DIB, Aoyuan, ANZ, Macquarie Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
S&P closed higher by 0.2% while Nasdaq moved up 0.7% to continue making new highs. Tech once again traded higher, up 1% while Materials and Financials (down 1.3% and 1%) weighed down on the indices. Apple was up 2.5%, Facebook 1.7%, Amazon 1.1% and Alphabet and...
Adani Group’s Bonds and Stocks Drop on ET Reports of FPI Account Freeze
Adani Group’s bonds and stock fell on Monday after a report from the Economic Times (ET) said that the accounts of three foreign funds holding shares in its group companies were frozen by the National Securities Depository Ltd (NSDL). The three foreign funds in...
Turkey Hires for Dollar 5Y Sukuk; Signs $3.6bn Swap Deal with China
Turkey has hired bankers for a 5Y dollar Sukuk according to a document seen by Reuters. The banks hired are Dubai Islamic Bank, Emirates NBD Capital, HSBC and Standard Chartered. Separately, Turkish President Erdoğan said that Turkey's central bank agreed to increase...
DP World Considering Stake Sale of Jebel Ali Free-zone
DP World is contemplating allowing international investors an opportunity to buy into the Jebel Ali Free Zone (Jafza), one of the world’s largest free zones, to minimise its debt. According to sources, the state-owned logistics firm is working with advisors to sell a...
Banca Monte Bonds Plummet On Uncertainty Over Sale
Banca Monte dei Paschi di Sienna’s bonds tumbled 6-7% on Monday on uncertainty over finding a buyer for the world’s oldest bank. Reports last year suggested that UniCredit would acquire the bank but no details on any buyers have emerged yet. Some Italian newspapers...
Modernland Realty Gets Approval For Debt Restructuring
Distressed Indonesian property developer Modernland Realty got a nod from its bondholders for a restructuring according to Bloomberg. Under the restructuring deal, the property firm will replace its 10.75% 2021s and 6.95% 2024s with new bonds with maturities in 2025...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers & Losers
Wall Street ended the week on another high. S&P expanded its gains to squeeze out another record on Friday as it closed 0.2% higher while Nasdaq also gained 0.4%. Strategists say that the inflation witnessed in the US over the past two months is transitionary....
US IG CDS Spreads Go Below 50bp, Lowest Since Feb 2020
US Investment Grade (IG) Credit Default Swap (CDS) spreads fell to its lowest since February 2020. CDS spreads are a broad measure of credit risk and for the investment grade universe in the US, these are measured by Markit’s CDX IG index. The CDX IG index fell below...
DIAL Downgraded to B1 by Moody’s
Delhi International Airport Ltd. (DIAL) was downgraded by Moody’s to B1 from Ba3. Moody's also downgraded DIAL's Baseline Credit Assessment (BCA) to b1 from ba3 and Cliffton Ltd.’s senior secured bond rating to B1 from Ba3. The outlook is negative. The rationale...
