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WeWork Said to Be in Talks for $3bn Debt Restructuring
WeWork's dollar bonds were down over 1 point. NYT reported that the co-working company is in talks with investors to restructure its $3bn outstanding debt and raise more cash. Yardi Systems, a real estate software maker is weighing an investment, as per Bloomberg...
JLR’s Dollar Bonds Up 1 Point as UK Sales Up 33%
Jaguar Land Rover (JLR) reported a total sales of 1,670 units in the British market for the month of February, representing a 33% YoY increase in sales. JLR has been reporting positive results in recent times with the company returning to profit in the prior quarter....
Sri Lanka Poised for $2.9bn IMF Bailout; In talks to Extend $1bln Indian Credit Line
Sri Lanka expects the IMF to approve a $2.9bn loan soon as its President Ranil Wickremesinghe revealed a shortage of foreign currency for all imports amidst signs of economic recovery. The IMF board would meet on March 20 to review a preliminary staff-level agreement...
Macro; Rating Changes; New Issues; Talking Heads; Gainers and Losers
US Treasury yields were marginally higher across the mid-to-long end, while the 2Y was up 5bp on Monday. The peak Fed Funds rate was 3bp higher at 5.48% for the September 2023 meeting. Markets continue to price in three hikes of 25bp each at the next three FOMC...
Credit Suisse’s Perps Lower on Harris Associates Exiting Entire Stake
Credit Suisse's dollar perps were down by up to 1 point after news came out that investment firm Harris Associates sold its entire stake in the Swiss banking group. Harris Associates was the largest shareholder for several years and cut its 10% stake by half towards...
Azul, Gol’s Dollar Bonds Jump Higher After Striking Financing Deals
Dollar bonds of Brazilian air carriers Gol and Azul jumped higher after both companies struck financing deals that would help ease its liability and cash concerns. Azul's dollar bonds jumped by a massive 15 points after it struck an agreement with most of its lessors...
NagaCorp Downgraded to B by S&P; Dollar Bonds Trend Lower
Cambodia-based hotel and gaming operator NagaCorp was downgraded to B from B+ by S&P. The rating agency noted that NagaCorp faces refinancing risk for a $472mn bond due July 2024, while adding that it "faces a deteriorating capital structure". NagaCorp is seeking...
Lippo Launches $50mn Tender for 2025s/2026s
Indonesia's Lippo Karawaci launched a tender offer for a total of $50mn of its outstanding dollar bonds. It is offering to buyback its 8.125% 2025s at $870 per $1,000 in principal plus accrued interest (current price 85.92) and its 6.75% 2026s at $770 per $1,000 in...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasury yields dropped by 11-12bp on the long-end while the 2Y and 5Y yields fell 4-7bp on Friday. The peak Fed Funds rate was unchanged at 5.45% for the September 2023 meeting. US ISM Non-Manufacturing data for February continued to show an expansion, coming in...
