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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...
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...
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...
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...
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....
Longfor Expects to Raise $13bn Following Easing Measures
Longfor Group expects that it may be able to raise as much as RMB 90bn ($13bn) by pledging its 113 malls to avail commercial loans from banks to repay some of its other loans and bonds. This comes after the new easing measures introduced by the regulator wherein,...
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...
Gol Files for Chapter 11 Bankruptcy
Brazilian airline Gol said that it is filing for Chapter 11 bankruptcy protection in the US. After reporting BRL 20bn ($4.1bn) in gross debt, it said that it would receive $950mn in financing from bondholders in its holding Abra Group. The woes for Gol continue since...
Chinese IG Developers’ Dollar Bonds Up on Easing Regulations
Dollar bonds of investment grade (IG) rated Chinese property developers rallied yesterday on further easing measures taken by the government on the sector. Chinese regulators offered more financial support by allowing bank loans taken by developers by pledging their...
