Turkey Launches $2bn 5.5Y Dollar Bond at 8.625%
Turkey has launched a dollar bond, surprising market participants on the timing of the issue, amid a rise in global yields. Bloomberg sources note that the issue size would be $2bn with a 5Y maturity due 2027 at a yield of 8.625%, 25bp inside initial guidance of...
Kaisa’s Bonds Jump on Reports of Talks with SOEs
Kaisa's dollar bonds jumped on reports that the developer was in talks with state-owned companies on strategic investment and cooperation, as per Cailian news. No further details were given regarding the talks. Kaisa defaulted on its dollar bonds in December and has...
Zhenro Perps Unpaid after Grace Period; Shimao, COGARD Transfer Funds for Bond Payment
Zhenro Properties' perpetual bond will be suspended from trading after the builder said that it did not redeem the perp as planned, following a 10-day grace period. Earlier this week, Zhenro said that it received sufficient bondholder support for a proposed debt...
Sunac Downgraded to B- on Weak Liquidity
Chinese property developer Sunac was downgraded to B- from BB- by S&P due to weak liquidity as it faces increased refinancing risk. It faces a high bond maturity wall with RMB 24bn ($3.8bn) of offshore and onshore public bond maturities in the next 12 months. Due...
Aeromexico Exits Bankruptcy; Plans to Spend $5bn in 5 Years
Mexico´s airline Aerovías de México, S.A. de C.V (Aeromexico) has exited bankruptcy protection. It plans to spend $5bn by 2027 for fleet modernization and other upgrades. During the pandemic, Aeromexico filed for bankruptcy and in November 2021 got the proposal to...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets closed sharply higher for a second day, with the S&P and Nasdaq up 2.2% and 3.8% post the FOMC meeting. Sectoral gains were led by IT and Consumer Discretionary, up over 3.3% each. US 10Y Treasury yields were up 1bp to 2.15% and currently are its...
Fed Hikes by 25bp; Balance Sheet Reduction Likely from May; Dots Indicate 6 more Hikes in 2022
The US Federal Reserve hiked its policy rate by 25bp, the first hike since 2018. Details of the changes in its policy stance vs. the previous FOMC meeting in December are given below.
Unifin Downgraded to B+ by S&P
Unifin Financiera S.A.B. de C.V.'s (Unifin) was downgraded to B+ from BB- by S&P on the back of "adverse financial and operating conditions" as investors' confidence has fallen. Unifin's perps were downgraded to CCC+ from B-. Given its short- and long-term funding...
China Vows to Ease Regulatory Crackdown, Support Property Companies
The China Financial Stability and Development Committee (FSDC) meeting concluded that it would need to boost the economy and promised to ease the regulatory crackdown and support technology companies, and distressed property markets. China's real estate markets have...
