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Turkey Plans Restricting Local Investors Purchase of Lira Bonds by Supras
In an effort to curb the short selling of the Lira, Turkey is planning to limit supply of liquidity in the offshore market by restricting local investors from purchasing new Lira bonds issued by supranationals (IFC, World Bank, EBRD etc). The objective is to reduce...
CMA CGM Reports Strong Earnings
France-based shipping container company, CMA CGM reported its Q1 2022 earnings with a net profit of $7.2bn, up 3.4x YoY, and also higher than its prior quarter's $6.7bn profit. High freight rates in the aftermath of the economic rebound post Covid helped boost...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets saw a sharp uptick on Thursday with the S&P and Nasdaq up 1.8% and 2.7%. Sectoral gains were led by Consumer Discretionary up 3%, followed by Materials and Communication Services up over 2.5% each. US 10Y Treasury yields were 1bp higher to 2.92%....
Yuzhou Downgraded to Ca by Moody’s
Chinese property developer Yuzhou Group Holdings was downgraded to Ca from Caa2 by Moody’s with a negative outlook. Yuzhou missed the coupon payments on several bonds after the expiration of the grace period in March 2022. The company has weak liquidity and limited...
Pakistan’s Forex Reserves Fall Below $10bn as Crisis Fears Loom
Pakistan's foreign exchange reserves fell by $366mn to $9.72bn for the week ended May 27, the central bank said. Bloomberg notes that its forex reserves have dipped over 50% in almost a year and is sufficient to only pay for less than two months of imports. Default...
YPF Stand-alone Credit Profile Upgraded to B from B-
YPF's stand-alone credit profile (SACP) was upgraded to 'b' from 'b-' by S&P. Its revenues are continuing to grow and its capacity utilization is approaching 90%, S&P said. The rating agency said that "P1 reserves increased 24% YoY, while the reserve...
Yes Bank Board Approves $200mn Bond Buyback
Indian lender Yes Bank plans to buyback offshore bonds amounting to $200mn issued under its Medium Term Note (MTN) program. As per an exchange filing, Yes Bank's repurchase will be done at 100% of the principal amount of the notes during an early tender offer period...
China Developers Said to Speed up Q3 Sales
After meeting less than 30% of their annual sales target as of May, Chinese real estate developers are expected to ramp up project launches in the third quarter of 2022, while maintaining attractive prices, SCMP notes. This arises from the news that revenues at the...
May 2022: Dollar Bonds Deliver Mixed Returns; Best Monthly Performance in 2022
Dollar bonds saw their best performance yet in 2022, with a relief rally across many bonds. 41% of dollar bonds in our universe saw positive price returns ex-coupon, the best performance since December 2021 when 44% of bonds ended higher. This year has had a dismal...
