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The Week That Was (19 September – 25 September, 2022)
US primary market issuances saw a drop in deal volumes to $11.9bn last week vs. $14.5bn in the week prior to it. IG issuances stood at $5.7bn led by Citigroup's $2.75bn issuance and Blackstone's $600mn deal. HY issuances were at $6.3bn with Citrix raising $4bn,...
Sri Lanka Defaults on Dollar Bonds. Track Sri Lanka Bonds & News
Sri Lanka had announced suspension of payments on its $51bn external debt calling it a "last resort" emergency measure, pending restructuring. Its creditors, including foreign governments, are free to capitalize any interest payments due or opt to be paid in Sri...
Pakistan’s Dollar Bonds Drop after Prime Minister’s Warning on Finances
Pakistan's dollar bonds fell by 6-10 points across the curve after its Prime Minister Shehbaz Sharif said that "all hell will break" if they do not get a "substantial relief" on their debts. He said that Pakistan has spoken to European and other leaders in the Paris...
Egypt’s Dollar Bonds Drop Over 4%; Seeks Up to $6bn From Sale of State Firms by June 2023
Egypt's dollar bonds have been trending lower over the past week with some bonds down ~4% on Friday. The move across the curve comes as the North-African economy is currently facing difficult times with inflation at ~15%, having been impacted by the Russia-Ukraine...
State-Owned CCB to Set up $4.2bn Fund to Buy Properties from Developers
In the latest state-led measure for property developers, China Construction Bank (CCB) will set up an RMB 30bn ($4.2bn) fund for a 10-year period to buy properties from Chinese developers. CCB will "invest in existing assets" of real estate companies and renovate the...
Ghana Downgraded to CC by Fitch
Ghana was downgraded to CC from CCC by Fitch due to an "increased likelihood that Ghana will pursue a debt restructuring". Ghana is currently negotiating an IMF support program and Fitch believes the nation will require some debt treatment due to rising interest costs...
Tata Steel To Merge 7 Subsidiaries to Drive Synergies
Tata Steel will merge four listed and three unlisted subsidiaries for increased operational efficiencies and business synergies in order to focus on growth and save costs. Merger details are given below: Tata Steel Long Products (TSLP) shareholders will receive 67...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Thursday was a spike in the long-end of the US Treasury curve, leading to a 15bp bear steepening in the 2s10s. 10Y yields jumped 15bp to 3.71% and the 30Y was up 12bp to 3.65% while the 2Y was flat. This comes after the 2s10s curve bear flattened by 16bp in the...
Turkey Announces Surprise 100bp Rate Cuts
Turkey's central bank, the CBRT cut its policy rate by 100bp, to 12% from 13%. This was its second consecutive surprise move after its 100bp August rate cut. Bloomberg notes that yesterday's rate cut size was only anticipated by 5 of 22 analysts surveyed. The lira hit...
