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Rakuten Launches Buyback Offer for 2024s

Rakuten Launches Buyback Offer for 2024s

Japanese technology company Rakuten has launched a tender offer to buy back up to $1bn of its dollar bonds due 2024, exclusive of accrued and unpaid interest. The bonds in question are its 10.25% 2024s and 3.546% 2024s, both of which mature in November. The two bonds...

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The Week That Was (22 – 28 January, 2024)

The Week That Was (22 – 28 January, 2024)

US primary markets continued to stay active, albeit with lesser new deals at $24.8bn vs. $54.6bn seen a week before this. IG issuers racked up $18.2bn in deals led by Truist Financial's $3.5bn two-trancher and State Street's $1.5bn issuance. HY issuers accounted for...

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US Treasury Yields Climb Higher

US Treasury Yields Climb Higher

US Treasury yields moved higher by 4-6bp across the curve on Friday. The Headline US PCE Deflator grew 2.9% YoY in December, slightly lower than expectations of 3%. The Core PCE Deflator grew 2.6% YoY, in-line with estimates. Looking at credit markets, US IG CDS...

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Lumen Enters Amended Agreement With Creditors

Lumen Enters Amended Agreement With Creditors

Lumen Technologies said that it entered into an amended transaction support agreement with a broadened group of creditors holding over $12.5bn of its debt. The agreement will extend debt maturities to 2029 and beyond, provide financing of $1.325bn via new long-term...

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GoI Downgraded to D by S&P and Fitch

GoI Downgraded to D by S&P and Fitch

GOL Linhas Aereas Inteligentes S.A. (GoI), the Brazilian airline was downgraded to D by both S&P and Fitch last Friday, after the company filed for bankruptcy protection under Chapter 11 on the previous day. GoI's senior unsecured bonds were also downgraded to D...

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Vedanta Ltd Reports 18% Profit Drop

Vedanta Ltd Reports 18% Profit Drop

Vedanta Ltd. reported an 18% dip in profits at INR 20.1bn ($242mn) during the previous quarter. Revenues rose by 3.8% to INR 350bn ($4.2bn). The drop in profits comes on the back of weaker commodity prices especially of zinc and aluminum, and higher finance costs....

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US GDP Beats Expectations

US GDP Beats Expectations

US Treasury yields moved lower by 7-9bp across the curve yesterday. US Q4 GDP grew much higher than expected at 3.3% annualized, much higher than expectations of 2%. Its GDP for 2023 also grew, at 2.5% vs 1.9% the previous year. Durable goods orders were flat in...

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