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Treasuries Sell-Off After Strong Retail Sales
US Treasury yields jumped further higher, led by the front-end, as strength in economic data saw markets reprice their view on expected Fed rate cuts. The 2Y yield rose by 12bp and the 10Y was up 3bp. US Retail Sales rose by more than expected in December, thanks to...
Kenya Receives $941mn Funding From IMF
The IMF approved funding of $941mn to Kenya on Wednesday, of which $624.5mn was disbursed immediately. The disbursement under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) programs will be topped by $60.2mn of funds under a Resilience and...
Telecom Italia’s €22bn Grid Sale Deal Cleared by Italy
Italy has cleared Telecom Italia's landline grid sale of €22bn ($23.9bn) to KKR & Co. after completing the review process. The government did not choose to use its 'Golden Power' provision, despite the deal involving strategic assets, as KKR has agreed to the...
Gol Bonds Sink on Uncertainty Over Deal With Creditors
Dollar bonds of Gol Linhas Aéreas Inteligentes SA ('Gol') tumbled by 7-10 points on uncertainty over the company reaching a deal with its creditors. It was reported last month that Gol was planning another restructuring. On Sunday, a local newspaper reported that the...
Shriram, Morgan Stanley, JPMorgan Price $ Bonds; Waller Sounds Hawkish
US Treasury yields jumped across the curve on Tuesday with the 2Y up 7bp and the 10Y up 11bp, following some hawkish comments by Fed governor Christopher Waller. Waller said that the Fed should take a cautious and systematic approach when it begins cutting interest...
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...
