consumer Discretionary that gained 5.1% and 2.8 respectively. US 10Y Treasury yields fell 4bp to 3.26%....
Central China Accepts Commodities as Payments for Houses amid Real Estate Downturn
Central China Real Estate is reported to have accepted payments for its homes in the form of garlic and wheat from farmers. As per Bloomberg, the developer offered to receive down payments in the form of wheat worth ~RMB 160,000 ($24,000) for homes in its River...
Evergrande Gets Delisting Reminder on Annual Report Delay
China Evergrande has been issued an early delisting warning from the HKEX, prompted by its failure to publish its audited accounts and address a $2bn enforcement action by creditors. According to a filing, the developer failed to comply with listing rules, with the...
Fosun’s Dollar Bonds Drop over 15% to Near 50 Cents on the Dollar
Fosun International’s dollar bonds plunged over 15% on Monday. Its bonds with maturities beyond 2025 have now sunk to near distressed levels of 50 cents on the dollar. The fall highlights investors’ concerns about the conglomerate's ability to repay large maturities...
Bharti Airtel Announces Tender Offer for Dollar Bonds
Telecom operator Bharti Airtel’s company Bharti Airtel International (Netherlands) B.V. announced a cash tender offer for up to $300mn of its outstanding $1bn 5.35% dollar bonds due 2024. For holders who tender the bond before the early tender deadline of July 5,...
