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SriLankan Airlines Misses Third Coupon Payment
SriLankan Airlines missed a third coupon payment on its 7% dollar bond due June 2024. After having missed payments in December 2022 and June 2023, the airline said that a further event of default would occur given that it did not intend to make the coupon payment. The...
DISH Bonds Drop on Debt Exchange Offer; Downgraded to CC
DISH's bonds dropped by 2-5 points as its parent EchoStar Corp. proposed swapping $5bn of debt due in the coming years for new notes. This is the second such offer in less than a week, after it launched an exchange offer for $4.9bn of its convertible debt last Friday....
Ghana’s Dollar Bonds Rise on Reaching Bilateral Agreement
Ghana’s dollar bonds rose by ~1 point across the curve after it reached an agreement with the Paris Club of creditors and other creditors like China, to revamp $5.4bn of bilateral obligations. This is expected to help pave the way for the IMF to make a second $600mn...
Shriram Finance, SK Battery Launch $ Bonds
US Treasury yields were higher by 6bp across the curve, partly reversing the move seen on Friday. Credit and equity markets were closed due to a federal holiday on account of the Martin Luther King Jr. Day. On the data front, Empire Manufacturing for January is due...
Vedanta Upgraded to CCC+ from SD by S&P
Vedanta Resources Ltd. was upgraded to CCC+ from SD by S&P. The ratings on Vedanta's bonds involved in the recently concluded debt restructuring exercise were also raised. Its January 2024s, August 2024s and March 2025s were raised to CCC+ from D. Besides, the...
Country Garden Misses Dollar Bond Payment
Country Garden missed a payment on its 5.625% dollar bond due 2026, continuing the woes seen in the Chinese property sector. The developer defaulted for the first time in October 2023 after failing to make a dollar bond repayment at the end of a 30-day grace period....
US IG CDS Spreads at 2Y Lows; Yields Drop After Soft PPI
US Treasury yields dropped across the curve on Friday, with the front-end being impacted the most. The 2Y yield fell 12bp to 4.15% while the 10Y fell 4bp to 3.94%. US producer prices, as measured by the Producer Price Index (PPI) fell 0.1% MoM in December vs estimates...
DISH’s Bonds Continue to Drop; Launches Exchange Offer
DISH Network's bonds continued to tick lower with the company launching an exchange offer for about $4.9bn of convertible debt for new bonds. This comes just a couple of days after DISH's asset transfer that upset bondholders. The exchange offer would allow its...
The Week That Was (08 – 15 January, 2024)
US primary markets continued to stay busy, with $27.9bn in new deals last week vs. $34.4bn a week prior to that. IG issuers racked up $23.7bn in deals led by Energy Transfer and T-Mobile's $3bn three-part issuances each. HY issuers accounted for $4.2bn of the volume...
