Register Now For a 14-Day Free Trial to Search and
Track Corporate Dollar Bonds
(no card details are required)
Westpac Invites Bids for Wealth Management Unit
Australian lender Westpac has invited bids for its wealth management unit BT Panorama, worth ~AUD 1.5bn ($1.1bn) as per sources. Indicative offers are expected at the end of April. Westpac is following a strategy to narrow its focus by exiting wealth, pensions, life...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
It was a sea of red again on Monday with US equity markets ended lower again on Monday with the S&P and Nasdaq closing 3% and 3.6% lower each. Sectoral losses were led by Materials, Financials, IT, Consumer Discretionary and Communication Services, down ...
Sri Lanka Devalues Currency as Forex Reserves Slip
The Sri Lankan central bank CBSL devalued its currency as its foreign exchange reserves fell to $2.31bn at end-February, its lowest since November 2021. It set an exchange rate limit of USD/LKR 230 from an "unofficial dollar peg since October at 200-203", as per...
Tata Steel to Invest $13bn to Double Steel Capacity
Tata Steel is expected to invest INR 1tn ($13bn) to fulfil its plans to double steelmaking capacity in India to 40mn metric tonnes (MT) by 2030, as per industry experts. Sources say that the steel major prefers to grow the capacity organically rather than acquiring...
Yuzhou Defaults on Bond Coupon after Grace Period Expires
Another Chinese property developer, Yuzhou Group Holdings has defaulted on a dollar bond coupon payment of $21.5mn after it failed to make the payment within the 30-day grace period that ended on March 4. In an exchange filing, Yuzhou said that the missed payment on...
Logan Cut to B2 and B+ by Moody’s and Fitch; Redco Downgraded to CCC- by Fitch
Logan Group was downgraded to B2 from Ba3 by Moody's and to B+ from BB- by Fitch. The downgrades come on the back of increasing refinancing risks and an expected weakening in contracted sales. Logan has RMB 13bn ($2.1bn) in capital-market debt maturing or turning...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended lower on Friday with the S&P and Nasdaq closing 0.8% and 1.7% lower each. Sectoral losses were led by Financials and IT, down 1.8-2.0%. European markets ended sharply lower as the Russia-Ukraine crisis worsens - the DAX, CAC and FTSE were...
The Week That Was (28 Feb – 7 Mar, 2022)
US primary market issuances picked-up to $43bn vs. $17.2bn in the week prior. Most of last week’s new deals were from investment grade (IG) corporates with $41.3bn in issuances and $1.5bn from high yield (HY) corporates. Last week’s deals were led by HCA's $6bn...
Zhenro Revises Consent Solicitation Terms on its Perp
Zhenro Properties added a definite call date to the consent solicitation for its $200m Perp in an attempt to win more bondholder support. According to its HKEX filing on March 4, Zhenro will amend the redemption date to March 6 2023, instead of March 5, 2022. While...
