Future Retail Misses Coupon on Dollar Bond, Again
Indian retailer Future Retail announced via an exchange filing on Friday evening that it has not been able to make a coupon payment that was due on January 22 on its 5.6% dollar bonds due 2025. This is the second coupon payment of the dollar bonds and is also the...
Carnival Extends Cruise Suspensions in US, Europe and Australia
Cruise operator Carnival Corp cannot seem to catch a break as it has announced an extended suspension on US cruise departures till the end of April and has cancelled Australian operations till mid May on the back of rising Covid-19 cases. The world's largest cruise...
Iraq in Talks With IMF for $6 Billion Loan
According to the IMF, Iraq has requested for emergency assistance to the tune of $6bn under the Rapid Financing Instrument (RFI) from it. RFI is a quick financial assistance available to IMF members facing an urgent balance-of-payments need which can be provided...
AVIC International Launches $ Bond; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
S&P ended the day flat while Nasdaq was up 0.6% with Apple up 3.7% and Facebook up 2%. US 10Y Treasury yields were 2bp wider. US jobless claims for the prior week improved, printing at 900k, a fall of 26k. US Philly Fed Manufacturing exceeded expectations with a...
India’s PFC Taps The Bond Markets With a Long 10Y Dollar Bond
Indian state-owned corporate Power Finance Corp (PFC) raised $500mn via a new long 10Y bond due May 2031, priced on Thursday at a yield of 3.35%, 40bp inside initial guidance of 3.75% area. The bonds, expected to be rated Baa3/BBB- in line with the issuer rating,...
CFLD’s Dollar Bonds Plummet Again; 2022s-2025s Now Trade In the 50’s
China Fortune Land Development’s (CFLD) bonds crashed another 9-11% yesterday as most of their bonds now trade around $50. CFLD, whose bonds fell over 40% in the first week of the new year, has been hit with not meeting Ping An’s (their second biggest shareholder)...
Sunac’s New $1.1 Billion Dual Trancher Over 6x Covered
Chinese property developer Sunac (Ba3/BB-/BB) raised $1.1bn via a dual tranche offering. It raised $600mn via a 3.25Y non-call 2Y (3.25NC2) bond at a yield of 5.95%, 55bp inside initial guidance of 6.5% area. It also raised $500mn via a 5Y non-call 3Y (5NC3) bond at a...
Citi & BNY Mellon Raise $2.5/1.2 Billion via New Bonds
After Goldman Sachs and Morgan Stanley’s jumbo bond issuances yesterday which totaled $13bn, Citigroup and BNY Mellon priced new bonds on Thursday. Citigroup raised $2.5bn via a 6Y non-call 5Y (6NC5) bond at a yield of 1.126%, or T+68bp, 12bp inside initial guidance...
PBOC Proposes New Anti-Monopoly Rules That Could Break Up Alipay
The People's Bank of China (PBOC) has proposed draft anti-monopoly rules with an aim to strengthen the supervision and management of non-bank payment institutions to prevent payment risks and protect the legitimate rights and interests of parties. The rules cover the...
