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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...
Singtel Upgraded to A+ by Fitch
Singapore Telecommunications Limited ("Singtel") was upgraded by a notch to A+ from A by Fitch. The rating action comes on the back of Fitch's expectation of improving leverage of the entity. Fitch forecasts Singtel's EBITDA net leverage to remain at ~1.5-1.6x till...
China Orient Launches $ Bonds
US Treasury yields moved higher by 3-4bp across the curve yesterday. The S&P Global flash composite PMI advanced to 52.3, thanks mainly to stronger services activity. This is above estimates of 51.0 and the prior month’s 50.9. The flash services sector PMI climbed...
Carnival Corp to Redeem 9.875% 2027s
Carnival Corp is redeeming its $869.8mn 9.875% 2027s notes that were issued during the peak of the Covid pandemic. The company plans the early redemption of the notes on February 1, whilst it has a call date on February 21 with a call redemption price of 104.9....
QNB, KEPCO Launch Dollar Bonds
US Treasury yields were mixed yesterday as the 2Y yield fell 6bp to 4.33% while the 10Y and 30Y yields moved 3-5bp higher. The Philadelphia Fed Manufacturing Index came at -3.7 in January, indicating a contraction in manufacturing activity in the region vs. December's...
DPW Receives Mozambique Port Expansion’s Approval
DP World ("DPW") received the extended deal and a near $2bn expansion approval for the Maputo port, one of the biggest in Mozambique. The Mozambique government approved the deal on Tuesday, extending the concession agreement by 25 years to 2058. According to the...
