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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended mixed on Friday with the S&P up 0.5% and Nasdaq down 0.2%. Sectoral gains were led by Energy, up 2.3% and losses by IT and Consumer Discretionary, down 0.1%. US 10Y Treasury yields continued to shoot 13bp higher to 2.49%. European markets...
The Week That Was (Mar 21 – 27, 2022)
The yield curve continues to flatten further - the 2s10s has now flattened from 38bp in the beginning of the month to 15bp currently. US primary market issuances rose to $32bn vs. $18.5bn in the week prior. Investment grade (IG) corporates once again took the chunk of...
SoftBank Finalizing up to $10bn in Loans Ahead of Arm IPO
SoftBank is finalizing up to $10bn in loans from banks ahead of the planned Arm Ltd.'s IPO where the latter's valuation is eyed at $50-60bn. The loans will be secured against Arm Ltd. and were a pre-condition set by SoftBank for banks to participate in the IPO. The...
COGARD Enters $3.1bn Loan Facility with AgBank; Aoyuan Sells Housing Site for $215mn
Country Garden (COGARD) has entered a loan facility of RMB 20bn ($3.14bn) with the AgBank of China’s Guangdong Branch, Shanghai Securities News reported. The loan will be used for by the developer and its affiliated firms to acquire properties. COGARD's dollar bonds...
Yuzhou Seeks Government Bailout on $548mn of Bonds Due April; Sunac Onshore Default Likely
Yuzhou Group is seeking a government bailout for its $548mn in onshore and offshore debt due April, Caixin reports. The Chinese developer is in talks with state-backed investors with the assistance of local authorities to take over some of its domestic bonds. No final...
IMF Approves $44bn Argentina Deal; $9.66bn to Be Disbursed Immediately
The IMF board approved a new $44bn debt deal with Argentina. The deal replaces a failed $57bn program from 2018, for which Argentina still owes over $40bn to the IMF, Reuters notes. An amount of ~$9.66bn will be disbursed immediately. IMF's Managing Director...
Macquarie to Buy Controlling Stake of £4.2bn in Britain’s National Grid’s Gas Network
Australia's Macquarie Group in a consortium with British Columbia Investment, has agreed to buy a controlling stake of 60% for £4.2bn ($5.5bn) in Britain’s National Grid’s gas network. The company also has on option to buy the remaining 40%. The company will take over...
Braskem Idesa Upgraded to BB- by Fitch
Braskem Idesa was upgraded to BB- from B+ by Fitch, with a stable outlook. Braskem's amendment to the supply ethane contract with Pemex (to build an ethane terminal and supply of 30,000 bpd by Pemex) reduces uncertainties regarding sustainability and profitability,...
SPH Launches Consent Solicitation and Tender Offer to Buyback 2030s
SPH launched a tender offer and consent solicitation to buy back its outstanding S$500mn 3.2% 2030s. Under the tender offer, SPH would buy the bonds at S$100.75 per S$100 in principal in cash, with the offer expiration deadline ending April 18. SPH will give an early...
