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Ascott Reit, China Citic Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped on Monday with the S&P and Nasdaq down 1.7% and 2.2% each. All sectors ended in the red led by Energy and IT down over 3% and 2.6% each. US 10Y Treasury yields jumped to a three year high of over 2.81%. European markets were also broadly...
EXIM India Plans to Raise $3bn via Offshore Bonds
EXIM Bank of India plans to raise $3bn via offshore bonds in the current financial year 2022-23. Half of the funds will be used for new lending and the remaining half for refinancing a part of its old debt. Bank’s MD Harsha Bangari said that treasury rates have...
GCC Banks at Low Risk on Russia-Ukraine Conflict: Moody’s
Rating agency Moody's notes that banks in the GCC region do not face spill over effects arising out of the Russia-Ukraine military conflict. Its cited the risks as "low" with limited impact on credit profiles. This is due to GCC banks' " high capital buffers, solid...
Amazon Raises $12.75bn via 7-Part Jumbo
Amazon raised $12.75bn via a jumbo seven-part offering. Details are given in the table below: The bonds are rated A1/AA and peak orders stood at $40bn, 3.1x issue size. Bloomberg notes that Amazon had guided for an issue size of $10-12bn. Proceeds will be used for...
Indian Oil Corp Offers to Repurchase Up to $300mn of Dollar Bonds Due 2024
Oil refining & marketing giant Indian Oil Corp (IOC) has offered to repurchase up to $300mn of its $900mn outstanding 4.75% dollar bonds maturing in 2024, as per Bloomberg. IOC seeks to realign maturity obligations and optimize the balance sheet as part of the...
Sukuk – A Primer on All You Need To Know about Islamic Bonds
Sukuk issuances have become popular over the last five years with a major chunk coming from the Gulf nations. This article attempts to cover everything you need to know about sukuk (sukuk is both, the singular and plural). What Are Sukuk? A sukuk in its...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets fell on Friday with the S&P and Nasdaq down 0.3% and 1.3% each. Sectoral losses were led by IT and Consumer Discretionary, down over 1% each. US 10Y Treasury yields moved 12bp higher to 2.77%. European markets on the other hand were higher - the...
The Week That Was (April 4 – 10, 2022)
US primary market issuances fell to $17.7bn vs. $25bn in the week prior. Investment grade (IG) corporates took the chunk of issuances, with $13.6bn of deals while high yield (HY) issuance stood at $3.9bn. The largest IG deals were led by Take Two's $2.7bn...
Why Did Zhenro Properties’ Bonds and Shares Crash?
Chinese property developer Zhenro Properties' dollar bonds have collapsed to about 20 cents on the dollar in February 2022 after trading between 45-50 cents on the dollar earlier. Speculation was rife that Zhenro Properties will not call/redeem its $200mn 14.724% Perp...
