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Hawkish Fed Signals 3 Hikes in 2022; Doubles Pace of Taper to $30bn per month
The US Federal Reserve continued its more hawkish stance in their December policy meeting, both in terms of accelerating its tapering and increasing its median dot plots. The table below summarizes the FOMC meeting statement with the latest Dot Plot given below it....
Offshore Bondholders of Kaisa Look to Buy Up to $1bn in its China Bad Loans: Sources
A group of Kaisa Group's offshore bondholders have agreed to buy up to $1bn Kaisa's bad loans from its onshore creditors, as per two sources. Kaisa is working to restructure its offshore debt after the cross-default, a source told Reuters, adding that the bondholder...
R&F Properties Launches Consent Solicitation & Tender Offer for 2022s; Downgraded to CC
R&F Properties has sought to extend the maturity date of its outstanding $725mn 5.75% bonds due January 13, 2022 by six months via a consent solicitation and cash tender offer. The bonds were issued by Easy Tactic and the consent solicitation with bondholders is...
China South City Downgraded to B- from B
Integrated logistics and trade center operator China South City (CSC) was downgraded to B- from B by S&P due to slowing cash generation and increased refinancing risk amid tough capital market conditions. While CSC has taken steps to sell non-property development...
Credito Real to Receive Loans to Pay Short-term Debt
Mexican lender Credito Real is expecting to receive new loans in January next year. The proceeds will be used to pay off short-term debt, including $185mn in franc-denominated bonds due in February 2022 and to refinance $342mn in other short-term debt. Additionally,...
Serba Dinamik Confirms Sukuk Default; Sees Significant Financial Impact
Serba Dinamik confirmed the default on its $222.22mn sukuk and revealed that the incident may affect the group’s financial performance. As per Bursa Malaysia, the sukuk holders are entitled to seek compensation for 25% of the aggregate face value of the sukuk which...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets continued its move downward with the S&P and Nasdaq closing 0.8% and 1.1% lower. All sectors barring Financials were in the red led with IT Real Estate and Industrials down over 1% each. US 10Y Treasury yields moved 2bp higher to 1.43% with the...
Government Working Team Sent to Assess Evergrande
The Guangdong provincial government sent a working team to Evergrande's headquarters to study the developer's financial condition and help with risk disposal, as per Caixin. They report that the working team told regional companies of Evergrande to suspend all assets...
Brazil Shows Fiscal Outlook Improvement
Brazil’s recent fiscal outlook shows the best budget numbers in several years for the country. Brazil is on track to post its lowest government spending at 18% of GDP and the smallest budget deficit since 2014, falling to 0.4% of gross domestic product by the end of...
