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Korean Insurer Heungkuk Reverses Decision to Not Call Perps; Korea Bank AT1s Jump by 3 Points
Korea's Heungkuk Life Insurance Co. which had last week announced skipping the call option on November 9 on its USD 4.475% Perp has reversed its decision. The insurer will now redeem its 4.475% perps at 100 tomorrow, leading to a 25 point rally in the perps to 99.75...
El Salvador Says China ‘Offered to Buy’ Its External Bond Debt
El Salvador's Vice President Felix Ulloa said that the nation received an offer from China to buy all of its debt whilst also noting that they " need to tread carefully". He did not reveal further details on how the transaction might be conducted. However, Bloomberg...
Mapletree To Not Redeem S$700mn Perps on First Call Date
Mapletree Treasury decided against redeeming its SGD 3.95% Perp on its first call date of 12 November 2022, citing the "current macroeconomic conditions and interest rate environment" as reasons for skipping the call. The next call date is on 12 May 2023. The perps...
BondEvalue Wins 1st Place for the MAS Singapore Financial Institution Award 2022
1st Place - Singapore Financial Institution Award We are proud and delighted to announce that BondEvalue has won 1st place for the MAS Singapore Financial Institution Award 2022 at the Singapore Fintech Festival. The solution that won the award is the BondbloX Bond...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Non-Farm Payrolls for October came at 261k, higher than the forecasted 193k print. The unemployment rate came at 3.7%, higher than forecasts of 3.6%. Overall, the jobs data saw US Treasury yields move 6-10bp lower across the curve. The peak Fed Funds rate moved 6bp...
The Week That Was (30 Oct – 06 Nov, 2022)
US primary market issuances were lower at $11.4bn vs. $25.7bn in the week prior. IG issuances stood at $9.85bn led by Comcast's $2.5bn three-trancher and American Express' $1.5bn issuance. HY issuances stood at $1.5bn with Ford raising the entire amount. In North...
Credit Suisse Buyback Sees Only Half of the Holders Tender its Bonds
Initial indicative results of Credit Suisse's planned ~$3bn buyback were released, where only roughly half of its bondholders tendered their bonds. The bank which had offered to buy back up to $2bn of its dollar bonds saw ~$1.2bn of its notes being accepted for...
Adani Enterprises Reports 117% Profit Rise
Adani Enterprises' net profits rose 117% YoY to INR 4.6bn ($55.5mn) in the quarter ended September. Its revenues almost tripled to INR 381.8bn ($4.7bn) with several of its businesses including its airports and mining that performed. However its total expenses also...
SMC Global Power to Buy Back $123.9mn of Perps
SMC Global Power has accepted to buy back $123.9mn of its dollar perpetual bonds under its tender offer that ended on November 4. It agreed to buy back: $16.84mn of its 6.5% perps callable in 2024, which are currently trading at 68.4 $7.9mn of its 5.95% perps callable...
