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Macau Casino Operators May Invest Up to $15bn to Focus on Non-Gaming
With the six incumbent Macau casino operators being given new 10Y licenses which will come into effect from 01 January 2023 to operate, Reuters notes that operators are expected to focus on non-gaming activities in the new term. It said that Beijing is keen for Macau...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US Treasuries were almost flat yesterday despite a relatively hawkish FOMC meeting where the Fed hiked rates by 50bp and guided for more hikes to come. The FOMC members expect at fed funds rate of 5.1% at end-2023. Fed Chairman Jerome Powell reiterated the they "still...
Fed Hikes by 50bp; Guides for end-2023 Fed Funds Rate of 5.1%
The US Federal Reserve hiked the policy fed funds range by 50bp as expected to 4.25-4.5% in the December meeting, with a unanimous vote. The decision to hike by 50bp follows four consecutive 75bp hikes. As compared to the September meeting projections, the Fed now...
Sri Lanka Expecting ~$8bn via Loans and Asset Restructuring in 2023
Sri Lanka's foreign minister Ali Sabry said that he expects the nation to receive about $8bn via loans and asset restructurings in 2023. He said that $4-5bn in loans could be expected in 2023 from multilateral agencies besides an IMF deal. The government is also...
Emirates REIT Successfully Completes Refinancing of Sukuk
Emirates REIT announced the successful completion of a $380mn Sukuk issuance to refinance its $400mn 5.125% sukuk due December 2022. More than 88% of the existing holder participated in the consent solicitation, with more than 99% voting in favor of the refinancing....
Kenya Downgraded to B by Fitch
Kenya was downgraded to B from B+ by Fitch upon "persistent twin fiscal and external deficits, relatively high debt, and deteriorating external liquidity, and high external financing costs". Fitch forecasts the current account deficit (CAD) to be at 5.9% of GDP in...
NWD Announces Tender Offer Results
New World Development (NWD) announced the results of its tender offer where it will accept: $92.301mn of its 4.25% 2029s at $865 per $1,000 in principal $37.183mn of its 4.5% 2030s at $814 per $1,000 in principal $72.165mn of its 3.75% 2031s at $770 per $1,000 in...
Bonds Rally After a Lower-Than-Expected CPI of 7.1%
US Treasuries rallied sharply with yields lower by 15bp on the 2Y and by 10bp on the 10Y after the US CPI inflation print for November came at 7.1%, lower than expectations for a 7.3% print. Core CPI was also softer at 6% vs. expectations of 6.1%. The peak Fed Funds...
Ghana’s Dollar Bonds Rally After Securing $3bn IMF Bailout Agreement
Ghana's dollar bonds were trading over 2.5 points higher across the curve after it secured an IMF staff-level agreement for a $3bn bailout, pending the IMF board's approval. The deal is set to provide some relief to the nation in restoring macroeconomic stability and...
