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Huarong Financial Leasing Downgraded To BB+
Huarong Financial Leasing (HRFL) was downgraded to BB+ from BBB- on its declining strategic importance to its parent, China Huarong AMC. S&P said that HRFL had become " moderately strategic from highly strategic" following the announcement by China Huarong AMC on...
Mapletree Logistics to Acquire S$1.4bn Logistics Assets in China, Vietnam and Japan
Mapletree Logistics Trust will acquire a portfolio of 17 grade-A logistics in China, Vietnam and Japan for a combined total value of S$1.4bn. The assets have an average age of 1.6 years. 13 of the properties are located in China, amounting to S$870mn. 3 properties are...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities ended mixed with the S&P down 0.1% and Nasdaq up 0.4%. Sectoral moves were led by IT, up 0.8% and Energy, down 3.9%. US 10Y Treasury yields were 4bp lower at 1.55%. European markets were trading slightly weak with the DAX, CAC and FTSE down 0.4-0.5%...
The Week That Was (15th – 21st November 2021)
US primary markets saw a sharp increase in issuances to $44.1bn vs. $27.1bn in the prior week. IG issuances more than doubled to $33.7bn vs. $15.3bn in the prior week while HY issuances fell slightly to $9.2bn vs. $11.6bn in the week before. The largest deals in IG...
Aoyuan Downgraded to B- by Fitch
China Aoyuan was downgraded to B- from B+ by Fitch citing "decreasing access to funding amid refinancing needs in the coming 12 months". This includes its $500mn 8.5% bonds due January 2022 and $188mn 4.2% bonds due January 2022. While Fitch believes Aoyuan has some...
Asia HY ETF Sees Record Inflows, Up ~3x Since August
The iShares Asia high yield bond index ETF has seen record inflows over the last three months, with its assets under management (AUM) increasing from $383mn to $1.86bn. October alone saw the fund attract a record $773mn. This comes despite the negative sentiment in...
Seychelles Upgraded to B+ by Fitch
Seychelles was upgraded to B+ from B by Fitch with a stable outlook, given a strong rebound in economic activity and thereby revenue growth. Tourism arrivals have recovered faster than expected since the country reopened its borders in March 2021. Fitch expects real...
El Salvador To Issue Tokenized Dollar Bonds
El Salvador is a planning a debut public tokenized dollar denominated bond issuance next year, called “Volcano Bonds.” The issuance would comprise of $1bn of 10Y dollar bonds yielding 6.5% via the Liquid Network, a sidechain-based settlement network for traders and...
Yango to Issue $669.9mn of New Bonds As Part of Bond Swap
Chinese real estate developer Yango Group announced via an exchange filing late last week that it will be issuing new bonds worth $669.9mn as part of its bond swap launched a few weeks ago. The new bonds that carry a coupon of 10.25% and mature on 15 September 2022...
