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Pakistan’s Dollar Bonds Drop on Delayed Poll Results
Pakistan's dollar bonds fell by up to 3 points after its election results were delayed amid a shutdown in mobile networks. The country had earlier suspended mobile services ahead of the election in an effort to maintain order due to militant incidents. Last week...
EchoStar Scraps Dish’s $4.9bn Convertible Debt Swap Offer
Dish's parent EchoStar scrapped the exchange offer for $4.9bn of convertible notes issued by Dish, as per the company announcement. The exchange offer was scrapped after it did not receive sufficient participation from existing bondholders, The proposed exchange would...
Vedanta’s Demerger of Businesses to Be Completed in 9-12 Months
Vedanta Ltd.'s demerger of its key businesses into separate listed companies is expected to be completed in the next 9-12 months, as per a top official of the company. The company had pointed towards the demerger last year to unlock value from its metal, power,...
Kenya Prices $ 7Y at 10.375%
US Treasury yields stayed flat across the curve. Richmond Fed’s Thomas Barkin said that inflation is close to target but not there yet. Another Fed governor Michelle Bowman said that she does not see rate cuts as appropriate "in the immediate future", noting that the...
The Week That Was (05 – 11 February, 2024)
US primary markets continued to stay active, with new deals at $41.2bn vs. $28.3bn seen a week before this. IG issuers racked up $40.4bn in deals led by Eli Lily's $6.5bn six-part debt deal and Citigroup's $5.5bn two-part deal. HY issuers accounted for $5.4bn of the...
Egypt’s Dollar Bonds Rise on Abu Dhabi $22bn Beach Strip Plan
Egypt's dollar bonds rose by 1.8-2 points across the curve after reports that Abu Dhabi is in advanced talks to buy and develop premium land on Egypt’s Mediterranean coast in a project worth ~$22bn. Sources note that Egypt may retain ownership of about 20% of the...
Turkey Prices $ 10Y at 7.875%
US Treasury yields continued to inch higher on Thursday with the 10Y up 5bp. US initial jobless claims fell for the first time in three weeks by 9k to 218k in the week ended February 3, below estimates of 220k. Looking at credit markets, US IG and HY CDS spreads...
Credivalores To Launch Debt Exchange Offer; Downgraded to C by Fitch
Credivalores will be launching a debt exchange offer for its $210.8mn 8.875% 2025s. It has reached agreements with its main bondholders on the terms of an exchange offer and plans to use the 30-day grace period for the coupon due 7 February 2024 to materialize these...
Fosun Plans to Revive Peak Re Stake Sale
Fosun International has revived a plan to find a buyer for its majority stake in its Hong Kong business Peak Reinsurance Co (Peak Re). As per sources, Fosun is potentially seeking a valuation of ~$1bn for the company. As part of strategic options to pay its debts, it...
