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Turkish Investors Hold on to Foreign Currency Despite Erdogan’s Plan
Turkey investors are said to be undermining President Erdogan’s plan to support the Lira without raising interest rates. They are holding on to their foreign currencies with companies boosting their FX holdings by ~$1.6bn in the week ending December 24. Total...
China South City’s Dollar Bonds Witness Correction On Debt Swap Report; Denies Claims
Dollar bonds of China South City fell over 4-5 points and its 11.5% 2022s fell 8.6 points to 81.70. Bloomberg notes that financial intelligence company REDD reported that the company was considering a debt exchange. However, a company official called the story...
Tencent Sells $3bn in Sea Ltd. Stake
Tencent Holdings cut its stake in Singapore’s Sea Ltd. by selling $3bn in shares. The stake sale comes about a month after Tencent said it would give $16.4bn of JD.com stock as a one-time dividend. Bloomberg notes that the stake sale might also give indications of...
Garuda Creditors Offered Recovery Rate of 19 Cents on Dollar
Indonesia’s distressed flag carrier, PT Garuda Indonesia wants bondholders to take a substantial haircut of 81 cents on the dollar, Bloomberg reports. Creditors will be submitting their bids for claims today (deadline of 5pm Jakarta time) as part of the airline’s debt...
El Salvador to Provide Legal Foundation for Issuing Bitcoin Bonds
El Salvador’s government is planning to send about twenty bills to the Congress in order to provide a legal foundation for issuing Volcano bonds this year. The bills contain financial markets and securities investment information. Finance Minister Alejandro Zelaya...
Nomura, Credit Agricole, NAB Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Top Gainers and Losers
US equity markets ended higher, with the S&P and Nasdaq up 0.6% and 1.2% respectively. Energy and Consumer Discretionary led the gainers, up 3.1% and 2.8% while Materials led the losers, down 1.4%. US 10Y Treasury yields soared 11bp to 1.62%. European markets were...
Evergrande Ordered by Hainan Government to Demolish Buildings; December Contracted Sales Crash
Media reports say that Evergrande was ordered by the local government of Danzhou in Hainan province to demolish 39 buildings in 10 days because the building permit was illegally obtained. The move gives indications that policy makers are not likely to significantly...
Sri Lankan Bonds Rise Ahead of Talks to Decide on IMF Bail-out Financing
Sri Lanka's dollar bonds inched higher by ~1 point as the federal cabinet was to meet on Monday to decide whether or not to seek bailout financing from the IMF. The cabinet meeting included Governor Ajith Cabraal and Treasury Secretary Sajith Attygalle. As per...
CIFI Launches Tender Offer for 5.5% 2022s
China's CIFI Holdings launched a tender offer for its $505.1mn 5.5% bonds due January 23. In an exchange statement, the developer said that the purchase price is $1,000.5 plus accrued and unpaid interest per $1,000 in principal. The deadline for the tender is January...
