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Treasuries Trade Stable; Core PCE Softer, GDP Revised Lower
US Treasury yields inched higher by 2-5bp across the curve, recovering slightly from their down-move over the last two days. The US Core PCE price index increased 2% YoY in Q3, the slowest since the end-2020. Estimates were at 2.3%. GDP for the period was revised...
Powerlong Announces Restructuring Deal with AHG; Aoyuan Files for Bankruptcy
Powerlong Real Estate has entered into a debt restructuring deal with AHG Group. According to an exchange filing, the restructuring scheme offers different options to creditors like a combination of cash and convertibles, new medium term notes or new long term notes....
Bond Investors See $164bn in Gains in 2023 Thanks to Late Rally
2023 has been a good year for bond investors, especially for those who caught the recent rally since late-October. Based on analysis of dollar bond price returns (ex-coupon) from our universe of nearly 5,000 bonds, bond investors have earned a staggering $164bn* in...
Performance of European Bank AT1s and Tier 2s
Bank capital forms a key part of private clients' bond portfolios and 2023 saw its fair share of banking-led credit events. March of 2023 saw the collapse of Silicon Valley Bank in the US and the historic $17.3bn write-off of Credit Suisse's AT1s following its...
Performance of APAC and Middle East Bank AT1s and Tier 2s
In the table below, we have compiled a list of AT1s and Tier 2 bonds from popular APAC and Middle East banks, sorted by change in credit spreads through the year. Make sure to switch between AT1s and Tier 2 via the tabs below the title. While page 1 lists bonds that...
Performance of EM Sovereign Dollar Bonds
To analyze performance of emerging market sovereign dollar bonds, we looked at z-spreads (a key measure of credit risk) of popular sovereign dollar bonds in our universe, across 4 regions - Middle East, APAC, LatAm and Africa. In the Middle East, Turkey saw the...
Indian Corporate Dollar Bond Issuance at 5 Year Lows
Dollar bond issuances by Indian corporates stood at $4.1bn in 2023, its lowest since 2018 where it stood at just $3.8bn. There were only six issuances, led by EXIM India's $1bn deal, followed by SBI, HDFC Bank and REC that raised $750mn each. Besides, Continuum Energy...
Julius Baer AT1s Downgraded to Ba1 by Moody’s
Julius Baer Group's AT1s have been downgraded by a notch to Ba1 from Baa3 by Moody's. Along with it, the deposit ratings and senior unsecured debt ratings of its subsidiary, Bank Julius Baer & Co. Ltd's (BJB) were also downgraded by a notch to A1 and A3...
China South City Awaits Bondholders Consent on Debt Restructuring
China South City is awaiting bondholders' consent on its debt restructuring proposal that would allow it to extend bond maturities and avoid a default. According to the exchange filing on Wednesday, creditors of the 9% July 2024s had agreed to extend its maturity...