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Kenya to Receive $447mn from IMF to Address Debt and Reforms
Kenya is set to receive $447mn from the IMF to help boost its finances and reserves. With this, cumulative disbursements to Kenya under the IMF's arrangements would amount to $2.4bn. The IMF noted that "downside risks predominate in the near term" and thus the funds...
KWG Raises $60mn via Top Up Placement at 15% Discount
KWG issued 235mn new shares at HK$2.01/share in a top-up placement, raising ~ HKD 467mn ($60mn). The shares were issued at a 14.8% discount to its closing price on Friday of HKD 2.36/share. Proceeds to be used for for refinancing existing debt and general corporate...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
The US Treasury curve steepened with the 2Y yield own 7bp while the 10Y and 30Y yields were up 4-5bp. The peak Fed funds rate was up 1bp to 4.89% for the May 2023 meeting. US flash manufacturing PMI fell to 46.2 in December from 47.7 a month ago with S&P noting...
The Week That Was (12 – 18 December, 2022)
US primary market issuances dropped further last week to $3bn vs. $9.3bn in the week prior to it with JPMorgan raising the entire amount via 3Y issuance. In North America, there were a total of 16 upgrades and 24 downgrades across the three major rating agencies last...
China South City Sells Xi’an Project Stake for $717mn
China South City sold about 70% of its stake in a unit holding projects in the central city of Xi'an for $717mn. Proceeds from the sale will be used for working capital and repayment of RMB 2.86bn ($400mn) of shareholders' loans it provided, thus helping its liquidity...
Macau Casino Operators May Invest Up to $15bn to Focus on Non-Gaming
Macau’s six incumbent casino operators (MGM, Galaxy Casino, Venetian Macau, Melco Resorts, Wynn Macau and SJM) are expected to invest $14.7bn over the next decade for non-gaming projects to increase international traffic. Venetian has committed to spend MOP 27.8bn...
Egypt Gets $3bn EFF Arrangement from IMF
Egypt got approval from the IMF board to receive $3bn in funds under the multilateral lender's Extended Fund Facility (EFF) 46-month arrangement. Here, Egypt will immediately receive SDR 261.13mn ($347mn), to meet their balance of payments need and provide support its...
Hawkish ECB Hikes by 50bp; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries were almost flat yesterday with the peak Fed funds rate up 1bp to 4.89% for the May 2023 meeting. Markets continue to price in the probability of a 25bp hike at the February 2023 meeting at 76%, unchanged from yesterday. US IG CDS spreads widened 4.5bp...
Emirates REIT Cut to RD, Then Upgraded to CCC+ and Ratings Withdrawn
Emirates REIT was first downgraded to RD (Restricted Default), then upgraded to CCC+, post which its ratings were withdrawn by Fitch. The downgrade was on account of Fitch considering the latest sukuk refinancing as a distressed debt exchange (DDE). The subsequent...
