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Sri Lanka’s Cabinet Sees Resignations; Economic Crisis Worsens
Sri Lanka's 26 cabinet ministers barring President Gotabaya Rajapaksa and his elder brother prime minister Mahinda Rajapaksa submitted their resignations late on Sunday amid strong protests. This paves the way for President Gotabaya to form a fresh Cabinet. The nation...
Unifin Bonds Jump upto 7 Points on New Government Loan Program
Unifin's dollar bonds jumped after Mexico's finance ministry said that it was forming an MXN 10bn ($500mn) credit program to increase lending to small and medium businesses. Barclays has now recommended buying Unifin's bonds saying that it should help the non-bank...
Agile and KWG Downgraded to B- by S&P
Agile was downgraded to B- from B+ after the delay in publishing its audited 2021 results, indicating weak reporting, governance, and risk management. A potential acceleration of debt payments could occur, further weakening its liquidity. As per its 2021 interim...
Future Retail Defaults on Banks/Lender Debt Repayment of $697mn equivalent
Future Retail (FRL) has defaulted on a loan repayment of INR 53.2bn ($697mn) to a consortium of banks which had given the retailer a deadline of March 31, 2022. Future Group is currently in the middle of a legal battle between Amazon and Reliance over its takeover....
China Revises Audit Secrecy Rules to Help Companies Prevent US Delistings
The China Securities Regulatory Commission (CSRC) said that it would change confidentiality laws that prevent its overseas-listed companies from providing sensitive financial information to foreign regulators. The rules were last updated in 2009 and are outdated, it...
Brazil’s President Bolsonaro announces new Petrobras’ CEO; Decision Challenged
Brazil's president Jair Bolsonaro announced last week Adriano Pires, founder of consulting firm Centro Brasileiro de Infraestrutura (CBIE), as the new candidate to replace Joaquim Silva e Luna as Petrobras’ chief executive officer. The announcement came after...
Q1 2022: Inflation, Rising Yields & Geopolitical Risk Spook Bond Markets
The first quarter of 2022 was dismal for bond investors with increased volatility caused by rising inflation, expectations of higher interest rates and Russia's invasion of Ukraine. US inflation hit a 40Y high in January and February to 7.5% and 7.9% respectively....
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets fell again with the S&P and Nasdaq down 1.6% and 1.5%. Sectoral losses were led by Financials and Communication Services, down over 2% each. US 10Y Treasury yields jumped 5bp to 2.38%. European markets were mixed - the DAX, CAC and FTSE were down...
China Developers Face $11bn of Bond and Trust Payments in April
The Chinese property sector has RMB 53.6bn ($8.5bn) in trust payments due April, according to data tracker Use Trust. Bloomberg also adds that stressed developers have $3.1bn in dollar and onshore bond payments during the month. Below are some details of the payments...
