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DPW Receives Mozambique Port Expansion’s Approval
DP World ("DPW") received the extended deal and a near $2bn expansion approval for the Maputo port, one of the biggest in Mozambique. The Mozambique government approved the deal on Tuesday, extending the concession agreement by 25 years to 2058. According to the...
Petroleos Says Government Will Support Company
Petroleos del Peru SA ("Petroleos") was informed by the government that it will get the necessary financial support after the prime minister had ruled out a bailout as reported yesterday. The financial support will be related to credit line guarantees and...
Mirae Prices $ Bonds at Over 6%; Brazil Prices $ Bonds
US Treasury yields were flat with across the curve yesterday. The US Leading Index came at -0.1% for December, slightly better than expectations of -0.3% and November's -0.5% print. Looking at credit markets, US IG CDS spreads widened 0.4bp while HY spreads tightened...
Chinese IG Developers’ Dollar Bonds Drop
Dollar bonds of investment grade Chinese property developers dropped across the curve yesterday. China Vanke, Gemdale, Longfor, China Jinmao saw their dollar bonds fall by 5-9% across the curve. While there was no specific news yet, the overall financial troubles in...
Petroleos Bonds Sink on Squashed Bailout Hopes
Petroleos del Peru SA's ("Petroleos") dollar bonds sank by ~2.5 points yesterday after Peru refused to bail-out the struggling state-owned company. Petroleos needs $1.15bn in cash to pay the suppliers of the refinery and to convert a $750mn loan with the government...
The Week That Was (15 – 22 January, 2024)
US primary markets continued to stay busy, with $54.6bn in new deals last week vs. $27.9bn a week prior to that. IG issuers racked up $46.2bn in deals led by JPMorgan and Wells Fargo's $8.5bn and $8bn four-trancher deals each. HY issuers accounted for $8.3bn of the...
Huarong and Other Asset Managers Downgraded by Moody’s
Amid rating downgrades across Chinese asset managers by Moody's, China Huarong was downgraded to Ba1 from Baa3. Similarly, China Cinda AMC was cut to Baa1 from A3, China Orient AMC was cut to Baa2 from A3 and China Great Wall AMC to Baa3 from Baa1. Following the...
Treasury Yields Trudge Lower
US Treasury yields broadly trudged lower on Friday with the 10Y down 4bp, while the 2Y moved 3bp higher. The University of Michigan’s consumer sentiment index rose 9.1 points, the biggest monthly advance since 2005, to 78.8. The was the highest reading since July...
Macy’s Rejects $5.8bn Acquisition Offer
Macy's rejected a $5.8bn acquisition bid offer from Arkhouse Management Co. and Brigade Capital Management. As reported earlier, the offer was made to the company in December. On Sunday, Arkhouse threatened to take its offer to shareholders if Macys didn't step up the...
